Prince: An Improved Method for Measuring Incentivized Preferences

Last registered on August 01, 2018

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

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
August 01, 2018, 2:06 AM EDT

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

Locations

Region

Primary Investigator

Affiliation
Erasmus University Rotterdam

Other Primary Investigator(s)

Additional Trial Information

Status
Completed
Start date
2010-05-17
End date
2017-10-26
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. https://www.socialscienceregistry.org/trials/3183/history/32431
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.
IRB

Institutional Review Boards (IRBs)

IRB Name
IRB Approval Date
IRB Approval Number

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