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—This paper presents an optimal question-selection algorithm to elicit von Neumann and Morgenstern utility values for a set of ordered prospects of a decision situation. The approach uses information theory and entropy-coding principles to select the minimum expected number of questions needed for utility elicitation. At each stage of the questionnaire, we(More)
W e present the results of an experiment comparing two popular methods for encoding probability distributions of continuous variables in decision analysis: eliciting values of a variable, X, through comparisons with a fixed probability wheel and eliciting the percentiles of the cumulative distribution, F FX, through comparisons with fixed values of the(More)