Emojis and Risk Preference

Last registered on January 28, 2026

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Pre-Trial

Trial Information

General Information

Title

Emojis and Risk Preference

RCT ID

AEARCTR-0017748

Initial registration date

January 22, 2026

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

January 28, 2026, 7:31 AM 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

Jared Lim

Affiliation

NTU

Contact Primary Investigator

Other Primary Investigator(s)

PI Name

PI Affiliation

PI Name

PI Affiliation

Additional Trial Information

Status

In development

Start date

2026-01-26

End date

2026-02-28

Keywords

Behavior

Additional Keywords

Emoji, Risk preference

JEL code(s)

D91

Secondary IDs

Prior work

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

Abstract

Emojis are widely used in digital communication and can convey emotional information beyond text. Research suggests that positive emojis may induce positive affect, similar to facial expressions in face-to-face interactions, which can influence judgement and decision-making. This study examines whether exposure to positive versus neutral emojis affects individuals’ risk preferences. Participants are randomly assigned to view either positive or neutral emojis before completing a series of incentivised risk-taking tasks. Risk preferences are compared across conditions to assess the influence of emoji-induced affect on decision-making. The study aims to contribute to understanding how subtle emotional cues in online environments shape economic behaviour.

External Link(s)

Registration Citation

Citation

Lim, Jared, Eleanor Ng and Jadon Tang. 2026. "Emojis and Risk Preference." AEA RCT Registry. January 28. https://doi.org/10.1257/rct.17748-1.0

Sponsors & Partners

Experimental Details

Interventions

Intervention(s)

Intervention Start Date

2026-01-26

Intervention End Date

2026-02-28

Primary Outcomes

Primary Outcomes (end points)

Level of risk preference

Primary Outcomes (explanation)

We measured risk attitudes using the Multiple Price List (MPL) method, adapted from Holt & Laury (2002).

Secondary Outcomes

Secondary Outcomes (end points)

Secondary Outcomes (explanation)

Experimental Design

The experiment begins with an informed consent form, followed by a set of computerised instructions, explaining the experimental currency and a short quiz to ensure subjects understood the task mechanics. After completing 3 sets of 10 rounds each of the lottery choice task, subjects proceed to do a set of additional tasks. Lastly, we administered a post-experiment questionnaire to collect information on demographic characteristics. At the end of the experiment, one of the thirty decisions in the lottery choice task is randomly selected for real payout. Total remuneration consisted of a fixed participation fee, supplemented by a bonus payout.

Experimental Design Details

Not available

Randomization Method

Randomization done by computer

Randomization Unit

Individual

Was the treatment clustered?

Experiment Characteristics

Sample size: planned number of clusters

not applicable

Sample size: planned number of observations

400 individuals

Sample size (or number of clusters) by treatment arms

treatment condition = 200
control condition = 200

Minimum detectable effect size for main outcomes (accounting for sample design and clustering)

Supporting Documents and Materials

IRB

Institutional Review Boards (IRBs)

IRB Name

Nanyang Technological University

IRB Approval Date

2025-11-28

IRB Approval Number

SSS/ECON/2025/S1/013_E_Nov

Analysis Plan