Gamified risk-taking

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance Pub Date : 2025-05-01 DOI:10.1016/j.jbef.2025.101049

Philipp Chapkovski , Mariana Khapko , Marius Zoican

引用次数: 0

Abstract

We conduct a randomized online experiment to examine how digital nudges to hold volatile assets, a form of trading gamification, influence retail investors’ risk-taking behavior. A sample of 605 participants from four countries traded a virtual asset on an experimental platform. The gamified platform incorporates digital nudges, such as achievement badges and motivational prompts, explicitly designed to encourage holding decisions. We find that nudges significantly amplify risk-taking, particularly in high-volatility environments. The effect is most pronounced among inexperienced traders with lower financial literacy, with a one standard deviation increase in financial literacy reducing the impact by 56%.

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Gamified冒险

我们进行了一项随机在线实验，以检验持有波动性资产（一种交易游戏化形式）的数字推动如何影响散户投资者的冒险行为。来自四个国家的605名参与者在一个实验平台上交易虚拟资产。游戏化平台整合了数字推动，如成就徽章和激励提示，明确设计用于鼓励持有决策。我们发现，推动显著放大了风险承担，尤其是在高波动性环境中。这种影响在缺乏经验、金融知识水平较低的交易员中最为明显，金融知识水平每提高一个标准差，其影响就会降低56%。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Behavioral and Experimental Finance BUSINESS, FINANCE-

CiteScore

13.20

自引率

6.10%

发文量

审稿时长

69 days

期刊介绍： Behavioral and Experimental Finance represent lenses and approaches through which we can view financial decision-making. The aim of the journal is to publish high quality research in all fields of finance, where such research is carried out with a behavioral perspective and / or is carried out via experimental methods. It is open to but not limited to papers which cover investigations of biases, the role of various neurological markers in financial decision making, national and organizational culture as it impacts financial decision making, sentiment and asset pricing, the design and implementation of experiments to investigate financial decision making and trading, methodological experiments, and natural experiments. Journal of Behavioral and Experimental Finance welcomes full-length and short letter papers in the area of behavioral finance and experimental finance. The focus is on rapid dissemination of high-impact research in these areas.