中文摘要
我们利用一项随机化在线实验研究游戏化对散户交易者行为的影响。金融素养较低的参与者更偏好带有享乐型游戏化元素(如五彩纸屑和成就徽章)的平台。平均而言,享乐型游戏化使交易量增加5.17%。然而,游戏化平台与非游戏化平台之间交易活跃度的差异主要由自选择(70%)而非游戏化本身(30%)所驱动。偏好享乐型游戏化的参与者表现出噪声交易策略,而偏好非游戏化平台的参与者则表现出更强的逆向交易行为。此外,价格趋势通知能促进持有准确信念的投资者的学习,但对持有错误信念的投资者则会强化其交易错误。本文由Jean-Edouard Colliard接收,“人机连接”专刊。资助:P. Chapkovski感谢德意志研究联合会[德国卓越战略—EXC 2126/1-390838866]提供的资助。M. Khapko与M. Zoican感谢加拿大社会科学与人文研究理事会[洞察发展资助430-2018-00125]及加拿大证券研究所研究基金会[研究资助]。M. Zoican感谢由法国巴黎多芬纳大学(Université Paris-Dauphine)、巴黎国立统计与经济管理学院(l'École Nationale de la Statistique et de l'Administration ParisTech)与LFIS联合发起、在风险管理基金会(Fondation du Risque)支持下设立的量化管理研究计划(QMI)提供的资金支持。补充材料:在线附录与数据文件可从 https://doi.org/10.1287/mnsc.2022.02650 获取。
Abstract
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. This paper was accepted by Jean-Edouard Colliard, Special Issue on the Human-Algorithm Connection. Funding: P. Chapkovski acknowledges funding from the Deutsche Forschungsgemeinschaft [Germany’s Excellence Strategy—EXC 2126/1-390838866]. M. Khapko and M. Zoican acknowledge the Social Sciences and Humanities Research Council of Canada [Insight Development Grant 430-2018-00125] and the Canadian Securities Institute Research Foundation [research grant]. M. Zoican acknowledges financial support from the Quantitative Management Research Initiative (QMI) under the aegis of the Fondation du Risque, a joint initiative by Université Paris-Dauphine, l’École Nationale de la Statistique et de l’Administration ParisTech, and LFIS, France. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2022.02650 .