Visual Finance: The Pervasive Effects of Red on Investor Behavior
通过八个实验，发现用红色表示金融数据会影响个人的风险偏好、未来股票收益预期和交易决策，这种效应在色盲人群中不存在，在中国（红色代表繁荣）也不明显，而黄色和蓝色没有类似效果。
The visual communication of financial information is commonplace and involves numerous facets, including the use of color. At the same time, perception of color influences behavior. Through eight experiments, we show that using red color to represent financial data impacts individuals’ risk preferences, expectations of future stock returns, and trading decisions. The effects are not present in colorblind individuals and are muted in China, where red represents prosperity. Other colors, including yellow and blue, do not generate the same effects. Overall, we demonstrate that simple perceptual processes influence complex investor behavior, which is important given society’s increasing reliance on visual communication. This paper was accepted by David Simchi-Levi, finance.