Gender Bias in Investing

Last registered on September 04, 2023


Trial Information

General Information

Gender Bias in Investing
Initial registration date
August 25, 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
September 04, 2023, 6:02 AM EDT

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



Primary Investigator

University of Chicago

Other Primary Investigator(s)

PI Affiliation
University of Chicago

Additional Trial Information

In development
Start date
End date
Secondary IDs
Prior work
This trial is based on or builds upon one or more prior RCTs.
This study delves into the behavioral biases in risk aversion measurements, specifically focusing on differences by gender. Using online platforms like MTurk and Prolific, we aim to gather insights from participants across the United States, Denmark, and India. By presenting them with a series of investment choices and lottery options, we seek to understand the underlying factors that might influence their decisions. An added layer of the experiment involves priming participants with thoughts of authority figures, and assessing if this alters their risk preferences. The overarching goal is to investigate if there is a systematic mismeasurement in risk preferences based on gender and if societal norms across different geographies accentuate this potential discrepancy. The outcomes of this study can provide valuable insights into gender gaps in financial decision-making and inform future policies to address these disparities.
External Link(s)

Registration Citation

Hundal, Gursmeep (Rubina) and Emily Zhang. 2023. "Gender Bias in Investing." AEA RCT Registry. September 04.
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Experimental Details


Participants are presented with a series of investment choices and lottery options. A subset of participants is primed with thoughts of authority figures to assess potential influences on their risk preferences.
Intervention Start Date
Intervention End Date

Primary Outcomes

Primary Outcomes (end points)
Change in investment choices after priming.
Differences in lottery choices by gender.
Measured risk preferences after considering authority figure advice.
Primary Outcomes (explanation)
The primary outcomes are straightforward metrics derived from the participants' choices in the survey. For instance, "change in investment choices" will be quantified by comparing the number of risk-averse choices made before and after the priming intervention.

Secondary Outcomes

Secondary Outcomes (end points)
Differences in risk preferences by country.
Influence of provided investment advice on choices.
Secondary Outcomes (explanation)
The secondary outcomes will compare the risk preferences across the three countries (United States, Denmark, India) to understand the cultural impact on decision-making. Additionally, the influence of the provided investment advice will be analyzed to determine its efficacy in guiding participants' choices.

Experimental Design

Experimental Design
This is a randomized controlled trial where participants are exposed to investment choices and lotteries. A random subset undergoes a priming intervention to assess its influence on decision-making
Experimental Design Details
The study employs a detailed survey on Qualtrics. Participants make investment and lottery choices, and their risk preferences are gauged. A subset of participants is subjected to priming, where they are asked to recall advice from authority figures. The design aims to understand the gender-based differences in risk preferences, the impact of priming, and any cultural influences from the three target countries.
Randomization Method
Electronically by Qualtrics
Randomization Unit
Was the treatment clustered?

Experiment Characteristics

Sample size: planned number of clusters
Sample size: planned number of observations
Sample size (or number of clusters) by treatment arms
Observations automatically divided into equal treatment arms
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)

Institutional Review Boards (IRBs)

IRB Name
University of Chicago
IRB Approval Date
IRB Approval Number


Post Trial Information

Study Withdrawal

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Is the intervention completed?
Data Collection Complete
Data Publication

Data Publication

Is public data available?

Program Files

Program Files
Reports, Papers & Other Materials

Relevant Paper(s)

Reports & Other Materials