Economic preferences of young and elderly adults

Last registered on November 15, 2024
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Pre-Trial

Trial Information

General Information

Title
Economic preferences of young and elderly adults
RCT ID
AEARCTR-0014780
Initial registration date
November 08, 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
November 15, 2024, 1:40 PM EST

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
Matej Lorko
Affiliation
University of Economics in Bratislava
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Other Primary Investigator(s)

Additional Trial Information

Status
In development
Start date
2024-11-11
End date
2025-02-28
Keywords
Behavior
Additional Keywords
JEL code(s)
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
The goal of this project is to compare economic preferences (including risk aversion, loss aversion, temporal discounting, coordination, cooperation, deception and altruism) of young vs. elderly adults using standard experimental economics elicitations and games. In addition, we will examine the effect of suggestions from a "rational economic agent" who always chooses an option with the highest expected value.
External Link(s)

Registration Citation

Citation
Lorko, Matej. 2024. "Economic preferences of young and elderly adults." AEA RCT Registry. November 15. https://doi.org/10.1257/rct.14780-1.0
Sponsors & Partners

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Experimental Details

Interventions

Intervention(s)
Choice suggestions from a rational economic agent.
Intervention Start Date
2024-11-11
Intervention End Date
2025-02-28

Primary Outcomes

Primary Outcomes (end points)
risk preferences, loss aversion, intertemporal preferences, willingness to cooperate, willingness to coordinate, altruistic preferences, deception tendencies
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
cognitive reflection, financial literacy, institutional trust, conspiracy mentality, political cynicism, demographics
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
Laboratory experiment eliciting incentivized choices, including:

- risk aversion in a gain domain (multiple price list)
- risk aversion in a loss domain (multiple price list)
- loss aversion (multiple price list)
- temporal discounting (multiple price list)
- coordination (two stag hunt games, one against young and another against elderly student)
- cooperation (two prisoner's dilemma games, one against young and another against elderly student)
- altruistic preferences (multiple price list with different donation:match ratios)
- deception (three unobserved dice rolls)

In addition, we will include unincentivized questionnaires eliciting:
- cognitive reflection (CRT test)
- financial literacy (standard Slovak questionnaire)
- institutional trust (Likert scale)
- conspiracy mentality (standard CMQ questionnaire)
- political cynicism (standard psychometric questionnaire)
- basic demographics
Experimental Design Details
Not available
Randomization Method
Randomization on an individual level by a computer.
Randomization Unit
Individual.
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
2 - young and elderly university students
Sample size: planned number of observations
Approximately 200-250 young and 200-250 elderly students.
Sample size (or number of clusters) by treatment arms
Approximately 50% of all students in control group and another 50% in treatment group.
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
Ethical Committee of the University of Economics in Bratislava
IRB Approval Date
2023-01-17
IRB Approval Number
EKEUBA-APVV-21-0388-1/2023
Analysis Plan