Risk Aversion and Costly Information Acquisition: An Experimental Study

Last registered on May 04, 2026
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Pre-Trial

Trial Information

General Information

Title
Risk Aversion and Costly Information Acquisition: An Experimental Study
RCT ID
AEARCTR-0018496
Initial registration date
April 26, 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
May 04, 2026, 7:54 AM 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
Jiarui Wang
Affiliation
Boston University
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Other Primary Investigator(s)

PI Name
Jiaqi Yang
PI Affiliation
Boston University
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Additional Trial Information

Status
In development
Start date
2026-05-05
End date
2026-05-06
Keywords
Behavior, Other
Additional Keywords
JEL code(s)
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
The explosion of information raises questions about how individuals search for and process it. To make better decisions, people search for relevant information, but this process is costly. Individuals must decide what kind of information to acquire and when to stop searching for more. This study uses online experiments to examine how the stake size and the complexity of information-search problems affect individuals' information search behavior. The experimental results are also used to distinguish between competing theoretical models of information search.
External Link(s)

Registration Citation

Citation
Wang, Jiarui and Jiaqi Yang. 2026. "Risk Aversion and Costly Information Acquisition: An Experimental Study." AEA RCT Registry. May 04. https://doi.org/10.1257/rct.18496-1.0
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
This study includes two experimental interventions. The first intervention is the stake size of the information-search problem, which is manipulated as either low stakes or high stakes. The second intervention is the complexity of the information-search problem, which is manipulated as either low complexity or high complexity.
Intervention Start Date
2026-05-05
Intervention End Date
2026-05-06

Primary Outcomes

Primary Outcomes (end points)
Information search paths, including what information participants choose to acquire and the sequence in which they acquire additional information
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
This study uses online experiments to examine how stake size and the complexity of information-search problems affect individuals' information search behavior. Participants are randomly assigned to one of three experimental arms: (1) a baseline group with low stake size and low complexity; (2) a treatment group with high stake size and low complexity; and (3) a treatment group with low stake size and high complexity. Participants are asked to solve a set of information-search problems, and we record their information search paths.
Experimental Design Details
Not available
Randomization Method
Participants are randomized by the Qualtrics survey randomizer to one of the three experimental arms with equal assignment probability.
Randomization Unit
Individual
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
No clusters
Sample size: planned number of observations
Around 500 individuals
Sample size (or number of clusters) by treatment arms
(1) around 150 individuals in the baseline group (low stake size and low complexity)
(2) around 150 individuals in the treatment group (high stake size and low complexity)
(3) around 150 individuals in the treatment group (low stake size and high complexity)
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
Boston University Charles River Campus Institutional Review Board
IRB Approval Date
2025-08-15
IRB Approval Number
8078X
Analysis Plan