One possibility would be to introduce some form of risk aversion into the decision theory, such as that proposed by Lara
Buchak (2013). Other alternative theories include rank-dependent expected utility theory, prospect theory, and regret theory, although some of these are more commonly used as descriptive theories than normative models.
Tuthill, Jonathan & Darren Frechette (2002) Non-expected utility theories:
weighted expected, rank dependent, and, cumulative prospect theory utility, Proceedings of the NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management, St. Louis, MO.
Wikipedia (2020) Rank-dependent expected utility, Wikipedia.
Rachael, 2015. Review of Risk and rationality .
Lara. 2013. Risk and rationality . Oxford: Oxford University Press.
Defends risk aversion as rational.
Frechette, Darren & Jonathan Tuthill. 2002. Non-expected utility theories: weighted expected, rank dependent, and, cumulative prospect theory utility . Wikipedia. 2016. Prospect theory. Wikipedia. 2013. Rank-dependent expected utility. Wikipedia. 2016. Regret.