This paper is the first to use the WeChat platform, one of the largest social networks, to conduct an online experiment of artificial investment games. We investigate how people's forecasts about the financial market and investment decisions are shaped by whether they can observe others'...

Humans are social animals but sometimes stay alone. The paper investigates the connection between an intraperson game and an interperson interaction. Motivated beliefs supplied from memory management due to present bias in the individual investment problem give rise to a positive spillover on...