Changing Producers' Risk Attitudes

Last registered on May 13, 2021
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Pre-Trial

Trial Information

General Information

Title
Changing Producers' Risk Attitudes
RCT ID
AEARCTR-0006951
Initial registration date
December 18, 2020

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 21, 2020, 11:26 AM EST

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

Last updated
May 13, 2021, 9:00 PM EDT

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

Locations

Country
United States of America
Region

Primary Investigator

Name
Paul Feldman
Affiliation
Texas A&M University
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Other Primary Investigator(s)

PI Name
Paul Ferraro
PI Affiliation
Johns Hopkins University
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Additional Trial Information

Status
On going
Start date
2020-12-18
End date
2023-01-01
Keywords
Agriculture, Behavior
Additional Keywords
risk preferences, preference reversals, lab-in-the-field, behavioral economics
JEL code(s)
C83, C93, D12, O13, D91
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
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)
Supporting Documents and Materials
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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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