By using graphical representations of simple portfolio choice problems, we generate a very rich dataset to study behavior under uncertainty at the level of the individual subject. We test the data for consistency with the maximization hypothesis, and we estimate preferences using a two-parameter utility function based on Faruk Gul (1991). This specification provides a good interpretation of the data at the individual level and can account for the highly heterogeneous behaviors observed in the laboratory. The parameter estimates jointly describe attitudes toward risk and allow us to characterize the distribution of risk preferences in the population.

Revealing Preferences Graphically: An Old Method Gets a New Tool Kit by Syngjoo Choi, Raymond Fisman, Douglas M. Gale and Shachar Kariv. Published in volume 97, issue 2, pages 153-158 of American Economic Review, May 2007