Narrowly Rational

Last registered on January 25, 2022

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Pre-Trial

Trial Information

General Information

Title

Narrowly Rational

RCT ID

AEARCTR-0008857

Initial registration date

January 23, 2022

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

January 25, 2022, 3:21 PM EST

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

Locations

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Primary Investigator

Name

Shuangyu Yang

Affiliation

National University of Singapore

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Other Primary Investigator(s)

PI Name

Songfa Zhong

PI Affiliation

National University of Singapore

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PI Name

Bin Miao

PI Affiliation

Renmin University of China

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Additional Trial Information

Status

In development

Start date

2022-01-26

End date

2022-06-30

Keywords

Behavior

Additional Keywords

Revealed preference, rule-based decision making, heuristics, risk.

JEL code(s)

C81, D91

Secondary IDs

Prior work

This trial does not extend or rely on any prior RCTs.

Abstract

This study aims to understand the heuristics for decision making under risk. We examine the choice consistency within and between different frames in budgetary decisions. Our hypothesis is that choice consistency is high within a frame and relatively low between frames, and several heuristics underpin the observations.

External Link(s)

Registration Citation

Citation

Miao, Bin, Shuangyu Yang and Songfa Zhong. 2022. "Narrowly Rational." AEA RCT Registry. January 25. https://doi.org/10.1257/rct.8857

Sponsors & Partners

Experimental Details

Interventions

Intervention(s)

Intervention Start Date

2022-01-26

Intervention End Date

2022-06-30

Primary Outcomes

Primary Outcomes (end points)

Our hypothesis is that choice consistency is high within a frame and relatively low between frames.

Primary Outcomes (explanation)

Heuristics underpin choice consistency in different frames.

Secondary Outcomes

Secondary Outcomes (end points)

Secondary Outcomes (explanation)

Experimental Design

This is a within-subject experimental design. The computer will generate random orders of experimental parts, and in each part, random orders of budgetary choices for all subjects.

Subjects will be presented with standard budgetary choices with two Arrow securities to measure their risk preference and rationality. This experimental design was first introduced by Choi et al. (2007) and used in many previous studies in revealed preference analysis.

Subjects will be presented with risk elicitation tasks corresponding to the budgetary choices part. The method is originated in Gneezy and Potters (1997) and is among the more popular ones to elicit risk attitudes.

The results will be used to check subjects’ consistency and to understand the mechanisms across tasks.

Experimental Design Details

Not available

Randomization Method

Randomization done by a computer.
This is a within-subject experimental design. We have random orders of experimental parts, and in each part, the budgetary choices are also random.

Randomization Unit

Individual. The computer will generate a random order of experimental parts and a random order of decisions within each part for all subjects independently.

Was the treatment clustered?