Expected utility theory (EUT) is currently the standard framework which formally defines rational decision-making under risky conditions. EUT uses a theoretical device called von Neumann-Morgenstern utility function, where concepts of function and random variable are employed in their...

In the context of eliciting preferences for decision making under risk, we ask the question: which might be the 'best' method for eliciting such preferences?ʺ. It is well known that different methods differ in terms of the bias in the elicitation; it is rather less well-known that different...