Uncertainty and Information Acquisition

Last registered on February 03, 2022
View Trial History

Pre-Trial

Trial Information

General Information

Title
Uncertainty and Information Acquisition
RCT ID
AEARCTR-0008923
Initial registration date
February 02, 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
February 03, 2022, 5:52 PM EST

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

Locations

Country
Switzerland
Region

Primary Investigator

Name
Christopher Roth
Affiliation
University of Warwick
Contact Primary Investigator

Other Primary Investigator(s)

PI Name
Johannes Wohlfart
PI Affiliation
PI Name
Heiner Mikosch
PI Affiliation
PI Name
Samad Sarferaz
PI Affiliation

Additional Trial Information

Status
Completed
Start date
2020-03-01
End date
2020-03-30
Keywords
Finance & Microfinance, Other
Additional Keywords
JEL code(s)
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
We leverage the small open economy Switzerland as a testing ground for basic premises of macroeconomic models of endogenous information acquisition, using tailored surveys of firms and households. Firms and households perceiving a greater exposure to exchange rate fluctuations acquire more information about the exchange rate. Moreover, higher perceived costs of acquiring or processing information are associated with lower levels of information acquisition. Finally, an exogenous increase in the perceived uncertainty of the exchange rate increases firms’ demand for a report about exchange rate developments, but not households’. Our findings inform the modeling of information frictions in macroeconomics.
External Link(s)

Registration Citation

Citation
Mikosch, Heiner et al. 2022. "Uncertainty and Information Acquisition." AEA RCT Registry. February 03. https://doi.org/10.1257/rct.8923-1.0
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
Expert forecasts about the likelihood that the exchange rate will be in a given band.
Intervention Start Date
2020-03-02
Intervention End Date
2020-03-29

Primary Outcomes

Primary Outcomes (end points)
Information Acquisition choices
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
Randomly assign participants to receive either an expert forecast indicating high uncertainty or low uncertainty about the exchange rate movements.
Experimental Design Details
Randomization Method
Randomization done by a computer.
Randomization Unit
Individiduals
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
500 firms
1500 households
Sample size: planned number of observations
500 firms 1500 households
Sample size (or number of clusters) by treatment arms
ca. 250 firms in high uncertainty
ca. 250 firms in low uncertainty
ca. 750 households in high uncertainty
ca. 750 households in low uncertainty
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
IRB Approval Date
IRB Approval Number
Analysis Plan

Post-Trial

Post Trial Information

Study Withdrawal

There is information in this trial unavailable to the public. Use the button below to request access.

Request Information

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