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Elicit risk preferences through interactive questions

Source: R/elicit.R
elicit_risk_preferences.Rd

Walks the user through a series of simple choice questions to estimate how they weigh uncertain vs certain outcomes. No economics or maths knowledge required. Returns a risk_preference object that can be used directly in VOI calculations.

Usage

elicit_risk_preferences(
  model = c("CRRA", "CARA"),
  outcome_name = NA,
  val_min = NA,
  val_max = NA,
  maximize = NA,
  is_integer = NA,
  max_questions = 12,
  grid_size = 800,
  plot_result = TRUE,
  input_source = base::readline
)

Arguments

model

Character: "CRRA" (default) or "CARA". The shape of the utility curve to fit.

outcome_name

Character. What is being measured (e.g. "frogs").

val_min

Numeric. The worst plausible outcome.

val_max

Numeric. The best plausible outcome.

maximize

Logical. TRUE if higher values are better (default).

is_integer

Logical. TRUE if outcomes are whole numbers.

max_questions

Integer. Maximum number of choice questions (default 12).

grid_size

Integer. Resolution of the parameter grid (default 800).

plot_result

Logical. Whether to plot the posterior and utility curve after elicitation (default TRUE).

input_source

Function used to read answers; defaults to base::readline. Override for automated testing.

Value

A risk_preference object.

Examples

if (FALSE) { # \dontrun{
rp <- elicit_risk_preferences(outcome_name = "frogs",
                              val_min = 0, val_max = 200)
} # }