The Effect of Gamification in Mobile Investment Apps on Individual Investor Behavior
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2023-07-05
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en
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While concerns are raised about the use of gamification elements in investment apps, this research aims to add to the literature on this topic. This addition consists of two consecutive elements. First, the research provides an overview of the used design and gamification elements in mobile investment apps available to Dutch retail investors. There is found that all apps under consideration use some type of design or gamification element, however, pure gamification elements are not extensively used. Second, one specific element of gamification, the use of hedonic rewards, is applied in an online experiment for further research. Based on the self-determination theory and the negative motivational spillover theory, it is hypothesized that the implementation of hedonic rewards leads to an increase in the number of trades. In this experiment, the treatment group experienced hedonic rewards, whereas the control group did not. The analysis is elaborated on the effect of hedonic rewards on the number of trades executed by the investor. However, the analyses did not deliver any statistically significant results. Therefore, the use of hedonic gamification elements does not affect the number of trades by the investor.
Keywords: Gamification, mobile investment apps, retail investors, hedonic rewards, number of trades, online experiment.
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Faculteit der Managementwetenschappen