Trading Gamification and Investor Behavior

• 成果类型: Article; Early Access
• 署名作者: Chapkovski, Philipp; Khapko, Mariana; Zoican, Marius
• 署名单位: University of Duisburg Essen; University of Toronto; University Toronto Scarborough; University of Calgary
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2022.02650
• 发表日期: 2024
• 关键词: experimental finance; Disposition effect; FinTech; financial literacy; gamification

摘要

We study the effect of gamification on retail traders' behavior using a randomized online experiment. Participants with lower financial literacy prefer platforms with hedonic gamification elements, such as confetti and achievement badges. On average, hedonic gamification increases trading volume by 5.17%. However, the difference in trading activity between gamified and nongamified platforms is driven primarily by self-selection (70%) rather than gamification (30%). Participants who prefer hedonic gamification exhibit noisy trading strategies, whereas those favoring nongamified platforms display stronger contrarian behavior. Further, price trend notifications enhance learning for investors with accurate beliefs, but they reinforce trading mistakes for those with incorrect beliefs.