{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,5,6]],"date-time":"2026-05-06T20:23:07Z","timestamp":1778098987890,"version":"3.51.4"},"reference-count":42,"publisher":"Institute for Operations Research and the Management Sciences (INFORMS)","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Management Science"],"published-print":{"date-parts":[[2026,1]]},"abstract":"<jats:p>We study the effect of gamification on retail traders\u2019 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.<\/jats:p>\n                  <jats:p>This paper was accepted by Jean-Edouard Colliard, Special Issue on the Human-Algorithm Connection.<\/jats:p>\n                  <jats:p>Funding: P. Chapkovski acknowledges funding from the Deutsche Forschungsgemeinschaft [Germany\u2019s Excellence Strategy\u2014EXC 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 Universit\u00e9 Paris-Dauphine, l\u2019\u00c9cole Nationale de la Statistique et de l\u2019Administration ParisTech, and LFIS, France.<\/jats:p>\n                  <jats:p>Supplemental Material: The online appendix and data files are available at https:\/\/doi.org\/10.1287\/mnsc.2022.02650 .<\/jats:p>","DOI":"10.1287\/mnsc.2022.02650","type":"journal-article","created":{"date-parts":[[2024,6,17]],"date-time":"2024-06-17T09:01:59Z","timestamp":1718614919000},"page":"32-56","source":"Crossref","is-referenced-by-count":13,"title":["Trading Gamification and Investor Behavior"],"prefix":"10.1287","volume":"72","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-9524-3272","authenticated-orcid":false,"given":"Philipp","family":"Chapkovski","sequence":"first","affiliation":[{"name":"Faculty of Social Sciences, University of Duisburg-Essen, Duisburg 47057, Germany"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-0415-4993","authenticated-orcid":false,"given":"Mariana","family":"Khapko","sequence":"additional","affiliation":[{"name":"Department of Management, University of Toronto Scarborough, Scarborough, Ontario M1C 1A4, Canada; and Rotman School of Management, University of Toronto, Toronto, Ontario M5S 3E6, Canada"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-5322-7554","authenticated-orcid":false,"given":"Marius","family":"Zoican","sequence":"additional","affiliation":[{"name":"Haskayne School of Business, University of Calgary, Calgary, Alberta T2N 1N4, Canada"}]}],"member":"109","reference":[{"key":"B1","doi-asserted-by":"publisher","DOI":"10.1111\/ecin.12255"},{"key":"B2","doi-asserted-by":"publisher","DOI":"10.1093\/rof\/rfv016"},{"key":"B3","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2021.05.031"},{"key":"B4","doi-asserted-by":"publisher","DOI":"10.1016\/j.joep.2018.05.005"},{"key":"B5","doi-asserted-by":"publisher","DOI":"10.1108\/IntR-10-2015-0295"},{"key":"B6","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00226"},{"key":"B7","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhm079"},{"key":"B8","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.13183"},{"key":"B9","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2011.10.005"},{"key":"B10","doi-asserted-by":"publisher","DOI":"10.1093\/rof\/rfx022"},{"key":"B11","doi-asserted-by":"publisher","DOI":"10.1016\/j.socec.2014.01.001"},{"key":"B12","doi-asserted-by":"crossref","unstructured":"Chaudhry S, Kulkarni C (2021) Design patterns of investing apps and their effects on investing behaviors.\n                      Designing Interactive Systems Conf. 2021\n                      (Association for Computing Machinery, New York), 777\u2013788.","DOI":"10.1145\/3461778.3462008"},{"key":"B13","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbef.2015.12.001"},{"key":"B14","doi-asserted-by":"publisher","DOI":"10.1007\/978-94-017-9088-8_15"},{"key":"B15","doi-asserted-by":"crossref","unstructured":"Cup\u00e1k A, Fessler P, Hsu J, Paradowski P (2020) Confidence, financial literacy and investment in risky assets: Evidence from the Survey of Consumer Finances. 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