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Abstract
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Before
The purpose of this study is to understand how people behave if they feel uncertainty over their preferences. There are no right or wrong answers in this experiment. Subjects only need to make the choice that they feel most comfortable with.
In the experiment, subjects will be able to make some money. The payment has two parts: 1) payment for each correctly answered control questions; 2) payment of one selected question. After the experiment, one question will be selected to determine the subject's payment in this part.
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After
We will explain the entire choice pattern in experiments of preference reversals by combining deliberate randomization with valuation uncertainty. In the experiment, we elicit each subject’s randomization probability between P-bet and $-Bet and valuation uncertainty over the two bets. We also repeat the standard preference reversal experiment. We will show that the choice probabilities calculated from randomization probability and valuation uncertainty can predict the subject’s choice pattern in the preference-reversal experiment.
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Trial Start Date
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Before
November 10, 2020
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June 29, 2021
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Trial End Date
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Before
December 31, 2020
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After
July 06, 2021
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Last Published
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Before
October 26, 2020 02:16 PM
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After
June 29, 2021 07:30 AM
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Intervention Start Date
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Before
November 10, 2020
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June 30, 2021
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Intervention End Date
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November 15, 2020
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After
July 05, 2021
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Primary Outcomes (End Points)
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Before
valuation uncertainty intervals and choice probabilities due to incomparability
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After
Randomization probability between P-bet and $-bet
Valuation uncertainty over the two bets
Standard choice pattern in the preference-reversal experiment.
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Experimental Design (Public)
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Before
There are four main parts in our experiment. Each part contains several choices. In each choice, subjects need to choose the preferred option. The purpose of our experiment is to repeat the standard preference reversal experiment and measure subjects' uncertainty when they make choices.
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After
There are four parts in our experiment. In the first part, we repeat the standard preference reversal experiment. In the second part and third part, we elicit the subjects’ randomization probability and valuation uncertainty. We further elicit decision confidence using standard self-reports. In the last part, we obtain the subjects’ loss aversion and ambiguity attitudes.
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Randomization Method
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Before
randomization done in laboratory by a computer
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After
randomization done in laboratory by computer
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Keyword(s)
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Before
Behavior, Finance
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After
Behavior, Finance
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