Choice Overload on Regret Aversion

Last registered on May 05, 2022

Pre-Trial

Trial Information

General Information

Title
Choice Overload on Regret Aversion
RCT ID
AEARCTR-0009354
Initial registration date
May 04, 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
May 05, 2022, 10:03 AM EDT

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

Locations

Region

Primary Investigator

Affiliation
Skidmore College

Other Primary Investigator(s)

Additional Trial Information

Status
In development
Start date
2022-05-04
End date
2022-05-21
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
The study investigates the effect of choice overload on regret aversion. Participants are assigned to one of the two different size of choice sets (6 options and 30 options), then asked to report their regret aversion preference. To test the hypotheses, we used Qualtrics survey and recruited the participants using Amazon Mechanical Turk. This study is conducted as a Senior Thesis experiment at Skidmore in the Spring semester of 2022.
External Link(s)

Registration Citation

Citation
Jung, Hye Joo. 2022. "Choice Overload on Regret Aversion." AEA RCT Registry. May 05. https://doi.org/10.1257/rct.9354
Sponsors & Partners

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Experimental Details

Interventions

Intervention(s)
Participants randomly assigned to a small choice set (6 options) and a large choice set (30 options). After they are asked to report their regret aversion preference.
Intervention Start Date
2022-05-04
Intervention End Date
2022-05-12

Primary Outcomes

Primary Outcomes (end points)
Regret Aversion(pay to avoid regret; not pay but avoid regret; seek Information)
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
The participants are randomly introduced to two
Experimental Design Details
Randomization Method
Qualtrics's randomization function was used in the process of assigning participants to the conditions. The function was again used in the process of randomly introducing the three rounds of choice sets and selection of the payment round.
Randomization Unit
individual
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
120
Sample size: planned number of observations
120
Sample size (or number of clusters) by treatment arms
approximately 60 in large choice set; 60 in small choice set
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Using an online a priori calculator for multiple regression analysis, a minimum sample size of 102 participants is necessary to find an effect size of 0.39 at α = 0.05 with a statistical power of 0.80 and approximately 7 predictors. We will recruit a sample size of 120 participants to ensure statistical power of at least 0.80 with exclusions.
IRB

Institutional Review Boards (IRBs)

IRB Name
Skidmore College IRB
IRB Approval Date
2022-05-03
IRB Approval Number
2205-1037
Analysis Plan

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Post-Trial

Post Trial Information

Study Withdrawal

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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