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A new payoff mechanism under a multiple-round experiment setting, Accumulative Best Choice (ABC) mechanism, is introduced. I show that ABC is incentive compatible with general risk theories with well-behaved preferences. I also report a necessary and sufficient condition for a payoff mechanism being incentive compatible for general risk models. Also, I test the empirical validity of ABC in the lab and find that individuals' choices under ABC are statistically not different from those observed with the one-task design. ABC supports unbiased elicitation of both utility and probability weighting as well as testing risk models with or without the independence axiom.

experimental design, decision theory under risk