The American Economic Association's registry for randomized controlled trials
Narratives and Valuations
Last registered on April 27, 2021
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Narratives and Valuations
Initial registration date
March 30, 2021
April 27, 2021 1:42 PM EDT
United States of America
University of Pittsburgh
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Other Primary Investigator(s)
Additional Trial Information
willingness to accept
multiple price list
D910 Micro-Based Behavioral Economics: Role and Effects of Psychological
and Cognitive Factors on Decision Making
We manipulate the likelihood of narrative thinking in a randomized online experiment to estimate the effect of narrative (compared to analytical) thinking on valuations.
Loewenstein, George and Dor Morag. 2021. "Narratives and Valuations." AEA RCT Registry. April 27.
Sponsors & Partners
Intervention Start Date
Intervention End Date
Primary Outcomes (end points)
Willingness to Accept (WTA) in USD, and unwillingness to sell (refusing to sell at any offered price)
Primary Outcomes (explanation)
Secondary Outcomes (end points)
Acceptance to trade personal item for the same exact item but new, how much paid for the hat, ownership length, story career-related, list hinted to story
Secondary Outcomes (explanation)
MTurk workers first choose an item they already owned (not knowing why) and are then randomized to high and low likelihood of narrative thinking. Finally, participants are offered to sell their items to the experimenter, and their willingness to accept (WTA) is elicited through incentivized multiple price lists (where one decision might be randomly selected to count).
Experimental Design Details
We manipulate the likelihood of narrative thinking by asking participants to describe their self-selected item with either a story (narrative thinking) or a list (analytical thinking). Thus, participants naturally create their own stimuli in the same way they would in real life. Note that at the time the item is chosen, participants are blind to the consequences of their choice (i.e., they don't know they'll be offered to sell it).
Digital randomization for the treatment arms, and a public lottery for the binding decisions in the MPL.
The individual is the randomized unit of treatment and control, and individual-decision touple (e.g., subject 104, decision 32) is the randomized unit for the lottery.
Was the treatment clustered?
Sample size: planned number of clusters
Sample size: planned number of observations
Sample size (or number of clusters) by treatment arms
250 non-significant / list, 250 non-significant / narrative, 250 significant / list, 250 significant / narrative.
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials
INSTITUTIONAL REVIEW BOARDS (IRBs)
Human Judgment and Decision-Making
IRB Approval Date
IRB Approval Number
Post Trial Information
Is the intervention completed?
Is data collection complete?
Is public data available?
Reports, Papers & Other Materials
REPORTS & OTHER MATERIALS