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Field
Last Published
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Before
March 23, 2019 08:20 PM
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After
March 26, 2019 01:08 PM
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Field
Primary Outcomes (End Points)
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Before
1) Are there significant differences between forced- and non-forced-choice subjects' behaviour in their degree of conformity with:
(a) First-order stochastic dominance.
(b) Second-order stochastic dominance.
(c) The Independence axiom of preferences under risk.
(d) The Betweenness axiom of preferences under risk.
2. Are there significant differences in the magnitute of the "Common Ratio effect" and a variant of the Kahneman and Tversky (1979) version of the "Allais paradox" between the forced- and non-forced-choice groups?
3. Are there significant differences in the above outcomes between subjects in the forced-choice group and subjects in the non-forced-choice group who never delayed any choices?
4. Are there significant differences in the above outcomes between subjects in the forced-choice group and subjects in the non-forced-choice group who delayed choice at least once?
5. Are there significant differences in the active-choice intertemporal consistency between subjects in the forced- and non-forced-choice groups?
6. In the non-forced-choice group, does the decision to delay choice at a menu depend on the expected value and the maximum prizes of the lotteries in that menu?
7. In the non-forced-choice group, does the decision to delay choice at a menu depend on the cost of delaying choice?
8. In the non-forced-choice group, is it more likely for subjects to delay choice at menus in which the lotteries are not ranked by second-order stochastic dominance or, more generally, when the complexity of the decision problem increases?
9. Does the incidence of stochastic-dominance violations in menus that feature equivalent lotteries depend on the way in which lotteries are described?
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After
1) Are there significant differences between forced- and non-forced-choice subjects' behaviour in their degree of conformity with:
(a) First-order stochastic dominance.
(b) Second-order stochastic dominance.
(c) The Independence axiom of preferences under risk.
(d) The Betweenness axiom of preferences under risk.
2. Are there significant differences in the magnitute of the "Common Ratio effect" and a variant of the Kahneman and Tversky (1979) version of the "Allais paradox" between the forced- and non-forced-choice groups?
3. Are there significant differences in the above outcomes between subjects in the forced-choice group and subjects in the non-forced-choice group who never delayed any choices?
4. Are there significant differences in the above outcomes between subjects in the forced-choice group and subjects in the non-forced-choice group who delayed choice at least once?
5. Are there significant differences in the active-choice intertemporal consistency between subjects in the forced- and non-forced-choice groups?
6. Are reversals in the subjects' revealed attitude to risk more likely in the forced-choice group (including self-forced)?
7. In the non-forced-choice group, does the decision to delay choice at a menu depend on the expected value and the maximum prizes of the lotteries in that menu?
8. In the non-forced-choice group, does the decision to delay choice at a menu depend on the cost of delaying choice?
9. In the non-forced-choice group, is it more likely for subjects to delay choice at menus in which the lotteries are not ranked by second-order stochastic dominance or, more generally, when the complexity of the decision problem increases?
10. Does the incidence of stochastic-dominance violations in menus that feature equivalent lotteries depend on the way in which lotteries are described?
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Field
Experimental Design (Public)
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Before
Subjects will be asked to make decisions from a series of binary menus of money lotteries in an incentivized laboratory experiment. The same menus of lotteries will be presented in two rounds and subjects will be asked to make a decision at each menu in each round. The order of presentation will vary randomly between subjects and between rounds. Subjects will be reminded of the decision they made at each menu in the first round before they are asked to make a decision from it again in the second round.
Subjects in the control group ("forced-choice") will be asked to choose one of the available lotteries from each menu in both rounds. Subjects in the treatment group ("non-forced-choice") will be asked in the first round to either choose one of the available lotteries or to choose "I'm not choosing now". In the second round, these subjects will also be asked to choose a lottery from each menu.
Subjects will be allocated £8 at the beginning of the experiment. Subjects in the control group ("forced-choice") will be asked to choose one of the available lotteries from each menu in both rounds. Subjects in the treatment group ("non-forced-choice") will be asked in the first round to either choose one of the available lotteries or to choose "I'm not choosing now". In the second round, these subjects will also be asked to choose a lottery from each menu.
At the end of the experiment, one menu will be randomly selected for each subject. Subjects will win the lottery they chose from that menu in the second round, which will then be played out for them. In addition to their lottery winnings, they will receive: (a) their initially allocated £8 if they chose the same lottery at that menu in both rounds; (b) £2 from their initially allocated £8 if they chose different lotteries at that menu in the first and second rounds; (c) [relevant in the "non-forced-choice" group] £7.50 or £7 from their initially allocated £8 if they chose "I'm not choosing now" at that menu in the first round.
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After
Subjects will be asked to make decisions from a series of binary menus of money lotteries in an incentivized laboratory experiment. The same menus of lotteries will be presented in two rounds and subjects will be asked to make a decision at each menu in each round. The order of presentation will vary randomly between subjects and between rounds. Subjects will be reminded of the decision they made at each menu in the first round before they are asked to make a decision from it again in the second round.
Subjects in the control group ("forced-choice") will be asked to choose one of the available lotteries from each menu in both rounds. Subjects in the treatment group ("non-forced-choice") will be asked in the first round to either choose one of the available lotteries or to choose "I'm not choosing now". In the second round, these subjects will also be asked to choose a lottery from each menu.
Subjects will be allocated an amount "a" at the beginning of the experiment. Subjects in the control group ("forced-choice") will be asked to choose one of the available lotteries from each menu in both rounds. Subjects in the treatment group ("non-forced-choice") will be asked in the first round to either choose one of the available lotteries or to choose "I'm not choosing now". In the second round, these subjects will also be asked to choose a lottery from each menu.
At the end of the experiment, one menu will be randomly selected for each subject. Subjects will win the lottery they chose from that menu in the second round, which will then be played out for them. In addition to their lottery winnings, they will receive: (a) their initially allocated amount "a" if they chose the same lottery at that menu in both rounds; (b) a fraction "d" of their initially allocated amount if they chose different lotteries at that menu in the first and second rounds; (c) [relevant in the "non-forced-choice" group] fractions "b" or "c" of their initially allocated amount "a" if they chose "I'm not choosing now" at that menu in the first round, with a > b > c > d.
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