Field
Trial Status
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Before
completed
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After
in_development
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Field
Abstract
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Before
While the significance of narrative thinking has become increasingly recognized by social scientists, very
little empirical research has documented its consequences for economically significant outcomes. We address
this gap in one important domain: valuations. In two online experiments, participants selected and uploaded
a picture of an item they owned (mug in study one, hat in study two) without knowing why. They were
then asked to either tell the story of their item or list its characteristics. Finally, participants were given the
opportunity to sell their items to us via an incentive-compatible procedure (Multiple Price List). That is, they
decided whether to accept or reject a series of prices (between $1-100), knowing that one of their decisions
might be randomly selected to be executed. The narrative treatment, which provided no new information,
led to substantially higher selling prices (33% increase) and rates of participants refusing all offered prices
(78% increase). The impact of different narrative and list types (description and acquisition) was also explored.
Finally, participants answered a questionnaire to allow for mechanism analysis.
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After
While the significance of narrative thinking has become increasingly recognized by social scientists, very little empirical research has documented its consequences for economically significant outcomes. We address this gap in one important domain: valuations. In an online experiment, participants selected and uploaded pictures of an item they owned (hat) without knowing why. They were then asked to either tell the story of their item, list its characteristics, or neither (counting zeros filler task or no task at all. Finally, participants were given the opportunity to sell their items to us via an incentive-compatible procedure (Multiple Price List). That is, they decided whether to accept or reject a series of prices (between $1-300), knowing that one of their decisions might be randomly selected to be executed. Finally, participants answer a questionnaire to allow for mechanism analysis.
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Field
Trial Start Date
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Before
August 05, 2022
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After
September 29, 2022
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Field
Trial End Date
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Before
August 07, 2022
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After
October 01, 2022
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Field
Last Published
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Before
August 09, 2022 02:33 PM
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After
September 28, 2022 02:29 PM
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Field
Intervention (Public)
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Before
Self-constructed stimuli - Participants were randomized to describe the item they chose in different ways.
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After
Self-constructed stimuli - Participants were randomized to describe the item they chose in different ways or not at all.
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Field
Intervention Start Date
|
Before
August 05, 2022
|
After
September 29, 2022
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Field
Intervention End Date
|
Before
August 07, 2022
|
After
October 01, 2022
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Field
Planned Number of Clusters
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Before
750 participants
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After
1000 participants
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Field
Planned Number of Observations
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Before
750 participants
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After
1000 participants
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Field
Sample size (or number of clusters) by treatment arms
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Before
150 acquisition narrative, 150 description narrative, 150 acquisition list, 150 description list, and 150 blank baseline.
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After
250 narrative, 250 list, 250 blank baseline, and 250 filler task baseline.
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Field
Intervention (Hidden)
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Before
The different conditions were - acquisition narrative, description narrative, acquisition list, description list, and blank baseline.
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After
The different conditions are - narrative, list, blank baseline (no task), and filler task baseline (counting zeros).
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Field
Pi as first author
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Before
No
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After
Yes
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Field
Building on Existing Work
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Before
No
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After
Yes
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