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Field
Trial Status
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Before
in_development
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After
completed
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Last Published
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Before
April 30, 2025 09:24 AM
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After
December 04, 2025 04:55 PM
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Primary Outcomes (End Points)
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Before
They key outcome variable of the study is the allocation of a hypothetical $10,000 endowment across three assets that vary in the skewness of their return distributions (and cash).
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After
The preference for skewed investments.
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Primary Outcomes (Explanation)
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Before
Participants are asked to allocate their hypothetical $10,000 endowment among four options: three assets with varying return distribution skewness (low, medium, and high) and cash. We will compute a skewness preference measure by dividing the amount allocated to the high-skewness asset by the total endowment ($10,000).
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After
Participants are asked to indicate their preference for 20 pairs of prospects. Participants see the dollar amounts and probabilities for two possible gain outcomes for each prospect and are asked to select which prospect they prefer. A preference for skewness will be estimated by calculating the percentage of high-skewness options selected across the total 20 prospects.
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Experimental Design (Public)
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Before
Participants will be recruited to complete an online survey via Amazon MTurk. This study employs a between-subjects design with three conditions that manipulate perceptions of inflation. Participants are randomly assigned to read one of three narratives: (1) high realized inflation (describing abnormally high inflation over the past month), (2) high expected inflation (forecasting abnormally high inflation in the coming month), or (3) neutral inflation (describing normal price changes). After exposure to the narrative, participants complete a manipulation check to verify comprehension, followed by measures assessing their economic perceptions and decision-making.
Participants are then asked to perform an investment task given a hypothetical $10,000. They are presented with histograms representing the return distributions of three assets. They are then asked to allocate their $10,000 across these three assets. They are also given the option to allocate some of their endowment to cash.
Our study includes additional questions related to risk aversion (following Eckel and Rojas 2010), financial literacy, and demographic characteristics such as age education, income, region of residence, employment status, marital status, gender identity, and race.
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After
Participants will be recruited to complete an online survey via Prolific. This study employs a between-subjects design with two conditions that manipulate perceptions of inflation. Participants are randomly assigned to read one of two narratives: (1) high inflation (describing high inflation over the past month), (2) neutral inflation (describing stable price changes). After exposure to the narrative, participants complete a manipulation check to verify comprehension, followed by measures assessing their economic perceptions and decision-making.
Participants are then asked to perform an investment task given. They are presented with 20 pairs of investment options. Participants see the dollar amounts and probabilities for two possible gain outcomes for each prospect and are asked to select which prospect they prefer.
Our study includes additional questions related to risk aversion (following Eckel and Rojas 2010), financial literacy, and demographic characteristics such as age education, income, region of residence, employment status, marital status, gender identity, and race.
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Intervention (Hidden)
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Before
To identify the impact of inflation on preference for lotteries, we will randomly assign participants into one of three conditions at the beginning of the experiment: (i) high realized inflation or (ii) high expected inflation, or (iii) neutral inflation conditions. Individuals in the high realized inflation group are provided with a narrative that indicates that inflation was abnormally high over the past month. Individuals in the high expected inflation group read a narrative that indicates inflation is expected to be abnormally high over the next month. Individuals in the neutral economic conditions group are provided with a narrative that indicates that prices are changing at normal levels.
To assess whether the inflation narratives effectively raises the perception of realized (expected) inflation among participants randomly assigned to the condition, we will ask all participants to indicate their beliefs regarding inflation over the past (next) month. Responses will be coded on a three-point scale: 1 (Decrease), 2 (Neutral), or 3 (Increase). We expect that individuals in the high realized (expected) inflation group will score higher on the scale, on average, compared with participants in the neutral condition.
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After
To identify the impact of inflation on preference for lotteries, we will randomly assign participants into one of two conditions at the beginning of the experiment: (i) high inflation or (ii) neutral inflation conditions. Individuals in the high realized inflation group are provided with a narrative that indicates that inflation was high over the past month. Individuals in the neutral economic conditions group are provided with a narrative that indicates that prices are changing at normal levels.
To assess whether the inflation narratives effectively raises the perception of realized (expected) inflation among participants randomly assigned to the condition, we will ask all participants to indicate their beliefs regarding inflation over the past (next) month. Responses will be coded on a three-point scale: 1 (Decrease), 2 (Neutral), or 3 (Increase). We expect that individuals in the high realized (expected) inflation group will score higher on the scale, on average, compared with participants in the neutral condition.
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