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Do Financial Worries Change Risk Preferences Under Prospect Theory?: An Implication of Dual-Process Theory

Last registered on March 04, 2020
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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

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
December 16, 2019, 11:08 AM EST

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

Last updated
March 04, 2020, 7:24 AM EST

Last updated is the most recent time when changes to the trial's registration were published.

Locations

Country
United States of America
Region
New York

Primary Investigator

Name
Sunsiree Kosindesha
Affiliation
Cornell University
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Other Primary Investigator(s)

PI Name
David Just
PI Affiliation
Cornell University
Contact Investigator

Additional Trial Information

Status
In development
Start date
2019-12-14
End date
2020-03-31
Keywords
Other, Welfare
Additional Keywords
JEL code(s)
D91(Role and effects of psychological, emotional, social, and cognitive factors on decision making), I31(general welfare, well-being)
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. March 04. https://doi.org/10.1257/rct.5124-1.4000000000000001
Sponsors & Partners
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)
Supporting Documents and Materials
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

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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