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Prince: An Improved Method for Measuring Incentivized Preferences
Last registered on August 01, 2018
View Trial History

Pre-Trial

Trial Information
General Information
Title
Prince: An Improved Method for Measuring Incentivized Preferences
RCT ID
AEARCTR-0003183
Initial registration date
July 27, 2018
Last updated
August 01, 2018 2:06 AM EDT
Location(s)
Country
Netherlands
Region
Primary Investigator
Name
Peter Wakker
Affiliation
Erasmus University Rotterdam
Contact Primary Investigator
Other Primary Investigator(s)
Additional Trial Information
Status
Completed
Start date
2010-05-17
End date
2017-10-26
Keywords
Finance & Microfinance
Additional Keywords
incentive compatibility, random incentive system, BDM, choice list, matching
JEL code(s)
C91; D81
Secondary IDs
Abstract
This paper introduces the Prince incentive system for measuring preferences. Prince is a special version of the random incentive system that enhances isolation and makes incentive compatibility more transparent to subjects. It allows for the precise and direct elicitation of indifference values with the clarity and validity of choice lists. Prince avoids the opaqueness of the Becker-DeGroot-Marschak mechanism and precludes strategic behavior in adaptive experiments. Using Prince, we shed new light on willingness to accept and the major components of decision under uncertainty: utilities, subjective beliefs, and ambiguity attitudes. Prince outperforms a classical implementation of the random incentive system.
External Link(s)
Registration Citation
Citation
Wakker, Peter. 2018. "Prince: An Improved Method for Measuring Incentivized Preferences." AEA RCT Registry. August 01. https://doi.org/10.1257/rct.3183-1.0.
Former Citation
Wakker, Peter. 2018. "Prince: An Improved Method for Measuring Incentivized Preferences." AEA RCT Registry. August 01. http://www.socialscienceregistry.org/trials/3183/history/32431.
Sponsors & Partners
Experimental Details
Interventions
Intervention(s)
Economic financial decision experiments with students in our lab & in class room.
Intervention Start Date
2010-05-17
Intervention End Date
2017-10-26
Primary Outcomes
Primary Outcomes (end points)
To what extent the Prince incentive system comes close to (conjectured) true preferences.
Primary Outcomes (explanation)
Secondary Outcomes
Secondary Outcomes (end points)
Secondary Outcomes (explanation)
Experimental Design
Experimental Design
Subjects chose between options for small money amounts or small goods, as is common in economic experiments.
Experimental Design Details
Randomization Method
Subjects were invited from our subject pool and randomly allocated by computer to trials.
Randomization Unit
individuals
Was the treatment clustered?
No
Experiment Characteristics
Sample size: planned number of clusters
-
Sample size: planned number of observations
-
Sample size (or number of clusters) by treatment arms
161 subjects
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
With euro as unit, standard deviation 0.10, minimum detectable effect size would be 0.20, which is 1.3% of the average payment.
Supporting Documents and Materials
IRB
INSTITUTIONAL REVIEW BOARDS (IRBs)
IRB Name
IRB Approval Date
IRB Approval Number
Analysis Plan
Post-Trial
Post Trial Information
Study Withdrawal
Intervention
Is the intervention completed?
No
Is 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