Many studies document failures of expected utility’s key assumption, the independence axiom. Here, we show that independence can be decomposed into two distinct axioms - betweenness and homotheticity - and that these two axioms are necessary and sufficient for independence. Thus, independence...

There is wide-ranging evidence, much of it deriving from economics experiments, of ‘anomalies’ in behaviour that challenge standard preference theories. This paper explores the implications of these anomalies for preference elicitation methods. Because methods that are used to inform public...

Discrete choice experiments (DCEs) allow a number of characteristics to be traded-off against one another. An overriding methodological challenge faced is how best to apply DCEs to questions involving those attributes commonly used in value elicitation exercises such as risk, time (Bansback et...