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'...

The paper studies how common codes of artificial language in communication are developed in the laboratory. We find that codes emerging from an environment with more variable spatial positions tend to use a limited set of symbols to represent positions, whereas codes emerging from an environment...

The sunk cost effect has been widely observed in individual decisions. Building on an intra-personal self-management game, the paper theoretically shows that the sunk cost effect may stem from an attempt to overcome the under-investment problem associated with a high degree of present bias or to...