Peña Va gas, Víc o ; de Gue a a Co és, Rogelio Lad ón; Gomez Mejia, Alina;
Velasco Diaz, Jo ge En ique
A icle
S udy o he in luence o mone a y incen i es in
conduc ion o expe imen s
Re is a de Mé odos Cuan i a i os pa a la Economía y la Emp esa
P o ided in Coope a ion wi h:
Uni e sidad Pablo de Ola ide, Se illa
Sugges ed Ci a ion: Peña Va gas, Víc o ; de Gue a a Co és, Rogelio Lad ón; Gomez Mejia, Alina;
Velasco Diaz, Jo ge En ique (2024) : S udy o he in luence o mone a y incen i es in conduc ion o
expe imen s, Re is a de Mé odos Cuan i a i os pa a la Economía y la Emp esa, ISSN 1886-516X,
Uni e sidad Pablo de Ola ide, Se illa, Vol. 38, pp. 1-19,
h ps://doi.o g/10.46661/ e .me odoscuan .econ.emp esa.8329
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ARTÍCULOS
1
Pena, V., Lad ón de Gue a a Co és, R., Gómez Mejía, A., & Velasco Díaz, J. E. (2024). Es udio de la In luencia de los Incen i os en la Conducción de
Expe imen os. Re is a De Mé odos Cuan i a i os Pa a La Economía Y La Emp esa, 38. h ps://doi.o g/10.46661/ e .me odoscuan .econ.emp esa.8329
Uni e sidad Pablo de Ola ide (España)
Re is a de Mé odos Cuan i a i os pa a la Economía y la Emp esa
núme o 38, 2024
ISSN: 1886-516X
DOI: 10.46661/ e me odoscuan econemp esa.8329
Sección: A ículos
Recibido: 10-07-2023
Acep ado: 11-04-2024
Publicado: 03-12-2024
Páginas: 1-19
Es udio de la In luencia de los Incen i os en la Conducción
de Expe imen os
S udy o he In luence o Mone a y Incen i es in
Conduc ion o Expe imen s
Vic o Albe o Peña Va gas
Pon i icia Uni e sidad Ja e iana Cali (Colombia)
h ps://o cid.o g/0000-0003-4846-1335
[email p o ec ed]
Rogelio Lad ón de Gue a a Co és
Uni e sidad Ve ac uzana (Mexico)
h ps://o cid.o g/0000-0001-9365-2080
[email p o ec ed]
Alina Gómez Mejía
Pon i icia Uni e sidad Ja e iana Cali (Colombia)
h ps://o cid.o g/0000-0001-7259-9911
aligomez@ja e ianacali.edu.co
Jo ge En ique Velasco Diaz
Pon i icia Uni e sidad Ja e iana Cali (Colombia)
h ps://o cid.o g/0000-0002-3239-3588
[email p o ec ed]
RESUMEN
El uso de incen i os mone a ios en los expe imen os es obje o de un in enso deba e en
la li e a u a académica debido a que no exis e un consenso sob e su con eniencia
como he amien a pa a incen i a a los pa icipan es de un expe imen o, di e sos
Re is a de Mé odos Cuan i a i os pa a la Economía y la Emp esa
N. 38, 2024
–
ISSN: 1886-516X
–
DOI: 10.46661/ e me odoscuan econemp esa.8329
–
[Págs. 1-19]
Es udio de la In luencia de los Incen i os en la Conducción de Expe imen os
Víc o Albe o Peña Va gas, Rogelio Lad ón de Gue a a Co és, Alina Gómez Mejía, Jo ge En ique Velasco Díaz
ARTÍCULOS
2
au o es lo conside an imp escindible y o os deses iman su uso. En es e a ículo se
es udia la in luencia que los incen i os mone a ios puedan o no gene a en los
esul ados p o is os po los pa icipan es de un expe imen o.
Pa a es o, se condujo un expe imen o a 280 es udian es uni e si a ios y consis ió en
p onos ica el alo u u o de un índice inancie o. El expe imen o compues o po dos
ases se aplicó a dos g upos. El g upo uno es u o con o mado po 124 es udian es a
quienes se les o eció un incen i o mone a io po su pa icipación. El g upo dos con 156
es udian es, quienes se les aplicó el mismo expe imen o con la di e encia que no se les
o eció incen i o mone a io, siendo su pa icipación lib e y olun a ia. Es o pe mi ió
compa a los esul ados de ambos g upos pa a es ablece el g ado de in luencia del
incen i o mone a io. Además, como se ealizó un p onós ico inancie o basado en un
alo p esen e, se midió la in luencia de la heu ís ica de anclaje y ajus e al ealiza el
p onós ico inancie o.
Los esul ados se analiza on median e el es no-pa amé ico Mann-Whi ney y la
p ueba Chi2. Se concluye que el incen i o mone a io no in luye en las espues as de los
pa icipan es y se con i mó la in luencia de la heu ís ica de anclaje y ajus e en los
p onós icos del índice inancie o u ilizado en el es udio.
PALABRAS CLAVE
Finanzas conduc uales; P onós ico inancie o; Heu ís ica de anclaje y ajus e; Juicio; Incen i o
Mone a io.
ABSTRACT
The use o mone a y incen i es in expe imen s is a subjec o in ense deba e in
academic li e a u e, since he e is no consensus ega ding i s sui abili y as a ool o
encou age he pa icipan s o an expe imen . Se e al au ho s conside i essen ial,
o he s, howe e , dismiss i s use. This a icle s udies he in luence ha mone a y
incen i es may o may no p oduce on he esul s p o ided by he pa icipan s o
an expe imen .
To his end, an expe imen was conduc ed wi h 280 uni e si y s uden s, which
in ol ed o ecas ing he u u e alue o a inancial index. The expe imen was
comp ised o wo phases and was applied o wo g oups o people. G oup 1 was
o med wi h 124 s uden s, o whom a mone a y incen i e o hei pa icipa ion was
o e ed. G oup 2 consis ed o 156 s uden s, al hough conside ing he di e ence o
no o e ing a mone a y incen i e, hei pa icipa ion being ee and olun a y. This
pe mi ed he compa ison o esul s o bo h g oups wi h he aim o es ablishing he
deg ee o in luence o he mone a y incen i e. Likewise, aking in o conside a ion
ha a inancial o ecas based on he p esen alue was pe o med, he in luence
o he ancho ing and adjus men heu is ics was measu ed.
Re is a de Mé odos Cuan i a i os pa a la Economía y la Emp esa
N. 38, 2024
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ISSN: 1886-516X
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DOI: 10.46661/ e me odoscuan econemp esa.8329
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[Págs. 1-19]
Es udio de la In luencia de los Incen i os en la Conducción de Expe imen os
Víc o Albe o Peña Va gas, Rogelio Lad ón de Gue a a Co és, Alina Gómez Mejía, Jo ge En ique Velasco Díaz
ARTÍCULOS
3
Resul s we e analyzed by means o he Mann-Whi ney non-pa ame ical es and
he Chi2 es . I can be concluded ha he mone a y incen i e does no ha e an
impac on he pa icipan s’ esponses, and he in luence o he ancho ing and
adjus men heu is ics in he o ecas ing o he inancial index used in he s udy was
con i med.
KEYWORDS
Beha io al Finance; Financial Fo ecas ; Ancho ing and Adjus men Heu is ics Judgmen ;
Mone a y Incen i e.
Clasi icación JEL: D9; G1; G4; G41.
MSC2010: 91C05; 91B82
INTRODUCTION
The ad ancemen o mul iple scien i ic disciplines has been achie ed due o he scien i ic
me hod, and he conduc ion o expe imen s has become he undamen al basis in he
cons uc ion o knowledge. Howe e , in he case o s udy o economic phenomena, he adop ion
o expe imen a ion is ela i ely ecen ; in ac , be ween he nine een h and wen ie h cen u ies,
he conduc ion o con olled expe imen s in his ield was disca ded. Economis s such as Mil on
F iedman, Lionel Robin, Paul Samuelson o William No dhaus (Guala, 2005) would no concei e
an economic labo a o y as being compa able o a physics labo a o y. This changed
d ama ically om he middle o he wen ie h cen u y onwa ds, wi h he p oli ic in ellec ual
p oduc ion o nume ous scien is s, who om such di e en ields such as economics, inance
and psychology, accomplished success ul expe imen s con olled in labo a o ies, wi h he aim
o unde s anding he economic phenomena ha led o p oducing aluable scien i ic
documen s.
Duxbu y (2015a) highligh s beha io al inance as a long-s anding adi ion in he applica ion o
expe imen s o he de elopmen o empi ical analysis ha seek o comp ehend he wo kings o
he inancial ma ke s and he beha io o i s pa icipan s.
Two enowned esea che s au ho ing seminal wo ks in hei espec i e ields a e Daniel
Kahneman, in beha io al inance, and Ve non Smi h, in expe imen al economics. Bo h
conduc ed esea ch on con olled labo a o y en i onmen s in he se en ies, ounded he
p ocedu es o conduc ing expe imen s and desc ibed how hey would be used as a ool o
implemen empi ical analysis. This led o hei winning he Nobel P ize o Economics in 2002, o
Kahneman o ha ing in eg a ed he knowledge o psychological esea ch in o Economic
Science, and o Smi h, o se ing up labo a o y expe imen s as a ool in empi ical economic
analysis (Pompian, 2021). This momen ma ked a poin o in lec ion in he scien i ic communi y,
since i led o he ecogni ion o he impo ance o expe imen s o gene a e ex e nal alida ion
o esea ch.
Ne e heless, an academic deba e ela ing he use o mone a y incen i es has spa ked o a
deba e among he esea che s ha use expe imen s. Fo some, i is absolu ely essen ial o
compensa e he expe imen ’s pa icipan s wi h money. Howe e , o o he s, mone a y incen i es
a e no necessa y, and op o a di e en ype o incen i e. This is a pe manen deba e and he e
is no mee ing poin , since he e a e con as ing opinions ega ding i s ele ance, which e lec s
on he me hodological di e ences on how expe imen s should be conduc ed (Came e &
Hoga h, 1999).
Re is a de Mé odos Cuan i a i os pa a la Economía y la Emp esa
N. 38, 2024
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ISSN: 1886-516X
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DOI: 10.46661/ e me odoscuan econemp esa.8329
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Es udio de la In luencia de los Incen i os en la Conducción de Expe imen os
Víc o Albe o Peña Va gas, Rogelio Lad ón de Gue a a Co és, Alina Gómez Mejía, Jo ge En ique Velasco Díaz
ARTÍCULOS
4
He wig and O mann (2001) show he ad an ages o mone a y incen i es by p esen ing ou
a gumen s: (1) mone a y incen i es a e mo e s aigh o wa d o apply han o he incen i es
such he p ima y ones (basic incen i es), (2) money is pa icula ly app op ia e when complying
wi h he non-sa ia ion equisi e, which would encou age a g ea e e o om he pa icipan , (3)
om i s beginning, expe imen al economic heo y has alida ed mone a y incen i es in
expe imen s, and inally, (4) mone a y incen i es dec ease he a ia ion in he subjec s’
pe o mance.
The e o e, is a inancial ewa d indispensable o encou age hei mo i a ion o ca y ou e ec i e
wo k? T e sky and Kahneman (1986) sugges ha he s udies in economic and psychological
li e a u e ha e demons a ed ha he e is no di e ence when a mone a y incen i e is p o ided.
This was documen ed when e i ying ha he mis akes gene a ed in he expe imen s con inue,
despi e he incen i e being high, which does no p oduce an imp o emen in he pa icipan ’s
pe o mance. Thei conclusion is ha mone a y incen i es do no enhance he p ocess o
decision making. This inding is no only limi ed o labo a o y expe imen s, bu o eal li e, as he e
a e nume ous examples o p ojec s wi h high p o i abili y o ecas s ha ha e ailed due o e o s
o judgmen and decision making.
Va ious esea ch s udies suppo his a gumen . Findings show ha he e ec p oduced by
mone a y incen i es is sligh (Cesa ini e al., 2006; Vinog ado & Shad ina, 2013), and e en so,
hey could be coun e p oduc i e since hey des oy in insic mo i a ion o pa icipa ing in he
ask, which esul s in he de e io a ion o pe o mance (Bah ick, 1954; Deci, 1971; Eisenbe ge &
Came on, 1996; Gneezy & Rus ichini, 2000; Ryan & Deci, 2000; Heyman & A iely, 2004; Meloy e al.,
2006).
An addi ional elemen o be aken in o accoun as a c i icism o he use o mone a y incen i es
in he conduc ion o expe imen s is he amoun o be paid. Read (2005) poin s ou budge
es ic ions p esen in any expe imen when seeking o ewa d he pa icipan s wi h money. This
di icul y esul s in small sums o money being g an ed, and i ex e nal alida ion is sough o
imi a e decision making in eal li e, hese small quan i ies o money can be unsa is ac o y o he
pa icipan s and dis o he inal esul . The p oblem o he amoun o he incen i e is suppo ed
by Thale (1986) as he ecognizes ha he e is no esea ch wi h su icien budge o eplica e
expe imen s which ha e had a g ea economic incen i e. Fu he mo e, he a gumen pu
o wa d by expe imen al economis s such as G e he and Plo (1979), ha sys ema ic e o s in
expe imen s end o disappea o he ex en ha he incen i e is highe , is a s a emen ha
emains unsuppo ed by any esea ch.
In his con ex , he main objec i e o his a icle is o s udy whe he he use o mone a y incen i es
in he o ecas s ca ied ou by he pa icipan s a ec s he u u e alue o he inancial index S&P
MILA Paci ic Alliance Selec , wi h a ime ho izon o one day, one week and one mon h. To comple e
his ask, an expe imen was pe o med wi h pa icipan s who we e di ided in o wo g oups A
mone a y incen i e was o e ed o he i s g oup, and no mone a y incen i e was p o ided o
he second g oup. The only di e ence be ween hese wo g oups is he o e ing o a mone a y
incen i e o he i s one.
Empi ical e idence shows ha in gene al e ms, he use o mone a y incen i es does no ha e
an e ec on he pa icipan s’ esponses. The e o e, he main con ibu ion o his a icle is o
explain, based on an ample academic deba e, he app op ia eness o he use o mone a y
incen i es, hus concluding ha is no necessa y.
The s uc u e o he a icle consis s o i e sec ions. Sec ion wo desc ibes he impo ance o
expe imen s, he ole o mone a y incen i es and he deba e on hei app op ia eness. Sec ion
h ee p o ides de ailed in o ma ion on me hodological aspec s. The s udy’s indings a e
add essed in sec ion ou . Finally, he conclusions o his esea ch a e examined.
Re is a de Mé odos Cuan i a i os pa a la Economía y la Emp esa
N. 38, 2024
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ISSN: 1886-516X
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DOI: 10.46661/ e me odoscuan econemp esa.8329
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[Págs. 1-19]
Es udio de la In luencia de los Incen i os en la Conducción de Expe imen os
Víc o Albe o Peña Va gas, Rogelio Lad ón de Gue a a Co és, Alina Gómez Mejía, Jo ge En ique Velasco Díaz
ARTÍCULOS
5
THEORETICAL FRAMEWORK
The impo ance o he expe imen al me hod
Expe imen s a e a sui able complemen o heo e ical a gumen a ion, and he way in which new
knowledge is c ea ed. These a e expe ienced-based by means o objec i e and di ec
obse a ion, and hey a e execu ed in a con olled en i onmen , seeking o simula e eal
condi ions h ough a causali y p ocess ha pe mi s he analysis o he dependen and
independen a iables ob ained o con on he hypo heses ha we e ini ially p oposed. Thus,
e e y new scien i ic p oposal is alida ed o he communi y once i has been p o en by means
o an expe imen al me hod ha es ablishes a o able esul s ha ha e been alida ed by
independen pee s. In he absence o his p ocedu e, heo ies would no ecei e gene al
accep ance.
Acco ding o Vignais and Vignais (2010), he expe imen al me hod is de eloped wi hin a well-
de ined heo e ical amewo k, wi h well-es ablished ules and he use o app op ia e
ins umen s. This is wha science has been de eloping, pa icula ly since he scien i ic e olu ion
in he enaissance, wi h au ho s such as F ancis Bacon (1762), Robe Boyle (1661) and René
Desca es (1637). Thei wo ks desc ibe he design and ole o an expe imen ; he elemen s ha
a e used o ob ain conclusions based on esul s, wi h hei ma gins o e o , aking in o
conside a ion con empo a y adi ions and p ejudices. F om hose o igins o p esen day,
expe imen s a e he bes -known way o es he e aci y o scien i ic heo ies, elimina e
al e na i e explana ions, design no el solu ions o p ac ical p oblems, and p o ide clues o
causal in e ence (Thye, 2014).
Acco ding o Duxbu y (2015b), expe imen s challenge speci ic aspec s o he inance- ela ed
heo y and he ma ke ’s anomalies, hus allowing he unde s anding o di e se ields such as he
beha io o in es o s, by analyzing he nume ous heu is ics and cogni i e biases, and how hese
a ec inancial ma ke s. This is an ad an age o he expe imen al me hod ela ing empi ical ield
esea ch, due o i s capaci y o ha e mo e con ol o he s udy a iables ha allow us o
de e mine hei e ec on indi iduals’ inancial beha io (Bloom ield & Ande son, 2010).
Wi h espec o he use o expe imen s in esea ch, he gene al consensus o nume ous a eas o
knowledge is ha hey a e an impo an and e ec i e ool o ob ain conclusions on he subjec
unde s udy. Howe e , a componen o expe imen s ha c ea es heo e ical gaps a e mone a y
incen i es and due o his, wo g oups o esea che s can be di e en ia ed. One g oup suppo s
he idea ha he pa icipan s o an expe imen mus be inancially compensa ed, o he wise he
e o pu in o he ask will no be e icien . None heless, his is no a unanimous s andpoin ,
conside ing ha he o he g oup belie es ha his ype o mone a y compensa ion minimizes
he pa icipan s’ in insic mo i a ion (Deci, 1971). They ecommend using di e en ype o
mo i a ion such as he p ima y, which e lec s he p opensi y o pa icipa e in ac i i ies o hei
in e es , and as a esul , hey lea n and expand hei skills (Ryan & Deci, 2000).
The deba e be ween hese wo ex eme posi ions ha ca ego ically ecommend o ejec he
use o mone a y incen i es, does no con ibu e o unde s anding he ole o incen i es in
expe imen s. One ac is ha he e a e s udies ha show ha he e ec s o incen i es a e mixed
and complex, howe e , he e is e idence ha i s in luence is sligh (Came e & Hoga h, 1999).
Based on his deba e, nume ous esea ch ha concludes wi h alida ing o ejec ing he use o
mone a y incen i es ha e a isen, and hose wo ks jus i y hei posi ion by means o he
signi ican esul s o he expe imen s, which a e ca ied ou by g an ing mone a y incen i es,
and no g an ing hem. Ne e heless, he uncommon aspec in his ype o esea ch is ha he
expe imen s do no end o be eplica ed using bo h al e na i es. Fo his eason, conside ing he
app oach o beha io al inance, his esea ch in ol es an expe imen wi h wo g oups, by using
and elimina ing he mone a y incen i es in o de o analyze whe he he e is e idence o he
e ec o his incen i e in he pa icipan s. Taking his con ex in o accoun , and conside ing he
Re is a de Mé odos Cuan i a i os pa a la Economía y la Emp esa
N. 38, 2024
–
ISSN: 1886-516X
–
DOI: 10.46661/ e me odoscuan econemp esa.8329
–
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Víc o Albe o Peña Va gas, Rogelio Lad ón de Gue a a Co és, Alina Gómez Mejía, Jo ge En ique Velasco Díaz
ARTÍCULOS
6
ex ensi e li e a u e a ailable on mone a y incen i es, i is o be expec ed ha he o me would
ha e some in luence.
The expe imen consis ed o o ecas ing he u u e alue o he La in-Ame ican inancial index
S&P MILA Paci ic Alliance Selec wi h ime ho izons o one day, one week and one mon h. The
o ecas ac i i ies in inance a e a cons an ope a ion o in es o s, who, om he his o ic
in o ma ion o he inancial asse , a emp o p edic i s u u e alue. This becomes a judgemen
o alue, eached h ough a cogni i e p ocess (Peña & Gómez-Mejía, 2020). These p ocesses a e
no exemp om di e se a ec a ions. T e sky and Kahneman (1974) con i med ha indi iduals
make judgemen s and decisions based on simpli ied men al p ocesses, named heu is ics, and
his p ocess is ulne able o su e ing om cogni i e biases ha esul in e o s. The p ocess o
decision making managed in inance ends o be a ec ed by speci ic heu is ics, named
ancho ing and adjus men heu is ics. which mainly a ec hose who make o ecas s.
The o ecas es ima es he u u e alue o an unce ain amoun and may be ine icien due o
he in luence o a nume ical alue p e iously p esen ed. When he cogni i e p ocess ha leads
o he o ecas is ca ied ou , indi iduals end o adhe e o he alue ini ially p esen ed. Tha ini ial
alue ends up a ec ing u u e p edic ions, al hough he p obabili y ha his alue con inues in
he u u e is minimal. The ancho ing and adjus men heu is ics c ea es a bias owa ds he
expec a ion ha he u u e ends o beha e as he p esen does (Pompian, 2012; Gi i & Galak,
2019).
The ole o mone a y incen i es in expe imen s
A social science such as economics emba ked on he analysis o economic phenomena unde
a labo a o y-con olled en i onmen wi h he de elopmen o expe imen al economics. Ro h
(1993) conduc ed an his o ic ecompila ion o economic- ela ed expe imen s named he Sain
Pe e sbu g pa adox, beginning wi h he wo k o siblings Daniel and Nicholas Be noulli in 1738.
Howe e , mo e con empo a y wo ks highligh he Theo y o O dinal U ili y and Thu s one
indi e ence cu es (1931), along wi h Theo y o Games and he Von Neumann and Mo gens e n’s
(1944) economic beha io , which p o oundly a ec ed he de elopmen o expe imen s. Amongs
he inno a o s ha ini ia ed he de elopmen o con olled expe imen s is (Chambe lin, 1948)
wi h his wo k on impe ec ma ke s, and Allais (1953) who akes a c i ical s andpoin ela ing he
Expec ed U ili y Theo y.
Subsequen ly, Ve non Smi h, who would la e be conside ed as he a he o expe imen al
economics, con ibu ed by pe o ming majo expe imen s such as he s udy o he beha io o
decision making in indi iduals and g oups (Smi h, 1976), and he esea ch o mic oeconomic
sys ems in labo a o ies (Smi h, 1982). I is Smi h (1994) who p o ided a de ailed desc ip ion o
he expe imen ’s componen s. Fi s ly, he en i onmen is made up by a con olled scena io in
which he pa icipan s know he ini ial esou ces, p e e ences and cos s ha encou age hem o
pa icipa e. Secondly, o mal ins i u ions, which co espond o he se o ules ha speci y he
way in which he pa icipan s pe o m in he expe imen (Cá denas & Os om, 2004). The inal
componen is he speci ic beha io o each indi idual. Figu e 1 summa izes he s uc u e o an
economic expe imen ca ied ou in a con olled en i onmen , in which he pa icipan s execu e
he decision making p ocess by means o ins i u ions ha esul s in he pa icipan s’ beha io s.
The pu pose o an expe imen is o s udy human beha io when placed in a s uc u ed social
en i onmen . A se ies o explici ules es ablished and con olled by he expe imen e a e
equi ed. In addi ion o his, ins uc ions and p ocedu es o each phase o ea men o he
expe imen a e p o ided. Implici ules inhe en o he pa icipan s’ idiosync asy such as hei
a i ude, expe iences, habi s and elemen s ha a e no unde he expe imen e ’s con ol a e also
aken in o accoun .
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Figu e 1 The Economic Expe imen .
No e: The g aph ep esen s he diag am o an economic expe imen . Sou ce: La In oducción a la Me odología Expe imen al
en Economía (p.11), by (Fa ás & Roig, 2004) Cuade nos de Economía, 27(75), 7–36.
An essen ial cha ac e is ic is he concep o he induced alue (Smi h, 1976; 1982) and consis s
o a mone a y s imulus g an ed o he pa icipan , wi h he aim o a ec ing he pa icipan s’
beha io and con olling ha he implici ules o each indi idual do no obs uc he expe imen .
Fa ás and Roig (2004) desc ibe he impo ance o he incen i e and he h ee condi ions ha
mus be achie ed in o de o a ec he beha io : mono onici y, p ominence and dominance.
Mono onici y e e s o he ac ha pa icipan s would always a he ecei e a g ea e incen i e
and would no be sa is ied. P ominence implies ha incen i es depend on he pa icipan ’s own
ac ions and hose o he o he pa icipan s; his is desc ibed in he explici ules. Finally,
dominance speci ies ha he eco d o he ob ained p o i s by each subjec is only known by he
pa icipan . In his way he pa icipan s a e no dis ac ed by he p o i s ob ained by he o he
pa icipan s. I hese h ee condi ions a e ul illed, hen he pa icipan s’ cha ac e is ics would be
unde con ol.
Mone a y and Nonmone a y Incen i es
One o he mos impo an elemen s o he sa is ac o y de elopmen o he expe imen is he
pa icipan s’ mo i a ion, hence i di ec ly impac s he cogni i e p ocess when ca ying ou he
ac i i y. A me hod o encou aging his is by means o he use o mone a y and non-mone a y
incen i es. As p e iously men ioned o a g oup, he use o mone a y incen i es is a basic inpu
o accomplish expe imen s, in as much as i is based on he a gumen ha hey allow he
p ocess o be con olled. Unde his app oach, he pa icipan s would be su icien ly mo i a ed
o pa icipa e, conside ing ha hei inal p o i would be subjec o hei pe o mance in he
expe imen (Da is & Hol , 1993; F iedman & Sunde , 1994). I can be specula ed ha pa icipan s
would no wo k wi hou being emune a ed, so hey would equi e a mone a y incen i e as a
boos o gi e hei bes e o and he e o e be mo e pe sis en and e ec i e o ca ying ou he
expe imen . Mone a y incen i es in expe imen s a e equen ly used as mo i a ing ools and a e
conside ed as ex insic mo i a ional elemen s, since hei alue is associa ed wi h wha he
pa icipan can accomplish acco ding o he economic con ex in which hey a e in ol ed (K ug
& B a e , 2014).
Ne e heless, a di e en posi ion is held by esea che s who use non-mone a y incen i es, also
known as in insic mo i a ion, and a e conside ed as su icien o p oduce a decided e o
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(Came e & Hoga h, 1999). These co espond o he indi idual’s impulse o ca y ou an ac ion
o hei own oli ion (Deci, 1971), ha di ec ly sa is ies he indi idual’s basic needs. F om a
biological pe spec i e, Mu ayama e al., (2010) based on a neu onal analysis, ind ha ex insic
o mone a y mo i a ion end o weaken he indi idual’s in insic mo i a ion o ca y ou a ask
solely o he pleasu e o doing i , hus cas ing doub s on incen i e sys ems based on money.
Di e se esea ch wo ks suppo his conclusion. Based on a me a-analysis including 128 di e en
s udies on he e ec o incen i es on expe imen s Deci e al., (1999), es ablish ha al hough he e
is e idence ha mone a y incen i es may con ol people’s beha io , which is a alid eason o
i s ample use, i s main nega i e e ec is weakening in insic mo i a ion, impeding sel -
egula ion o he b eaking down o he indi iduals’ esponsibili y o mo i a e o egula e
hemsel es.
In esea ch in which mone a y and non-mone a y incen i es a e applied simul aneously, i was
ound ha inancial incen i e did no a ec he a e age pe o mance o pa icipan s, and
incen i es end o be unimpo an when he ma ginal economic e u n pe e o made is
pe cei ed as low (Kahneman & Pea le , 1969; Kohn, 1993; Fo sy he e al., 1994; Jenkins e al., 1998;
Came e & Hoga h, 1999; Bonne & Sp inkle, 2002).
In ac , Gneezy and Rus ichini (2000) ind e idence ha when he amoun o money g an ed is
small, a he pa icipan ’s disc e ion, mone a y incen i es a e coun e p oduc i e o he
expe imen , because he le el o e o o he pa icipan is highe in expe imen s wi hou
mone a y incen i e han in incen i es o low inancial alue. So, would a ma ginal inc ease in
mone a y incen i e imp o e pe o mance? A aujo e al (2016) ind ha his is no he case in
esea ch wi h h ee ypes o mone a y incen i es o 0.5 cen s, 2 cen s and 8 cen s pe ask
comple ed. Despi e he 1500% inc ease in incen i es, hey only ound a 5% inc ease in
pe o mance.
METHODOLOGICAL ASPECTS
Gene al conside a ions
The esea ch is ca ied ou by means o an expe imen , in ol ing a i s g oup o e ing mone a y
incen i e and o he second wi h no mone a y incen i e. Bo h g oups we e he same, he only
di e ence being in he o e ing o he mone a y incen i e o he i s .
The me hodology o he esul s analysis sough o:
a) Es ablish whe he he use o mone a y incen i e in luences he pa icipan s' esponses. This is
done by analyzing he dis ibu ions o he ancho index selec ed o he s udy.
b) Es ablish whe he he use o mone a y incen i e in luences he o ecas s o he pa icipan s.
This is done by analyzing he dis ibu ions o he o ecas s o a day, a week and a mon h.
Bo h poin s a e analyzed using he non-pa ame ic Mann-Whi ney U es , alida ing i in e ms
o he ollowing hypo heses:
• : The e a e no signi ican di e ences in he dis ibu ions o he ancho index o he
g oups wi h mone a y incen i e and wi h no mone a y incen i e.
• : The e a e no signi ican di e ences in he o ecas s o g oups wi h mone a y
incen i e and wi h no mone a y incen i e.
c) Measu e he ancho ing and adjus men heu is ics by he deg ee o ancho age ha he
pa icipan s ha e when making hei o ecas s. This was assessed using he non-pa ame ic
Mann-Whi ney U es and Chi2. Based on he abo e, he ollowing null and al e na e hypo heses
a e p oposed:
Re is a de Mé odos Cuan i a i os pa a la Economía y la Emp esa
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DOI: 10.46661/ e me odoscuan econemp esa.8329
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Table 5. E ec o he g aphic ancho in he o ecas s o phase 2, wi h join bases
G aphic Ancho :
4438,39
Chi Squa ed Tes
Fase day
Tipo Índice
Valo
índice
n
M
X2
P- alue
Phase 2 (1 day)
Modi ied
Ancho ing
Index MAI
0,9646
280
4432,84
157,7
1,0000
Phase 2 (1 week)
Modi ied
Ancho ing
Index MAI
0,9733
280
4440,02
445,1
0,0000
Phase 2 (1
mon h)
Modi ied
Ancho ing
Index MAI
0,9655
280
4465,15
1620,9
0,0000
Sou ce: au ho ’s p oduc ion
CONCLUSIONS
The main objec i e o his esea ch consis ed o compa ing wo ypes o incen i es in one
expe imen , wi h he aim a analyzing whe he hey p oduced he same deg ee o in luence on
he esul s, o con e sely, whe he hey gene a ed a di e en ou come in he pa icipan s’
esponses. The a o emen ioned a e he mone a y incen i es and he p ima y incen i es, which
do no ep esen mone a y compensa ion. In his case, he p ima y incen i es a e based on
al uism conside ing ha he subjec s o he expe imen pa icipa ed objec i ely.
The i s hypo hesis o he esea ch p oposed ha he dis ibu ions o he modi ied ancho ing
index o bo h g oups we e he same, which was con i med in bo h phases. This sugges s ha he
mone a y incen i e did no modi y he pa icipan s’ pe o mance. Wi h he pu pose o ein o cing
hese indings, hypo hesis 2 is pu o wa d. This p oposes ha he e a e no di e ences in he
dis ibu ions o he o ecas s o one day, one week and one mon h be ween bo h g oups, which
can be con i med in bo h phases o he expe imen . The e o e, i is once again concluded ha
mone a y incen i es do no ha e an e ec on he pa icipan s’ esponses.
These esul s sugges ha p o iding inancial incen i es o he pa icipan s is he same as no
doing so. These indings a e in line wi h hose o (Deci, 1971; Came e & Hoga h, 1999; Gneezy &
Rus ichini, 2000) who a i m ha mone a y compensa ions do no ha e an e ec on pa icipan s’
pe o mance in an expe imen .
The seconda y objec i e o his esea ch was o e i y he in luence o he ancho ing and
adjus men heu is ics in he inancial o ecas . In o de o do his, he da abase was eo ganized
o uni y he o ecas s o bo h g oups, and sepa a ing he g oups in Low Ancho and High Ancho .
Resul s con i m he in luence o he ancho ing and adjus men heu is ics in phase 1, which is
aligned wi h he indings by Peña & Gómez-Mejía (2020) ha indica e ha he inancial o ecas
ends o ancho be o e a p esen ed alue. In his phase, he subjec s had o p edic he u u e
alue o he index a one day, one week and one mon h, wi h e y li le in o ma ion. As a esul ,
he pa icipan s we e ancho ed di e en ly o he alue p esen ed p io o he o ecas .
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Resul s om phase wo we e simila . This phase included ample in o ma ion o he index, such
as g aphs a one yea , one mon h and one week, a pa om he las known alue o he index,
which se ed he pu pose o an ancho . The e was s a is ical alidi y o co obo a e he in luence
o he ancho ing and adjus men heu is ics o one week, one mon h, al hough no o one day.
The limi a ions ound in his esea ch a e ela ed o he da a and me hodology. Rega ding he
da a, he base could be wide , and he quan i y o pa icipan s pe g oup could be balanced.
Wi h e e ence o he me hodology, he pa icipan s had inancial knowledge and could ha e a
simila o ecas me hodology. Fu u e esea ch could include mo e he e ogeneous indi iduals,
wi h speci ic knowledge, and a mo e common ype o phenomenon could be o ecas ed.
This esea ch o e s in e es ing insigh s. The no el y o he me hodology lies in designing and
execu ing an o iginal expe imen ha esponds o he academic deba e on he use o mone a y
incen i es in expe imen s, demons a ing h ough a ious me hods o analysis ha when
making a inancial o ecas , mone a y incen i es do no in luence he pa icipan s' esponses.
The a o emen ioned is a subs an ial conclusion because he budge a y a iable is essen ial
when designing and execu ing expe imen s in Finance and Economy. Elimina ing he a iable o
mone a y compensa ion o he pa icipan s would allow us o ha e mo e esou ces o ampli y
he numbe o pa icipan s and he e o e imp o e he conclusions in he da a analysis.
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