Perception in choice under risk

Last registered on June 15, 2022

Pre-Trial

Trial Information

General Information

Title
Perception in choice under risk
RCT ID
AEARCTR-0009562
Initial registration date
June 08, 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
June 15, 2022, 10:09 AM EDT

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

Locations

Region

Primary Investigator

Affiliation
Harvard University

Other Primary Investigator(s)

Additional Trial Information

Status
In development
Start date
2022-06-09
End date
2022-07-31
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
The project aims at testing a novel theory of choice under risk
External Link(s)

Registration Citation

Citation
saponaro, giorgio. 2022. "Perception in choice under risk." AEA RCT Registry. June 15. https://doi.org/10.1257/rct.9562
Experimental Details

Interventions

Intervention(s)
Intervention Start Date
2022-06-09
Intervention End Date
2022-07-31

Primary Outcomes

Primary Outcomes (end points)
My primary outcome is respondents' choice between lotteries that they face in a sequence of binary choice sets.
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
My secondary outcomes are response times
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
Subjects make sequences of choices of lotteries that pay dollars at the end of the experiment.
Experimental Design Details
Every subjects is presented choice sets in sequence. Each choice set contains two lotteries that give a dollar payment with some probability. The previous choice is not shown to the subjects nor they can go back and change it. The subjects are told that, for a fraction of them, one of the choices will actually be implemented at the end of the experiment. All the subjects see what the drawn outcome of their choice is, at the end of the experiments.
The lotteries vary across choice sets and across treatments.
Treatment 1:
Set 1: $38 with probability. 8% vs $9 with probability 60%
Set 2: $49 with probability. 8% vs $9 with probability 60%
Set 3: $61 with probability. 8% vs $9 with probability 60%
Set 4: $72 with probability. 8% vs $9 with probability 60%
Set 5: $80 with probability. 8% vs $9 with probability 60%

Treatment 2:
Set 1: $38 with probability 8% vs $9 with probability 60%
Set 2: $39 with probability 8% vs $9 with probability 60%
Set 3: $37 with probability 8% vs $9 with probability 60%
Set 4: $80 with probability 8% vs $9 with probability 60%

Treatment 3:
Set 1: $122 with probability 8% vs $9 with probability 60%
Set 2: $121 with probability 8% vs $9 with probability 60%
Set 3: $123 with probability 8% vs $9 with probability 60%
Set 4: $80 with probability 8% vs $9 with probability 60%

My theory predicts that the choice frequency of ($80 with probability 8%) is strictly larger in Treatment 2 than in Treatment 3 and strictly larger in Treatment 2 than in Treatment 1.

After the treatment, subjects solve simple arithmetical exercises.
Randomization Method
I use qualtrics' randomization function.
Randomization Unit
The treatment is randomized at the individual level.
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
1000 individuals
Sample size: planned number of observations
1000 individuals
Sample size (or number of clusters) by treatment arms
400 individuals in Treatment 1
300 individuals in Treatment 2
300 individuals in Treatment 3
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
IRB

Institutional Review Boards (IRBs)

IRB Name
Harvard University-Area Committee on the Use of Human Subjects
IRB Approval Date
2021-11-30
IRB Approval Number
IRB21-1019

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