Connecting Common Ratio and Common Consequence Preferences

Last registered on August 29, 2022
View Trial History

Pre-Trial

Trial Information

General Information

Title
Connecting Common Ratio and Common Consequence Preferences
RCT ID
AEARCTR-0009974
Initial registration date
August 24, 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
August 29, 2022, 12:59 PM EDT

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

Locations

Country
United States of America
Region

Primary Investigator

Name
Charles Sprenger
Affiliation
Caltech
Contact Primary Investigator

Other Primary Investigator(s)

PI Name
O'Donoghue Ted
PI Affiliation
Cornell
PI Name
Christina McGranaghan
PI Affiliation
U Delaware
PI Name
Kirby Nielsen
PI Affiliation
Caltech
PI Name
Jason Somerville
PI Affiliation
FRBNY

Additional Trial Information

Status
In development
Start date
2022-09-01
End date
2022-11-30
Keywords
Behavior
Additional Keywords
JEL code(s)
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
The common consequence (CC) and common ratio (CR) effects are two prominent violations of expected utility (EU). Both were originally proposed as thought experiments by Allais (1953), and later popularized by Kahneman and Tversky (1979) .The goal of this manuscript is to fill a gap in the literature by providing connected CC and CR problems over a diverse range of parametric configurations and measuring underlying preferences.
External Link(s)

Registration Citation

Citation
McGranaghan, Christina et al. 2022. "Connecting Common Ratio and Common Consequence Preferences." AEA RCT Registry. August 29. https://doi.org/10.1257/rct.9974-1.0
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
This project will examine behavior in connected common ratio and common consequence risky choice problems. Subjects will be randomly assigned to treatment arms that vary by probability and mixture. This constitutes a randomized control trial evaluating the extent of common ratio and common consequence effects over different probability conditions.
Intervention Start Date
2022-09-01
Intervention End Date
2022-09-30

Primary Outcomes

Primary Outcomes (end points)
Measures of common ratio and common consequence preferences and choices.
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
Elicitation of common ratio and common consequence preferences using techniques similar to McGranaghan et al. (2022).
Experimental Design Details
See uploaded analysis plan.
Randomization Method
By computer in background code.
Randomization Unit
Individual
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
2100 Individuals
Sample size: planned number of observations
2100 Individuals
Sample size (or number of clusters) by treatment arms
420 in each probability and mixture condition
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
See uploaded document.
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
Caltech
IRB Approval Date
2021-03-26
IRB Approval Number
21-1073
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