Effects of gamification on retail investors

• DOI: 10.22533/at.ed.2163262303107

• Palavras-chave: Capital markets, Gamification, retail investor.

• Keywords: Capital markets, Gamification, retail investor.

• Abstract:

  According to studies carried out by the Brazilian stock exchange, from 2019 onwards, the number of new investors, especially small ones, increased disproportionately to previous years. This flow of new investors, for the most part, uses websites and applications to make their investments, they have poorly diversified investments, assets of less than 10 thousand reais and declare their objectives: Buying their own home, supplementing their income and building reserves pensions. This investor profile, more exposed to financial losses and with reduced knowledge, is faced, in virtual media, with the use of gamification in the capital market, a practice that, through virtual elements originating from games, allows intermediary companies to induce behaviors and behavior patterns that may not be in line with the objectives of its users. This work aims to present the effects of gamification on retail investors from the perspective of radical behaviorism, using for this purpose to carry out systematic research relating reviews of empirical studies to publications made available by regulatory bodies. The results obtained demonstrate that gamification has been used to increase the profits of stockbrokers, to the detriment of the investor, through the use of psychological mechanisms that induce the investor to increase the frequency of negotiations and decisions that do not correspond to their profile. of risk, in addition, evidence was found of behavioral patterns similar to those found in betting environments, including addictive behaviors.