Both gambling and trading involve risk-taking in exchange for potential financial gains. In particular, speculative high-risk high-frequency trading closely resembles disordered gambling behaviour by attracting the same individuals who tend to be overconfident, sensation-seekers, and attracted to quick large potential payoffs. We build on these studies via an incentivised experiment, in which we examine how manipulated levels of market volatility affected trading frequency. Gamblers (N=604) were screened based on the existence of household investments and recruited across the four categories of the Problem Gambling Severity Index. The volatility of stocks was manipulated between-participants (high vs. low). Participants traded fictitious stocks and were provided bonuses based on the results of their trading activity (M=US$4.77, range=[0, 16.99]). Participants traded more often in the high-volatility market, and this finding remained robust after controlling for financial literacy, overconfidence, age, and gender. Many investors trade more frequently than personal finance guides advise, and these results suggest that individuals are more likely to commit this error in more volatile markets. Exploratory analyses suggest that the effect of the volatility manipulation was strongest amongst gamblers who were at low-risk of experiencing gambling harms. As they might be otherwise considered low-risk, these individuals could be overlooked by protective gambling interventions yet nonetheless suffer unmitigated financial harms due to unchecked excessive trading.

赌博和交易都涉及冒险以换取潜在的经济收益。特别是，投机性高风险高频交易与无序赌博行为非常相似，因为它吸引了那些往往过于自信、追求刺激并被快速的巨大潜在回报所吸引的人。我们通过激励实验建立在这些研究的基础上，研究市场波动水平的操纵如何影响交易频率。根据家庭投资的存在情况对赌徒 (N=604) 进行筛选，并在问题赌博严重性指数的四个类别中招募。股票的波动性是在参与者之间操纵的（高与低）。参与者交易虚拟股票，并根据其交易活动结果获得奖金（M=4.77 美元，范围=[0, 16.99]）。参与者在高波动性市场中交易的频率更高，在控制了金融知识、过度自信、年龄和性别后，这一发现仍然稳健。许多投资者的交易频率比个人理财指南建议的要频繁，这些结果表明，个人在波动性较大的市场中更有可能犯这种错误。探索性分析表明，波动率操纵的影响在遭受赌博伤害风险较低的赌徒中最为强烈。由于他们可能被认为是低风险的，因此这些人可能会被保护性赌博干预措施所忽视，但由于不受控制的过度交易而遭受了严重的经济损失。