The ratchet effect is an economic phenomenon where agents strategically restrict their efforts to conceal information on their characteristics under the dynamic setting. This study experimentally examines the effect of the probability of proceeding to the next stage on ratcheting behavior. We find evidence that if the probability is smaller than 1, the ratchet effect is mitigated.

中文翻译：

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棘轮效应和进入下一阶段的概率：实验

棘轮效应是一种经济现象，代理人在动态环境下战略性地限制隐藏其特征信息的努力。本研究通过实验检验了进入下一阶段的概率对棘轮行为的影响。我们发现证据表明，如果概率小于 1，棘轮效应就会减轻。