Copy Trading
通过实验研究复制交易对投资者风险承担的影响，发现提供他人成功信息会显著增加风险承担，直接复制他人则进一步加剧，表明复制交易导致过度风险承担。
Copy trading allows traders in social networks to receive information on the success of other agents in financial markets and to directly copy their trades. Internet platforms like eToro, ZuluTrade, and Tradeo have attracted millions of users in recent years. The present paper studies the implications of copy trading for the risk taking of investors. Implementing a novel experimental financial asset market, we show that providing information on the success of others leads to a significant increase in risk taking of subjects. This increase in risk taking is even larger when subjects are provided with the option to directly copy others. We conclude that copy trading leads to excessive risk taking. This paper was accepted by Axel Ockenfels, decision analysis.