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The standard gamble is a method for eliciting a person's preferences for different outcomes where an outcome may be a physical object, a monetary gain, a medical condition, or some other state of affairs. It uses simulated choices among various outcomes of known preference to quantify the value (or utility) of the target outcome.

To determine how much a myopic (nearsighted) patient values his or her vision, for instance, the following standard gamble may be presented: “Imagine that your doctor offers you a treatment that is known to always permanently reverse myopia with 100% effectiveness and safety. It would provide you with perfect vision without the need for corrective lenses. The treatment does not cause pain, have side effects, wear off, or cost money. Would you ...

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