Hot hand experimental data
Description
This dataset corresponds to the raw data from the research study “The Hot-Hand Belief and the Loss-Averse Investor.” The experimental protocol was approved by two Research Ethics Committees: the University of Brasília (UnB), under technical decision No. 2.558.540, and the Federal University of Tocantins (UFT), under technical decision No. 2.850.741. A total of 226 undergraduate students from various majors at UFT and UnB were recruited to participate in the study. After data cleaning, the final sample comprised 208 individuals. The original data file, RawDatahh.rds, is stored in RDS format—a binary file structure native to the R programming language. This format enables efficient storage of complex R objects, such as lists and data frames, while preserving internal structures including labels, data types, and hierarchies. Specifically, the RDS file contains: (i) the global configuration parameters that define the rules and structure of the experimental game; (ii) detailed behavioral data on participant decisions across multiple periods; and (iii) the full set of simulated price series for the financial assets used in the experiment. For ease of use in statistical analysis and replication, a cleaned and reformatted version of the raw data is provided in CSV format as subset_RawDatahh.csv. This subset retains key variables capturing participants’ choices, asset prices, the monetary values of purchased shares, and the alpha indices estimated in the study. The dataset subset_RawDatahh.csv is structured as panel data, with observations for multiple participants across several time periods. It includes numeric variables on the quantities of assets purchased, corresponding prices, monetary amounts paid per purchase, and the indices $\theta_1^i$ and $\theta_2^i$ tested under Hypothesis 1 of the study. This version of the dataset also includes two key supplementary materials to support transparency and usability. First, it provides the original experimental instructions that were delivered to participants during the laboratory sessions, offering full insight into the procedures, decision tasks, and game mechanics involved in the experiment. These instructions are available in PDF format and reflect the exact wording and layout used in the sessions. Second, it includes a comprehensive user guide that outlines the structure of the dataset, defines the core variables, and provides practical instructions for importing, managing, and analyzing the data in R.