The Influence of Materialism on Risk Tolerance: The Mediating Role of Emotions

Last registered on July 28, 2025
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Pre-Trial

Trial Information

General Information

Title
The Influence of Materialism on Risk Tolerance: The Mediating Role of Emotions
RCT ID
AEARCTR-0016434
Initial registration date
July 22, 2025

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 28, 2025, 9:06 AM EDT

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

Locations

Country
Finland
Region
Oulu
Country
United Kingdom of Great Britain and Northern Ireland
Region
Country
United States of America
Region

Primary Investigator

Name
Islam Abdalhafez
Affiliation
University of Oulu
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Other Primary Investigator(s)

PI Name
Islam Abdalhafez
PI Affiliation
University of Oulu
Contact Investigator
PI Name
Andrew Conlin
PI Affiliation
Aalto University
Contact Investigator
PI Name
Petri Sahlström
PI Affiliation
University of Oulu
Contact Investigator

Additional Trial Information

Status
On going
Start date
2025-07-21
End date
2025-07-31
Keywords
Behavior, Finance & Microfinance
Additional Keywords
Materialism, Risk tolerance, Emotions
JEL code(s)
G41, C9
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
This study investigates how materialistic priming influences individuals’ financial risk tolerance. Employing a randomized online experimental design, participants were assigned to either a treatment group, exposed to a validated video emphasizing materialistic values, or a control group that viewed a neutral video. Risk preferences were subsequently assessed using a staircase elicitation task. To examine potential psychological mechanisms underlying the effect, self-reported emotional responses were collected, with a specific focus on happiness, anger, fear, and envy. The analysis explores whether these discrete emotions mediate the relationship between materialistic priming and risk-taking behavior.
External Link(s)

Registration Citation

Citation
Abdalhafez, Islam et al. 2025. "The Influence of Materialism on Risk Tolerance: The Mediating Role of Emotions ." AEA RCT Registry. July 28. https://doi.org/10.1257/rct.16434-1.0
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
Intervention (Hidden)
Intervention Start Date
2025-07-29
Intervention End Date
2025-07-30

Primary Outcomes

Primary Outcomes (end points)
Risk tolerance
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
This study utilizes video-based priming techniques to investigate the influence of materialistic cues on financial decision-making. Participants were randomly assigned to one of two conditions:
Control Group: Participants received no priming intervention.
Materialism Treatment Group: Participants were exposed to a pre-tested video specifically designed to activate materialistic values.

The priming videos were previously validated through a pilot study to ensure their efficacy in inducing the intended cognitive orientation. Following the priming phase, all participants engaged in a staircase procedure to elicit their risk tolerance levels. Subsequently, participants reported their emotional states, with particular attention to happiness, anger, fear, and envy. These emotional responses are examined as potential mediators of the relationship between materialistic priming and risk-taking behavior.
Experimental Design Details
Randomization Method
Prolific recruits and Qualtrics automatically randomizes the sample to treatment and control
Randomization Unit
Individuals
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
500 individuals
Sample size: planned number of observations
500
Sample size (or number of clusters) by treatment arms
250 control, 250 treatment
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
IRB Approval Date
IRB Approval Number
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