Regret Avoidance and Randomization

Last registered on March 30, 2023

Pre-Trial

Trial Information

General Information

Title
Regret Avoidance and Randomization
RCT ID
AEARCTR-0011064
Initial registration date
March 09, 2023

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
March 30, 2023, 4:07 PM EDT

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Locations

Region

Primary Investigator

Affiliation
University of Zurich

Other Primary Investigator(s)

PI Affiliation
University of Zurich
PI Affiliation
Bocconi University
PI Affiliation
University of Minnesota

Additional Trial Information

Status
In development
Start date
2023-03-13
End date
2023-04-30
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
This pre-registration describes two different but related experiments: Explicit Randomization and Implicit Randomization. They will be run as treatments of a larger experiment and analyzed both individually and in comparison to each other. The experiments study the link between regret-avoidance and explicit/implicit randomization behavior in decision making under risk. We describe the experimental design, the hypotheses, planned analyses, and the sample size.
External Link(s)

Registration Citation

Citation
Alós-Ferrer, Carlos et al. 2023. "Regret Avoidance and Randomization." AEA RCT Registry. March 30. https://doi.org/10.1257/rct.11064-1.0
Experimental Details

Interventions

Intervention(s)
We study the link between regret-avoidance and explicit/implicit randomization behavior in decision making under risk.
Intervention Start Date
2023-03-13
Intervention End Date
2023-03-31

Primary Outcomes

Primary Outcomes (end points)
Explicit Randomization
Implicit Randomization
Primary Outcomes (explanation)
Explicit Randomization: The proportion of balls in the chosen urn that correspond to the lottery with the higher (estimated) expected utility.
Implicit Randomization: The proportion of choices of the lottery in the four repetitions of a pair with the higher (estimated) expected utility.

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
See attached document.
Experimental Design Details
Randomization Method
Randomization by a computer.
Randomization Unit
individual
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
Explicit Randomization: We will run sessions with 36 subjects each until we have collected data from at least 300 subjects.
Implicit Randomization: We will run sessions with 36 subjects each until we have collected data from at least 300 subjects.
Sample size: planned number of observations
Same as clusters.
Sample size (or number of clusters) by treatment arms
We will run sessions with 36 subjects each until we have collected data from at least 300 subjects for explicit randomization (ER) with random assignment to treatments Regret or NoRegret within a session.
We will run sessions with 36 subjects each until we have collected data from at least 300 subjects for implicit randomization (IR) with random assignment to treatments Regret or NoRegret within a session.
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
See attached document.
Supporting Documents and Materials

There is information in this trial unavailable to the public. Use the button below to request access.

Request Information
IRB

Institutional Review Boards (IRBs)

IRB Name
Human Subjects Committee of the Faculty of Economics, Business Administration, and Information Technology
IRB Approval Date
2023-02-27
IRB Approval Number
OEC IRB # 2023-014

Post-Trial

Post Trial Information

Study Withdrawal

There is information in this trial unavailable to the public. Use the button below to request access.

Request Information

Intervention

Is the intervention completed?
No
Data Collection Complete
Data Publication

Data Publication

Is public data available?
No

Program Files

Program Files
Reports, Papers & Other Materials

Relevant Paper(s)

Reports & Other Materials