Discrete choice as a method of preference elicitation has dominated applications for decades. However, since the turn of the century influential econometricians have persuasively advocated the use of subjective probabilities. The seminar discusses the challenges associated with the latter, the progress to date and presents results from two different surveys: the first looking at preferences for jobs of soon-to-be junior doctors in Denmark, the second looking at German consumers’ preference over Italian olive oil. Emphasis will be placed on the effects on value estimation of non-market goods relevant for health organisations and olive oil producers and traders.