GAME-BASED TRAINING: AN EFFECTIVE METHOD FOR REDUCING BEHAVIORAL-FINANCE BIASES

Abstract

Nowadays, being able to understand and infer reasonable conclusions based on great amounts of numerical information represents a key competence to succeed both in education and work. Numeracy is defined as the ability to understand, think, and reason using numbers and math concepts. Such a competence is key in the field of behavioral-finance where individuals manage numerical information to face important choices. Indeed, numeracy is fundamental to analyze data and to make predictions on the likelihood of future events. Moreover, research shows that individuals who score high on numeracy report higher ability in creating alternative options when it turns to make decisions. Building on the computer-supported collaborative learning and on the technology acceptance model, this study aimed to evaluate the efficacy of different interventions to reduce psychological biases related to numerical information processes in a group of university students (N = 800). Specifically, we devised two training interventions based on the two educational approaches, i.e., the computer-supported collaborative learning and on the technology acceptance model. Participants were randomly assigned to one of the two conditions, and -post measures were collected after the interventions to assess their numerical information processing ability. Moreover, post-training results were compared with the results of a control group. Results of a one-way ANOVA showed that in the control group reported the highest incidence of numeracy biases. Our preliminary findings support the main literature on the use of technological instruments and distant training as keys to develop cognitive and operational competences. Such results are limited since we were unable to collect -pre-measures of participants’ numeracy biases. Overall, the present contribution provides initial insights into how different kind of technology-based trainings can be effective to reduce biases referred to numerical information processing.