Cognitive uncertainty and cognitive abilities in preference elicitation

Last registered on May 29, 2020

Pre-Trial

Trial Information

General Information

Title
Cognitive uncertainty and cognitive abilities in preference elicitation
RCT ID
AEARCTR-0005541
Initial registration date
May 28, 2020
Last updated
May 29, 2020, 3:38 PM EDT

Locations

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Primary Investigator

Affiliation
Agricultural University of Athens

Other Primary Investigator(s)

PI Affiliation
University of Arkansa
PI Affiliation
Purdue University

Additional Trial Information

Status
In development
Start date
2020-06-10
End date
2021-12-24
Secondary IDs
C80, D44
Abstract
The aim of the study is to examine how cognitive uncertainty is moderated by cognitive ability in preference elicitation research. Moreover, it is examined whether subjects under higher cognitive uncertainty are more likely to accept to have their choice be replaced with a bid that maximizes subjects' expected payoff and whether replacing their choice varies with increasing cost levels.
External Link(s)

Registration Citation

Citation
Drichoutis, Andreas, Jayson Lusk and Rodolfo Nayga. 2020. "Cognitive uncertainty and cognitive abilities in preference elicitation." AEA RCT Registry. May 29. https://doi.org/10.1257/rct.5541-1.0
Experimental Details

Interventions

Intervention(s)
Subjects' preferences in an induced value BDM task will be elicited. Subjects will be allowed to express their uncertainty about their selected bid on a 0 to 10 scale. Subjects will then be asked to have their bid replaced with a payoff maximizing bid. The cost of replacing the bid will vary within-subjects.
Intervention Start Date
2020-06-10
Intervention End Date
2020-07-30

Primary Outcomes

Primary Outcomes (end points)
The bid that subjects submit, the level of their cognitive uncertainty, and whether or not they select to purchase the payoff-maximizing bid in relation to their cognitive ability.
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
There will be a 3x5 within-subjects treatments varying the induced values and the cost of purchasing the payoff-maximizing bid.

Experimental Design Details
Not available
Randomization Method
Computer will do all randomizations i.e. will randomize order of treatments within subjects.
Randomization Unit
Individual.
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
0
Sample size: planned number of observations
200*15=3000
Sample size (or number of clusters) by treatment arms
at least 200 subjects
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
With N=200 we can detect a difference between d=0.125 and 0.338 in bids depending on the assumptions about sigma and the Intra-class Correlation Coefficient across rounds.
IRB

Institutional Review Boards (IRBs)

IRB Name
Agricultural University of Athens
IRB Approval Date
2020-03-27
IRB Approval Number
14
IRB Name
University of Arkansas
IRB Approval Date
2020-03-30
IRB Approval Number
2003252702