Do Conversations Nudge Investment Decisions?

Last registered on April 29, 2022


Trial Information

General Information

Do Conversations Nudge Investment Decisions?
Initial registration date
April 21, 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
April 28, 2022, 5:50 PM EDT

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

Last updated
April 29, 2022, 1:28 AM EDT

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


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Primary Investigator

Ahmedabad University

Other Primary Investigator(s)

PI Affiliation
Ahmedabad University

Additional Trial Information

In development
Start date
End date
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
2020 marked a sharp rise in individual investors in the risky investment market like equity and cryptocurrency. The Nature versus Nurture debate from psychology suggests that factors contributing to this change may range from individual-specific factors to those concerning individuals' social environment. Peer effect is one such channel in social environment that affects an individual's decisions. While peers affect us in several contexts and in different ways, it is not clear whether the risk-attribute of our conversations with peers affect our investment decisions. In this paper, we use a lab experiment to study whether and how such conversations with peers, varying in their risk-attributes, affect an individual's investment decision.
External Link(s)

Registration Citation

Arora, Puneet and Durga Nagori. 2022. "Do Conversations Nudge Investment Decisions?." AEA RCT Registry. April 29.
Sponsors & Partners


Experimental Details


3 kinds of conversations in a group to be conducted to prime different risk-attitudes
Intervention Start Date
Intervention End Date

Primary Outcomes

Primary Outcomes (end points)
When invested in risky assets (1/0); average investment in risky-assets; average investment in risky-assets only for those who invested in risky-assets
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
Subjects will start with a bonding task, move on to conversations randomly assigned to prime risk-attitudes, subsequently perform Holt and Laury risk-elicitation task and finally perform an asset-allocation task to see whether their investment approach corresponds to the conversations they had as the intervention.
Experimental Design Details
Not available
Randomization Method
Randomization done in Stata over students who pre-registered for participating in the study
Randomization Unit
Was the treatment clustered?

Experiment Characteristics

Sample size: planned number of clusters
Sample size: planned number of observations
3150 (=225 students with each performing 14 asset allocation tasks)
Sample size (or number of clusters) by treatment arms
75 Treatment 1, 75 Treatment 2, and 75 Control
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)

Institutional Review Boards (IRBs)

IRB Name
University Research Board, Ahmedabad University
IRB Approval Date
IRB Approval Number