Regret Avoidance and Randomization

Last registered on March 30, 2023

View Trial History

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

Country

Switzerland

Region

Primary Investigator

Name

Johannes Buckenmaier

Affiliation

University of Zurich

Contact Primary Investigator

Other Primary Investigator(s)

PI Name

Carlos Alós-Ferrer

PI Affiliation

University of Zurich

Contact Investigator

PI Name

Michele Garagnani

PI Affiliation

Bocconi University

Contact Investigator

PI Name

Aldo Rustichini

PI Affiliation

University of Minnesota

Contact Investigator

Additional Trial Information

Status

In development

Start date

2023-03-13

End date

2023-04-30

Keywords

Behavior

Additional Keywords

JEL code(s)

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

Sponsors & Partners

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

See attached document.

Experimental Design Details

Randomization Method

Randomization by a computer.

Randomization Unit

individual

Was the treatment clustered?

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