An Axiomatic Test for Regret and Salience Theory

Last registered on September 07, 2023
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Pre-Trial

Trial Information

General Information

Title
An Axiomatic Test for Regret and Salience Theory
RCT ID
AEARCTR-0011753
Initial registration date
July 12, 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
July 19, 2023, 2:04 PM EDT

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

Last updated
September 07, 2023, 4:45 PM EDT

Last updated is the most recent time when changes to the trial's registration were published.

Locations

Country
United States of America
Region
California

Primary Investigator

Name
Songyu He
Affiliation
UCSD
Contact Primary Investigator

Other Primary Investigator(s)

Additional Trial Information

Status
In development
Start date
2023-09-06
End date
2023-10-31
Keywords
Behavior
Additional Keywords
JEL code(s)
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
Salience and regret theory are two influential models in economics that capture the impact of correlations between risky choices on individuals’ decisions. In this project, I provide axiomatizations of both theories and conduct a novel experiment to test these axioms.
External Link(s)

Registration Citation

Citation
He, Songyu. 2023. "An Axiomatic Test for Regret and Salience Theory." AEA RCT Registry. September 07. https://doi.org/10.1257/rct.11753-2.2
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
Intervention Start Date
2023-09-07
Intervention End Date
2023-10-31

Primary Outcomes

Primary Outcomes (end points)
Measures of choices between two correlated lotteries under different correlations; Measures of choice patterns over small and large outcome differences.
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
The proposed experiment last approximately 27 minutes, and it is both a within-subjects and between-subjects design aimed at testing the axioms provided in the study. Subjects will face a total of 16 tasks. Each task requires subjects to make some decisions, and each decision always ask subjects to make a choice between two monetary lotteries. These tasks are designed according to the new axiomatic foundation provided in this project.
In decisions of each task, subjects will be asked to choose between option A and B. Subjects make their decision by clicking ratio buttons shown on the screen.
Data Collection and Analysis:
The experiment is conducted using OTree (Chen et al. 2016), which records subjects’ choices once they make their decision.
Compensation Design:
Subjects will be compensated for their participation in two ways. First, all subjects will receive a participation payment of $4.5. Second, subjects will have 25% chance to be additionally paid their earnings from one decision in one of their tasks. This provides an additional opportunity to earn money.

No further information, including questionaries and surveys, will be collected. Subjects will not be audiotaped or videotaped for this study.
All data collected will be used in this study only.
No preliminary studies have been conducted.
Experimental Design Details
Randomization Method
By computer in background code.
Randomization Unit
800 subjects
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
800 subjects
Sample size: planned number of observations
800 subjects, and each of them answer 137 binary choices.
Sample size (or number of clusters) by treatment arms
For within-subject analysis, 800 subjects.
For between-subject analysis: 400 subjects control, 400 subjects with payments manipulations.
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials

Documents

Document Name
Statement of Design Change
Document Type
other
Document Description
File
Statement of Design Change

MD5:

SHA1:

Uploaded At: September 07, 2023

IRB

Institutional Review Boards (IRBs)

IRB Name
University of California, San Diego
IRB Approval Date
2023-05-04
IRB Approval Number
806044
Analysis Plan

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Post-Trial

Post Trial Information

Study Withdrawal

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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