Response-Order Effects in a Financial Market

Last registered on October 28, 2024

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Pre-Trial

Trial Information

General Information

Title

Response-Order Effects in a Financial Market

RCT ID

AEARCTR-0014422

Initial registration date

October 19, 2024

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

October 28, 2024, 12:48 PM EDT

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

Locations

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Primary Investigator

Name

Hongjun Yan

Affiliation

DePaul University

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Other Primary Investigator(s)

Additional Trial Information

Status

In development

Start date

2024-10-23

End date

2025-04-23

Keywords

Behavior, Finance & Microfinance, Welfare

Additional Keywords

Response-order effect, Robo-advisor, RCT, investor behavior, field experiment

JEL code(s)

G41, G50, C93

Secondary IDs

Prior work

This trial does not extend or rely on any prior RCTs.

Abstract

The experiment studies the consequences of the response-order effect in a financial market. Details are in the pre-analysis plan.

External Link(s)

Registration Citation

Citation

Yan, Hongjun. 2024. "Response-Order Effects in a Financial Market." AEA RCT Registry. October 28. https://doi.org/10.1257/rct.14422-1.0

Sponsors & Partners

Experimental Details

Interventions

Intervention(s)

This experiment examines the response-order effect in a real financial market.

Details are provided in the pre-analysis plan, which will be made public after the study is over.

Intervention Start Date

2024-10-23

Intervention End Date

2025-04-23

Primary Outcomes

Primary Outcomes (end points)

Outcome variables are survey responses, recommended portfolios, and investment outcome.

Primary Outcomes (explanation)

Treatment: Responses to survey questions are listed in reverse order.
Analysis: One goal of this study is to examine if and how much reversing order affects investors' answers, and as a consequence their risk tolerance profiles and recommended portfolios. The ultimate goal is to estimate if and how much reversing order affects investors' portfolios and investment returns.

Details are provided in the pre-analysis plan, which will be made public after the study is over.

Secondary Outcomes

Secondary Outcomes (end points)

Secondary Outcomes (explanation)

Experimental Design

Details are provided in the pre-analysis plan, which will be made public after the study is over.

Experimental Design Details

Not available

Randomization Method

In the experiment, the survey will be presented in two versions, the only difference being that the responses to each survey question are listed in opposite orders. One version, labeled as the “original-order survey” is currently in use. In the other version, the “reverse-order survey,” the responses to each survey question are listed in opposite orders. A customer is randomly assigned, with a 50% chance, one of the two versions.

Randomization Unit

individual

Was the treatment clustered?