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Revealing a Reference Dependent Preference for Mixing: An Experimental Study on Risk Preferences over Gains and Losses
Last registered on June 10, 2019

Pre-Trial

Trial Information
General Information
Title
Revealing a Reference Dependent Preference for Mixing: An Experimental Study on Risk Preferences over Gains and Losses
RCT ID
AEARCTR-0004214
Initial registration date
May 15, 2019
Last updated
June 10, 2019 10:41 PM EDT
Location(s)

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Primary Investigator
Affiliation
UCSD
Other Primary Investigator(s)
PI Affiliation
Ohio State University
Additional Trial Information
Status
On going
Start date
2019-05-13
End date
2020-06-30
Secondary IDs
Abstract
We explore the effect of two distinct frames on preferences for mixtures. Given the pervasive evidence of a preference for mixtures---non-degenerate distributions over two lotteries---we study the effect of two different frames on this behavior. The distinctive feature of these frames is whether outcomes are presented as losses or gains, while final wealth outcomes remain the same under both treatments. We expect an increase in loss-loving behavior, which would be consistent with the prior findings.
External Link(s)
Registration Citation
Citation
Feldman, Paul and John Rehbeck. 2019. "Revealing a Reference Dependent Preference for Mixing: An Experimental Study on Risk Preferences over Gains and Losses." AEA RCT Registry. June 10. https://doi.org/10.1257/rct.4214-1.0.
Former Citation
Feldman, Paul and John Rehbeck. 2019. "Revealing a Reference Dependent Preference for Mixing: An Experimental Study on Risk Preferences over Gains and Losses." AEA RCT Registry. June 10. https://www.socialscienceregistry.org/trials/4214/history/47931.
Experimental Details
Interventions
Intervention(s)
Intervention Start Date
2019-05-13
Intervention End Date
2019-05-16
Primary Outcomes
Primary Outcomes (end points)
Changes in mixing behavior across frames.
Primary Outcomes (explanation)
Secondary Outcomes
Secondary Outcomes (end points)
Secondary Outcomes (explanation)
Experimental Design
Experimental Design
This is a lab experiment in which we elicit preferences over lotteries. Lotteries are limited to a linear convex budget in the probability simplex over three outcomes $2, $10, and $30. For the main treatment, we endow subjects with $30 and instead 'frame' outcomes as -$28, -$20, and $0. Therefore, both treatments have identical outcomes, but they are presented as either losses or gains. We have two treatment groups, the first is exposed to the loss-frame and then the gain-frame. For our other group, we reverse the order of the frames.
Experimental Design Details
Not available
Randomization Method
Random task order. 2 treatment groups. Pay on a decision at random. All risk is resolved using a ten-sided die.
Randomization Unit
Between-subjects and Within-Subjects.
Was the treatment clustered?
Yes
Experiment Characteristics
Sample size: planned number of clusters
2
Sample size: planned number of observations
164-192
Sample size (or number of clusters) by treatment arms
82 in each treatment for between subject, 164 within-subject analysis.
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Various, see pre-analysis. Summary: .3 correlation for Spearman rank correlation test. For t-tests a change in .10-.15 in the selected mixtures. Units are probabilities. Standard deviations between 17.44 and 39.41, mean and median around 33.
Supporting Documents and Materials

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IRB
INSTITUTIONAL REVIEW BOARDS (IRBs)
IRB Name
UCSD Human Research Protections Program
IRB Approval Date
2018-07-31
IRB Approval Number
#171230
Analysis Plan

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