Visual imagery skills and risk attitude

Last registered on November 02, 2023
View Trial History

Pre-Trial

Trial Information

General Information

Title
Visual imagery skills and risk attitude
RCT ID
AEARCTR-0008709
Initial registration date
December 14, 2021

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 17, 2021, 10:37 AM EST

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

Last updated
November 02, 2023, 8:30 PM EDT

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

Locations

Country
New Zealand
Region

Primary Investigator

Name
Ronald Peeters
Affiliation
University of Otago
Contact Primary Investigator

Other Primary Investigator(s)

PI Name
David Fielding
PI Affiliation
University of Manchester; University of Otago
PI Name
Stephen Knowles
PI Affiliation
University of Otago
PI Name
Dennis Wesselbaum
PI Affiliation
University of Otago
PI Name
Cathy Zeng
PI Affiliation
University of Otago

Additional Trial Information

Status
Completed
Start date
2021-12-01
End date
2022-05-31
Keywords
Other
Additional Keywords
risk attitude, visual imagery skills
JEL code(s)
D91
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
In several of the path-breaking works of Kahneman and Tversky from the mid-70s to mid-80s, they found evidence of the importance of framing in situations where decisions are made in the presence of risk. They hypothesised that imaginability (visual imagery) may play an important role in the evaluation of risk. Still, to date, the impact of visual imagery skills on risky choices, and how this may interact with decision frames, has not been investigated. This is precisely what we will investigate in this project.
External Link(s)

Registration Citation

Citation
Fielding, David et al. 2023. "Visual imagery skills and risk attitude." AEA RCT Registry. November 02. https://doi.org/10.1257/rct.8709-1.3
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
Intervention Start Date
2021-12-16
Intervention End Date
2022-02-15

Primary Outcomes

Primary Outcomes (end points)
Understanding the relation between visual imagery skills and risk attitude.
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
Participants are making decisions under risk (Holt & Laury, 2002; Eckel & Grossman, 2002; Allais, 1953); either in a visual or in a non-visual frame. Further, they respond to a series of questions in which their visual imagery skills (VVIQ; Marks, 1973) is elicited; either in an eyes-open or in an eyes-closed setting.
Experimental Design Details
Randomization Method
randomization done in office by a computer
Randomization Unit
individual
Was the treatment clustered?
Yes

Experiment Characteristics

Sample size: planned number of clusters
4 treatments
Sample size: planned number of observations
240 participants
Sample size (or number of clusters) by treatment arms
60 participants per treatment
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
University of Otago Human Ethics Committee
IRB Approval Date
2021-12-14
IRB Approval Number
D21/415
Analysis Plan

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Post-Trial

Post Trial Information

Study Withdrawal

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Intervention

Is the intervention completed?
Yes
Intervention Completion Date
December 16, 2021, 12:00 +00:00
Data Collection Complete
Yes
Data Collection Completion Date
December 16, 2021, 12:00 +00:00
Final Sample Size: Number of Clusters (Unit of Randomization)
4 groups differing in visual or non-visual frame and differing in imaginary ability elicited with eyes open or closed
Was attrition correlated with treatment status?
No
Final Sample Size: Total Number of Observations
239
Final Sample Size (or Number of Clusters) by Treatment Arms
Data Publication

Data Publication

Is public data available?
Yes
Public Data URL
https://osf.io/9s7rv/

Program Files

Program Files
Yes
Program Files URL
https://osf.io/9s7rv/
Reports, Papers & Other Materials

Relevant Paper(s)

Reports & Other Materials

Description
Publication
Citation
Zeng C, D Fielding, R Peeters and D Wesselbaum (2022). Visual imagery skills and risk attitude. Scientific Reports 12(1): 21415.
URL
https://www.nature.com/articles/s41598-022-25627-y