Changing Producers' Risk Attitudes

Last registered on May 13, 2021

Pre-Trial

Trial Information

General Information

Title
Changing Producers' Risk Attitudes
RCT ID
AEARCTR-0006951
Initial registration date
December 18, 2020
Last updated
May 13, 2021, 9:00 PM EDT

Locations

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Primary Investigator

Affiliation
Johns Hopkins University

Other Primary Investigator(s)

PI Affiliation
Johns Hopkins University

Additional Trial Information

Status
On going
Start date
2020-12-18
End date
2023-01-01
Secondary IDs
Abstract
We explore the prevalence of risk attitude reversals for experienced producers. Prior literature has identified a discrepancy in risk attitudes between comparing and pricing lotteries. Specifically, on average, individuals appear to be more risk-neutral when pricing lotteries and risk-averse when comparing lotteries. Our study elicits certainty equivalents and probability equivalent using choice lists--a pricing and a comparing task. To explore the generalizability of this discrepancy of risk attitudes across contexts, we study experts' behavior and choices with substantial incentives. 
External Link(s)

Registration Citation

Citation
Feldman, Paul and Paul Ferraro. 2021. "Changing Producers' Risk Attitudes." AEA RCT Registry. May 13. https://doi.org/10.1257/rct.6951-2.0
Sponsors & Partners

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Experimental Details

Interventions

Intervention(s)
Intervention Start Date
2020-12-18
Intervention End Date
2021-05-31

Primary Outcomes

Primary Outcomes (end points)
Risk attitudes as measured by risk premia.
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
Incentivized choice lists and survey questions.
Experimental Design Details
Not available
Randomization Method
Randomization in office by computer.
Randomization Unit
Subject level.
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
students and producers
Sample size: planned number of observations
120 students and 400 producers
Sample size (or number of clusters) by treatment arms
Treatment is randomized at the subject level. Roughly half of our subjects will be assigned to one of two different choice list orderings.
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
IRB

Institutional Review Boards (IRBs)

IRB Name
Homewood Institutional Review Board
IRB Approval Date
2020-12-01
IRB Approval Number
HIRB00012132
Analysis Plan

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