Have behavioral economists been able to improve upon the notion of risk and or related models like CAPM?

As you know, traditional finance theory defines and operationalizes risk in terms of standard deviation and beta. In this class, you have also learned that models – like CAPM – that were built on such definitions have not done well in the real world. Have behavioral economists been able to improve upon the notion of risk and or related models like CAPM? Also, do we now have a better understanding or risk in the real world? Explain your response to both questions in needed details.