A Framed Experiment on Preferences over Correlated Risk
Last registered on February 18, 2020


Trial Information
General Information
A Framed Experiment on Preferences over Correlated Risk
Initial registration date
February 18, 2020
Last updated
February 18, 2020 2:18 PM EST

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Primary Investigator
UC Davis
Other Primary Investigator(s)
PI Affiliation
The Ohio State University
PI Affiliation
The Ohio State University
PI Affiliation
Catholic University of America
Additional Trial Information
In development
Start date
End date
Secondary IDs
We will collect and analyze data on participants’ choices in a session of decisions about lotteries and certainty equivalents. The study is designed to evaluate how preferences respond to correlation in outcomes both across participants and across results for the same participant.
External Link(s)
Registration Citation
Flatnes, Jon Einar et al. 2020. "A Framed Experiment on Preferences over Correlated Risk." AEA RCT Registry. February 18. https://doi.org/10.1257/rct.5469-1.0.
Experimental Details
We elicit participants' certainty equivalents over lotteries in a series of rounds. Each round differs in (1) The distribution of potential outcomes the participant faces, (2) The correlation between the participant's outcome and other participants' outcomes, (3) The structure of the lottery that generates a distribution over outcomes, and (4) The structure of elicitation of certainty equivalents.
Intervention Start Date
Intervention End Date
Primary Outcomes
Primary Outcomes (end points)
Primary analysis will use participants’ decisions from the certainty equivalent elicitation that takes place after the black bag draw. For each participant in each round, the certainty equivalent will be defined as the midpoint of the lowest certain payment the participant is willing to accept and the highest certain payment the participant rejects.
Primary Outcomes (explanation)
Secondary Outcomes
Secondary Outcomes (end points)
Secondary Outcomes (explanation)
Experimental Design
Experimental Design
In each round, participants will be randomly assigned to one of two possible distributions of outcomes. After this assignment, we will elicit certainty equivalents over each participant's distribution. To ensure real stakes for this elicitation, one round and elicitation will be selected at the end of the session to determine payment for that session.
Experimental Design Details
Not available
Randomization Method
Participants will draw balls out of a bag.
Randomization Unit
There will be session-level randomization for correlated draws and for the elicitation method in the final rounds, and individual-level randomization for uncorrelated draws.
Was the treatment clustered?
Experiment Characteristics
Sample size: planned number of clusters
100 communities
Sample size: planned number of observations
1,600 participants (16 per community).
Sample size (or number of clusters) by treatment arms
800 per draw in expectation.
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
IRB Name
The Ohio State Behavioral and Social Sciences IRB
IRB Approval Date
IRB Approval Number
Analysis Plan

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