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Do Financial Worries Change Risk Preferences Under Prospect Theory?: An Implication of Dual-Process Theory
Last registered on May 01, 2020

Pre-Trial

Trial Information
General Information
Title
Do Financial Worries Change Risk Preferences Under Prospect Theory?: An Implication of Dual-Process Theory
RCT ID
AEARCTR-0005124
Initial registration date
December 12, 2019
Last updated
May 01, 2020 5:42 AM EDT
Location(s)
Primary Investigator
Affiliation
Cornell University
Other Primary Investigator(s)
PI Affiliation
Cornell University
Additional Trial Information
Status
Completed
Start date
2019-12-14
End date
2020-03-31
Secondary IDs
https://osf.io/dwbhx
Abstract
We manipulate the state of mind of subjects by priming them with financial concerns and non-financial concerns. We then test if these concerns cause subjects to more overweigh small probabilities, to more underweigh large probabilities, and to be more
loss-averse. We also test whether the effects, if exist, are mediated by change in cognition and emotion.
External Link(s)
Registration Citation
Citation
Just, David and Sunsiree Kosindesha. 2020. "Do Financial Worries Change Risk Preferences Under Prospect Theory?: An Implication of Dual-Process Theory." AEA RCT Registry. May 01. https://doi.org/10.1257/rct.5124-1.5.
Experimental Details
Interventions
Intervention(s)
We manipulate the state of mind of subjects by priming them with financial and non financial situations. There are 4 conditions: financial hard condition, financial easy condition, non-financial hard condition, and non-financial easy condition.
Intervention Start Date
2019-12-14
Intervention End Date
2020-03-31
Primary Outcomes
Primary Outcomes (end points)
Key outcome variables are:
1) choices between lottery and money;
2) response time and answers for stroop task (color naming task);
3) answers to cognitive reflection test;
4) scales on financial anxiety;
5) scales on affects and emotion adapted from PANAS;
Primary Outcomes (explanation)
Secondary Outcomes
Secondary Outcomes (end points)
Secondary Outcomes (explanation)
Experimental Design
Experimental Design
We have a between subjects design. There are 4 conditions: (1.) financial hard condition (2.) financial easy condition (3.) non-financial hard condition (4.) non-financial easy condition.

Condition (1.) and (3.) are treatment conditions, while condition (2.) and (4.) are control conditions.
Experimental Design Details
Randomization Method
Qualtrics' randomizer
Randomization Unit
Individual
Was the treatment clustered?
No
Experiment Characteristics
Sample size: planned number of clusters
500
Sample size: planned number of observations
500
Sample size (or number of clusters) by treatment arms
125
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
IRB
INSTITUTIONAL REVIEW BOARDS (IRBs)
IRB Name
Andrew Willford, Cornell IRB Chairperson
IRB Approval Date
2019-11-08
IRB Approval Number
1910009119
Analysis Plan

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Post-Trial
Post Trial Information
Study Withdrawal
Intervention
Is the intervention completed?
Yes
Intervention Completion Date
March 31, 2020, 12:00 AM +00:00
Is data collection complete?
Yes
Data Collection Completion Date
March 31, 2020, 12:00 AM +00:00
Final Sample Size: Number of Clusters (Unit of Randomization)
584
Was attrition correlated with treatment status?
Final Sample Size: Total Number of Observations
584 people
Final Sample Size (or Number of Clusters) by Treatment Arms
146
Data Publication
Data Publication
Is public data available?
No
Program Files
Program Files
Reports, Papers & Other Materials
Relevant Paper(s)
REPORTS & OTHER MATERIALS