Experiment Protocol Economist in Bangladesh Dhaka –Free Word Template Download with AI

Protocol Title: Comparative Analysis of Risk Aversion and Social Preferences Among Professional Economists in Bangladesh Dhaka.

Protocol ID: BD-DH-ECON-2024-001

Location: Bangladesh Dhaka (Primary sites: University of Dhaka, Dhaka University of Engineering & Technology, and private financial institutions in Gulshan/Banani).

Principal Investigator: [Name Redacted]

Date of Submission: October 2023

The field of behavioral economics has increasingly scrutinized the decision-making processes of experts, including professional economists. While standard economic theory posits that economists should exhibit rational utility maximization, empirical evidence suggests that cognitive biases may persist regardless of professional training. This Experiment Protocol outlines a rigorous study designed to investigate the behavioral tendencies of economists operating within the unique socio-economic context of Bangladesh Dhaka.

Bangladesh Dhaka serves as a critical environment for this study due to its rapidly evolving financial landscape, high population density, and distinct cultural norms regarding social trust and risk. By focusing specifically on economists in this region, we aim to determine whether local cultural factors in Bangladesh Dhaka interact with professional training to influence economic decision-making differently than in Western contexts.

The primary objectives of this experiment are:

• To measure the degree of risk aversion among professional economists in Bangladesh Dhaka compared to a control group of non-economists.
• To assess social preferences, specifically altruism and fairness, using modified Ultimatum and Dictator games tailored to the local currency (Bangladeshi Taka).
• To evaluate the impact of professional training on the mitigation of common cognitive biases, such as loss aversion and framing effects, within the Bangladesh Dhaka demographic.
• To analyze whether the macroeconomic volatility often experienced in Bangladesh Dhaka influences the risk tolerance of local economists.

4.1 Study Design

This study will employ a randomized controlled trial (RCT) design. Participants will be recruited from academic institutions and financial sectors in Bangladesh Dhaka. The experiment will be conducted in a controlled laboratory setting to minimize external distractions, ensuring data integrity.

4.2 Participant Selection

The target sample size is 200 participants, divided into two groups:

• Group A (Economists): 100 individuals holding at least a Master’s degree in Economics or working as professional economists in Bangladesh Dhaka.
• Group B (Control): 100 individuals with similar educational backgrounds but in non-economics fields (e.g., engineering, humanities).

Inclusion criteria require participants to be residents of Bangladesh Dhaka for at least five years to ensure familiarity with the local economic environment. Exclusion criteria include current enrollment in behavioral economics courses to prevent contamination of results.

4.3 Experimental Tasks

Participants will complete a series of incentivized tasks:

• Multiple Price List (MPL): To measure risk aversion. Participants will choose between a safe option and a lottery option with varying probabilities and payouts in Bangladeshi Taka.
• Ultimatum Game: To measure fairness and social preferences. Participants will act as proposers and responders in monetary division tasks.
• Framing Task: To test cognitive biases. Participants will make decisions based on identical scenarios framed either as gains or losses.

The experiment will take place over a period of three months in Bangladesh Dhaka. The procedure for each session is as follows:

1. Registration: Participants will arrive at the designated venue in Bangladesh Dhaka and provide informed consent.
2. Instructions: Standardized instructions will be provided in both English and Bengali to ensure comprehension. A practice round will be conducted without monetary incentives.
3. Experimental Rounds: Participants will complete the MPL, Ultimatum Game, and Framing Task. Randomization will be handled by computer software.
4. Survey: A demographic questionnaire will be administered to collect data on age, income, years of experience, and exposure to economic volatility in Bangladesh Dhaka.
5. Payment: Participants will be paid their show-up fee plus earnings from one randomly selected experimental task, ensuring real monetary incentives.

This Experiment Protocol adheres to the ethical guidelines set forth by the Bangladesh Medical Research Council and international standards for human subject research. Key ethical considerations include:

• Informed Consent: All participants in Bangladesh Dhaka will sign a consent form detailing the purpose, procedures, risks, and benefits of the study.
• Confidentiality: All data will be anonymized. No personally identifiable information will be linked to experimental outcomes.
• Voluntary Participation: Participants may withdraw from the study at any time without penalty.
• Monetary Fairness: Payments will be calculated to ensure they are meaningful relative to the average income in Bangladesh Dhaka, avoiding undue inducement.

Data will be analyzed using statistical software (e.g., R or Stata). We will employ regression analysis to compare the decision-making patterns of economists versus the control group. Specific attention will be paid to interaction effects between professional training and local cultural variables in Bangladesh Dhaka. Hypothesis testing will be conducted at a 5% significance level.

This study aims to contribute to the global literature on behavioral economics by providing empirical evidence from a non-Western context. Understanding how economists in Bangladesh Dhaka make decisions can inform policy-making, financial regulation, and economic education in the region. If economists exhibit significant biases despite their training, it may suggest a need for revised pedagogical approaches in economics curricula across Bangladesh Dhaka.

[References to be inserted upon final submission, including key works on behavioral economics, risk aversion, and studies conducted in South Asian contexts.]