The findings suggest that left unchecked, many individuals may end up squandering their hard-earned savings as a result of bad trading decisions categorised as errors in cognition.
The influential design components Jain found on defi apps applied a wide range of behavioural science theories. Features such as randomised rewards, where sites randomly give away various amounts of cryptocurrency to users, thereby gamifying the investment process, the scaling effect of non-linear axis on graphs that skew people's perception, and even the choice to show price changes in red and green, were all shown to influence a cryptocurrency investor's behaviour.
"The field of behavioural science analyses the shortcomings humans face in their decision-making through a psychological lens," Jain said."Getting this information to everyday retail traders may allow them to make better choices for their portfolios by being aware and understanding the designs and heuristics they are subject to."
The behavioural effects of graphic design choices and design architecture have been well documented already on other apps, from social media platforms to travel sites. Jain's research reviewed data from cryptocurrency apps. The next steps for the researchers will be to complete the comprehensive analysis and submit it for peer review. – The Record, Troy, NY/Tribune News Service
Source: Digital Coin News (digitalcoinnews.net)
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