Crazy Fruits – Decision-Making in Unusual Situations

Last registered on June 30, 2023
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Pre-Trial

Trial Information

General Information

Title
Crazy Fruits – Decision-Making in Unusual Situations
RCT ID
AEARCTR-0009658
Initial registration date
June 26, 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 27, 2022, 4:49 PM EDT

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

Last updated
June 30, 2023, 6:17 AM EDT

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

Locations

Country
Germany
Region

Primary Investigator

Name
Katharina Hartinger
Affiliation
JGU Mainz
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Other Primary Investigator(s)

PI Name
Alexander Patt
PI Affiliation
Institute for Employment Research
Contact Investigator

Additional Trial Information

Status
In development
Start date
2022-06-27
End date
2024-06-30
Keywords
Behavior, Finance & Microfinance, Lab
Additional Keywords
JEL code(s)
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
We use slot machine games to study economic decision-making in complex high-uncertainty environments. We investigate the role of playful-exploratory and / or belief-based approaches to the game that may lead to suboptimal strategy choices compared to a situation where decision-makers play according to the Bayesian multi-armed bandit model. We explain this by a proposed model of expected-utility-maximizing agents choosing between a rational Bayesian and a curiosity-driven perspective.
A set of treatments capture and disentangle this deliberate rationality-curiosity trade-off: By changing key game features, such as the stakes, we change the opportunity cost of non-expected-utility-maximizing behavior. By offering additional, albeit payoff-neutral, choices, we allow players to engage in non-standard behaviors while playing according to the payoff-maximizing strategy at the same time.
External Link(s)

Registration Citation

Citation
Hartinger, Katharina and Alexander Patt. 2023. "Crazy Fruits – Decision-Making in Unusual Situations." AEA RCT Registry. June 30. https://doi.org/10.1257/rct.9658-1.1
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
Treatments affect game features and the scope of in-game choices for the respective groups.
Intervention Start Date
2022-06-27
Intervention End Date
2024-06-30

Primary Outcomes

Primary Outcomes (end points)
Fit of the multi-armed bandit model vs. our proposed model; player strategy (and in-game choices for T2) in relation to expected payoff, level of entropy, and special game situations (e.g., jackpot)
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Beliefs about & attitudes towards the game; decision time & effort; relationship between in-game behavior and investment behavior
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
We design a game that resembles a casino slot machine ("one-armed bandit" / "fruit machine"). Subjects play for a fixed number of rounds and can choose (and switch, at a cost) between games. Participation is incentivized. No deception.
Experimental Design Details
Participants are informed about the rules of the game (and are given examples): In each game, the player wins if at least three identical symbols appear in sequence on a winning line (pre-determined row of each three-row game or the row chosen by the player in T2) - with the value of the symbol and the number of symbols in sequence determining the payoff. There are five symbols per row, so a sequence can consist of up to five symbols.
Participants play for 20 rounds. They can choose between three games that differ with respect to graphics (e.g., one game is based on fruits as winning symbols) and expected payoff. Switching between games is possible after every round and leads to a (known) one-point deduction in the following round. The game screen informs participants about the symbol values and sequence values in the game, the round number, the total number of points accumulated, the number of points won in the current and two previous rounds and the total round payoff after switching-cost deduction (if applicable) for the current round.

Participants do not use any of their own money in the game. Their payoff consists of the round payoff of a randomly chosen round together with a flat participation reward and, if applicable, an additional bonus (e.g., for answering questions about the game). Game outcomes are determined randomly as independent draws from a discrete distribution chosen by the researchers (to limit computational complexity).

In-game choices are complemented by survey questions about the game and questions about real-world behaviors.
Randomization Method
Randomization done in lab by a computer
Randomization Unit
Individual
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
300 individuals
Sample size: planned number of observations
300 individuals
Sample size (or number of clusters) by treatment arms
100 T1, 100 T2, 100 control
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
Ethics Committee of the Catholic University of Eichstaett-Ingolstadt
IRB Approval Date
2021-05-07
IRB Approval Number
N/A
Analysis Plan

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