Trading Gamification and Investor Behavior
通过随机在线实验研究游戏化对散户交易行为的影响，发现低金融素养者偏好享乐型游戏化平台，交易量增加5.17%，但70%由自选择驱动，且游戏化会加剧错误信念者的交易失误。
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 .