Table 3.

Illustration of a choice-based elicitation for a 40-year-old subject

Step	Choices
1	α[40, 50]β vs. α[50, 60]β
2	α[40, 45]β vs. α[45, 60]β
3	α[40, 43]β vs. α[43, 60]β
4	α[40, 44]β vs. α[44, 60]β
Indifference Value	43.5