Economists and psychologists have developed a variety of experimental methodologies
to elicit and assess individual risk attitudes. Choosing which to utilize, however, is largely
dependent on the question one wants to answer, as well as the characteristics ofthe sample
population. The goal of this paper is to present a series of prevailing methods for eliciting
risk preferences and outline the advantages and disadvantages of each. We do not attempt
to give a comprehensive account of allthe methods or nuances of measuring risk, but rather
to outline some advantages and disadvantages of different methods.