In the first paper we give a holistic overview and comparison of all risk elicitation methods used today, and recommend that a derivation of Holt and Laury’s (2002) well-known method, where the high payoff instead of the probabilites are varied, should be used as it emerges as the best method...

We introduce DOSE - Dynamically Optimized Sequential Experimentation - and use it to estimate individual-level loss aversion in a representative sample of the U.S. population (N = 2;000). DOSE elicitations are more accurate, more stable across time, and faster to administer than standard methods....