Experimental Auctions with Securities

Last registered on June 06, 2022

Pre-Trial

Trial Information

General Information

Title
Experimental Auctions with Securities
RCT ID
AEARCTR-0009157
Initial registration date
March 29, 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
March 29, 2022, 3:38 PM EDT

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

Last updated
June 06, 2022, 11:40 PM EDT

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

Locations

Region

Primary Investigator

Affiliation
The University of Queensland

Other Primary Investigator(s)

Additional Trial Information

Status
Completed
Start date
2022-03-29
End date
2022-04-22
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
We evaluate auctions with securities using laboratory experiments. We compare first-price auctions using debt, first-price auctions using equities, second-price auctions using debt, second-price auctions using equities, and informal auctions.
External Link(s)

Registration Citation

Citation
Breig, Zachary. 2022. "Experimental Auctions with Securities." AEA RCT Registry. June 06. https://doi.org/10.1257/rct.9157
Experimental Details

Interventions

Intervention(s)
We compare first-price auctions using debt, first-price auctions using equities, second-price auctions using debt, second-price auctions using equities, and informal auctions. Each subject participates in a single type of auction.
Intervention Start Date
2022-03-30
Intervention End Date
2022-04-22

Primary Outcomes

Primary Outcomes (end points)
Our primary outcome variables of interest are the revenue and efficiency characteristics of all types of auctions. The precise definitions of these variables are given in the pre-analysis plan.
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
We carry out 5 experimental treatments
Experimental Design Details
Randomization Method
Randomization done in office by computer.
Randomization Unit
Subjects are randomly matched into pairs and randomly given values by the computer.
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
12-16 sessions for a total of 35-40 subjects per treatment
Sample size: planned number of observations
350-400 auctions per treatment.
Sample size (or number of clusters) by treatment arms
As documented in the pre-analysis plan, we aim to have 35-40 participants per treatment completing 20 auctions each, which (accounting for two participants per auction) gives a total of 350-400 auctions per treatment.
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
We document power calculations in the pre-analysis plan.
IRB

Institutional Review Boards (IRBs)

IRB Name
University of Queensland BEL LNR
IRB Approval Date
2021-12-01
IRB Approval Number
2021/HE000019
Analysis Plan

Analysis Plan Documents

Pre-Analysis Plan

MD5: 8ef8b449d6d1733628d6b7c724933b9d

SHA1: 0cdc2bcc3db9c19a9d65cd93bbc3aa08f5df9d78

Uploaded At: March 29, 2022

Post-Trial

Post Trial Information

Study Withdrawal

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Intervention

Is the intervention completed?
Yes
Intervention Completion Date
April 22, 2022, 12:00 +00:00
Data Collection Complete
Yes
Data Collection Completion Date
April 22, 2022, 12:00 +00:00
Final Sample Size: Number of Clusters (Unit of Randomization)
Was attrition correlated with treatment status?
Final Sample Size: Total Number of Observations
Final Sample Size (or Number of Clusters) by Treatment Arms
Data Publication

Data Publication

Is public data available?
No

Program Files

Program Files
Reports, Papers & Other Materials

Relevant Paper(s)

Reports & Other Materials