SUPPLEMENTARY MATERIAL
Overconfidence and risk seeking in credit markets: An
experimental game
David Peóna,b, Manel Anteloc, Anxo Calvod
In this Supplementary Material we detail the technical specifications for the statistical analyses
implemented in Peón et al. (2015). Additionally, some supplementary statistical information is
provided regarding raw data of the participants’ responses, regression models and others.
Statistical analysis. Technical specifications
IBM SPSS Statistics version 21 was used for statistical analysis. Technical specifications, provided by
the statistical package, of the analyses implemented are in order.
First, the tests of Normality implemented were the Kolmogorov-Smirnov test with the Lillefors
Significance Correction, and the Shapiro-Wilk test. Additionally, the probability distributions of each
variable were compared against a Normal distribution using Q-Q plots and box-and-whiskers plots.
All statistical regressions used a stepwise procedure for variable selection that applies the criteria
“Probability of F to enter ≤ 0.05; probability of F to remove ≥ 0.10”. The number of observations to
be included in the regression considered a ‘missing pairwise’ criteria in all instances.
Factorial analyses considered the following specifications. The extraction method used was a
Principal Component Analysis (PCA) of the correlation matrix. Descriptive measures provided are
the Kaiser-Meyer-Olkin measure of sampling adequacy (KMO) and the Bartlett’s test of Sphericity.
The rotated component matrix was obtained using a Varimax normalization as the rotation method.
Finally, the Cluster analysis considers the average linkage between groups as a method of clustering
and the squared Euclidean distance as a measure.
Grupo BBVA and the Department of Financial Economics and Accountancy, University of A Coruna, Campus
Elviña s/n, 15071 A Coruña. Email: david.peon@udc.es
b Corresponding author.
c Department of Economics, University of Santiago de Compostela, Campus Norte, 15782 Santiago de Compostela
(Spain). E-mail: manel.antelo@usc.es
d Department of Financial Economics and Accountancy, University of A Coruna, Campus Elviña s/n, 15071 A
Coruña. Email: anxo.calvo@udc.es
a
Raw data and supplementary statistical information
In what follows we provide two pieces of information. First, Tables SM.1 and SM.2 provide the raw
data of the strategies implemented by participants in the experiment. Second, Tables SM.3 to SM.6
provide additional statistical information not included in the article regarding histograms, normal QQ plots, and box-and-whisker plots of the game indicators, regression models of game indicators to
behavioral variables, correlations among variables and factors, and regression models of variables
and factors of three instances: game factors to behavioral factors, game factors to behavioral
variables, and game indicators to behavioral factors.
TABLE SM.1 – Raw data from Simulation Game (1/2)
STRATEGY GAME
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
1P
1V
2P
2V
3P
3V
4P
4V
5P
5V
6P
6V
17.0%
100
16.0%
200
17.0%
150
14.0%
300
17.0%
150
16.0%
100
16.0%
150
17.0%
125
16.0%
190
14.5%
270
17.0%
0
15.0%
250
10.0%
100
15.0%
200
12.5%
250
13.0%
250
12.0%
240
14.0%
280
13.0%
200
18.0%
50
16.0%
150
10.0%
200
16.0%
150
14.0%
300
15.2%
200
18.0%
0
17.0%
150
16.0%
200
15.0%
250
12.0%
400
16.5%
175
15.0%
250
15.0%
250
15.7%
215
17.0%
150
15.5%
225
14.5%
250
13.5%
0
14.6%
250
16.5%
175
16.5%
175
15.5%
225
17.0%
150
17.0%
150
18.0%
100
17.9%
105
17.0%
150
16.0%
200
19.0%
0
18.5%
65
17.0%
130
18.0%
85
17.5%
125
18.0%
100
16.0%
200
16.0%
150
16.0%
120
17.0%
120
16.0%
150
13.0%
300
15.7%
215
16.8%
160
15.4%
230
18.5%
75
17.5%
100
14.0%
300
18.0%
90
19.0%
0
14.0%
280
16.0%
150
15.0%
230
17.0%
120
18.0%
100
16.0%
150
14.5%
275
15.2%
240
16.5%
175
14.2%
290
17.0%
150
17.0%
150
18.0%
100
15.5%
225
18.5%
75
18.0%
100
16.5%
175
18.5%
75
16.5%
175
18.0%
100
19.0%
50
17.5%
125
16.0%
0
18.5%
75
15.0%
250
15.0%
250
15.0%
250
13.0%
350
16.7%
165
17.1%
145
16.9%
155
14.9%
255
15.3%
235
15.8%
210
15.0%
150
15.0%
250
15.0%
250
15.0%
250
15.0%
160
15.0%
250
16.0%
200
17.0%
150
15.0%
250
15.0%
250
15.0%
250
15.0%
250
16.0%
170
15.0%
210
16.0%
200
16.0%
190
16.5%
175
17.0%
150
17.0%
150
17.0%
150
17.0%
150
18.0%
100
16.0%
200
16.0%
200
12.0%
400
0.1%
0
12.0%
10
16.0%
200
15.0%
250
15.0%
240
16.0%
200
15.0%
250
14.0%
300
15.0%
250
15.0%
250
15.0%
250
16.4%
180
18.0%
0
16.0%
200
15.0%
250
16.0%
200
16.0%
200
17.0%
100
18.0%
75
14.0%
300
13.5%
300
14.0%
300
14.0%
300
16.5%
175
18.0%
100
15.0%
200
17.0%
150
11.0%
0
16.8%
163
17.5%
120
15.8%
210
17.2%
135
18.1%
95
20.0%
0
16.9%
155
16.5%
170
15.4%
200
14.4%
270
16.5%
165
16.7%
160
14.5%
275
17.0%
150
20.0%
0
18.0%
100
18.0%
100
19.0%
50
17.0%
150
17.5%
120
17.6%
120
16.0%
170
16.0%
190
17.0%
150
15.5%
225
17.1%
145
16.0%
200
16.0%
200
16.5%
150
16.9%
140
16.0%
200
17.0%
150
14.0%
225
15.0%
225
15.3%
150
16.4%
150
13.3%
335
17.0%
150
0.0%
0
16.5%
175
16.5%
175
16.5%
175
14.9%
255
17.0%
150
15.0%
250
14.0%
300
15.0%
250
15.0%
250
16.0%
200
16.0%
180
15.0%
0
15.5%
200
15.5%
200
15.0%
250
14.4%
280
17.0%
125
20.0%
0
16.0%
180
13.2%
320
13.6%
300
15.5%
220
18.0%
100
17.0%
150
13.0%
350
18.0%
100
18.0%
100
16.0%
200
19.0%
25
19.0%
50
19.0%
50
19.0%
50
16.5%
175
16.0%
200
17.5%
125
20.0%
0
16.0%
200
15.5%
225
15.0%
250
12.0%
400
17.0%
150
18.0%
100
15.0%
250
16.0%
200
18.0%
100
16.0%
200
15.0%
250
15.0%
250
15.0%
250
16.0%
200
17.0%
150
15.0%
250
17.3%
138
17.3%
125
16.0%
200
19.0%
35
20.0%
0
16.0%
200
18.0%
90
19.0%
0
16.0%
200
15.0%
250
16.0%
200
15.0%
250
17.5%
110
15.0%
225
16.0%
180
17.0%
150
17.0%
130
16.0%
200
16.0%
200
15.0%
250
16.0%
200
15.0%
0
18.0%
0
17.0%
150
17.3%
130
16.0%
190
14.0%
225
10.5%
465
16.0%
175
13.0%
345
15.5%
225
15.1%
245
16.0%
200
16.5%
175
19.0%
50
16.4%
180
17.0%
150
19.0%
30
18.0%
100
15.0%
225
13.0%
300
17.0%
150
13.0%
200
15.0%
100
18.0%
0
10.0%
250
13.0%
350
17.0%
100
17.2%
140
18.6%
70
17.6%
120
16.5%
175
15.0%
250
17.4%
130
17.5%
125
16.0%
200
15.5%
225
15.0%
250
16.0%
200
15.0%
250
15.0%
100
12.5%
320
12.5%
200
16.0%
0
14.5%
275
13.0%
350
14.0%
200
18.0%
50
13.0%
250
12.0%
400
15.0%
250
16.0%
200
13.4%
290
17.6%
100
17.3%
130
15.3%
235
15.3%
235
16.0%
200
17.0%
130
17.0%
140
14.0%
280
13.0%
310
14.5%
250
14.5%
265
17.5%
120
16.8%
160
16.9%
155
15.5%
225
15.4%
230
15.9%
205
17.4%
100
16.0%
0
12.0%
400
12.4%
350
12.0%
400
14.6%
270
14.0%
200
18.0%
100
17.0%
150
18.0%
100
15.0%
250
16.0%
200
17.0%
150
15.0%
250
15.0%
250
14.0%
300
15.0%
250
16.0%
200
14.5%
250
14.3%
288
14.8%
250
14.5%
275
14.6%
270
13.5%
250
17.0%
150
0.0%
0
15.0%
250
15.0%
250
15.0%
250
15.0%
250
16.5%
175
16.5%
175
13.0%
350
15.0%
250
16.0%
200
16.0%
200
17.0%
150
18.0%
100
16.0%
200
15.5%
225
16.0%
200
16.3%
185
12.0%
30
0.0%
0
15.1%
245
15.8%
210
15.5%
225
15.5%
225
16.0%
200
0.0%
0
16.0%
200
16.6%
170
16.0%
200
16.3%
185
13.5%
300
14.0%
275
14.0%
300
18.0%
75
20.0%
0
15.0%
225
14.6%
255
17.3%
115
15.0%
230
16.0%
0
15.0%
245
15.5%
221
15.6%
220
18.0%
100
14.3%
285
15.4%
230
16.2%
190
16.7%
165
17.7%
110
14.7%
260
12.5%
370
18.0%
0
16.0%
0
16.0%
200
17.3%
138
18.0%
100
16.0%
200
15.0%
250
16.5%
175
14.0%
300
TABLE SM.1 – Raw data from Simulation Game (2/2)
STRATEGY GAME
1P
1V
2P
2V
3P
3V
4P
4V
5P
5V
6P
6V
17.3%
135
17.4%
130
16.4%
180
16.2%
190
15.7%
215
13.0%
350
17.0%
150
16.0%
200
14.0%
300
16.0%
200
16.0%
200
16.0%
200
16.0%
200
17.0%
150
18.0%
100
18.0%
100
18.0%
100
15.7%
218
16.5%
175
13.0%
300
10.0%
500
16.5%
175
17.0%
150
13.0%
350
17.9%
100
16.0%
200
17.0%
150
14.6%
270
18.0%
100
18.7%
65
15.0%
200
15.0%
250
16.0%
200
14.0%
250
16.0%
200
14.0%
280
17.4%
130
16.1%
195
16.0%
200
18.1%
85
19.2%
30
16.7%
165
18.2%
75
17.0%
150
16.8%
160
19.5%
17
19.5%
10
19.5%
25
16.0%
200
16.2%
180
15.5%
225
16.5%
100
15.5%
225
16.0%
195
16.8%
160
15.0%
250
13.6%
320
18.0%
100
18.0%
100
14.5%
275
16.2%
190
10.0%
0
16.0%
200
16.0%
200
17.0%
150
17.0%
150
16.5%
150
18.5%
75
16.5%
175
16.5%
175
16.0%
200
17.5%
125
18.0%
100
16.0%
200
17.0%
150
14.5%
275
18.0%
100
18.3%
85
15.4%
185
16.2%
180
11.9%
400
16.0%
200
14.5%
270
13.9%
305
16.7%
165
17.0%
150
15.6%
220
18.0%
100
18.0%
20
14.6%
270
17.5%
125
13.0%
350
15.0%
250
18.0%
100
16.0%
200
16.0%
200
18.0%
0
17.0%
150
17.0%
150
17.0%
150
17.0%
150
17.0%
150
17.5%
110
16.0%
100
12.8%
360
14.0%
300
15.1%
245
14.3%
285
16.0%
200
15.0%
200
12.0%
400
13.0%
350
14.5%
275
16.0%
200
18.0%
100
12.0%
200
16.0%
200
14.0%
300
13.5%
325
16.0%
200
18.0%
100
20.0%
0
18.0%
100
15.6%
220
14.8%
260
15.8%
210
11.0%
450
16.0%
200
14.9%
258
13.2%
340
14.3%
285
15.0%
250
18.0%
50
15.5%
225
14.5%
275
18.5%
75
17.8%
110
13.9%
305
14.5%
275
15.0%
250
16.0%
200
15.0%
220
12.0%
0
17.0%
150
16.0%
200
16.0%
200
16.0%
200
16.0%
200
15.6%
220
15.2%
240
19.0%
40
17.0%
150
14.0%
300
15.0%
250
16.0%
100
19.0%
30
18.0%
20
17.0%
150
16.0%
190
17.5%
100
19.0%
0
16.5%
175
14.5%
170
11.3%
400
14.0%
300
18.5%
10
18.0%
45
17.0%
150
17.2%
140
17.2%
140
15.0%
250
15.0%
250
16.2%
190
17.5%
125
18.0%
75
18.0%
100
16.0%
200
10.0%
500
14.0%
300
16.0%
200
13.0%
350
14.5%
275
17.0%
150
18.0%
100
14.5%
275
17.0%
150
14.6%
265
18.0%
100
14.8%
255
16.1%
192
15.8%
210
14.7%
265
16.3%
170
16.7%
150
16.8%
145
17.3%
127
15.1%
240
13.6%
315
16.0%
20
15.5%
25
12.0%
380
10.5%
425
12.0%
350
15.0%
250
18.0%
100
18.0%
100
16.0%
200
15.0%
0
13.0%
350
14.0%
300
14.5%
6
11.0%
10
14.5%
100
17.0%
60
17.0%
80
13.0%
115
18.0%
100
18.0%
100
12.5%
375
18.0%
100
14.0%
300
16.9%
155
17.0%
150
17.0%
130
14.5%
275
14.0%
0
19.0%
0
17.0%
150
18.2%
90
18.4%
75
14.8%
240
16.0%
200
16.9%
155
14.7%
265
17.0%
150
16.0%
200
15.5%
225
15.5%
225
16.5%
175
16.0%
0
16.0%
200
16.0%
200
16.0%
200
15.0%
250
15.5%
225
16.0%
200
19.0%
0
19.0%
0
14.0%
300
11.0%
450
15.0%
250
15.0%
250
16.0%
195
17.5%
120
17.5%
120
18.0%
95
16.5%
175
16.5%
175
18.0%
100
0.0%
0
17.0%
150
16.0%
200
16.0%
200
16.0%
200
17.0%
150
17.0%
150
17.0%
150
16.0%
200
17.0%
150
17.0%
150
16.5%
175
18.1%
95
15.4%
230
17.0%
150
17.0%
0
17.6%
120
18.0%
100
16.0%
200
15.0%
250
16.0%
200
16.0%
200
14.5%
275
14.0%
200
17.0%
150
15.0%
250
17.5%
125
17.0%
150
14.0%
300
14.0%
200
16.0%
150
14.8%
200
15.5%
160
14.0%
250
16.0%
200
13.0%
350
15.0%
100
13.0%
325
14.0%
300
16.0%
200
15.0%
250
18.0%
100
15.0%
250
15.0%
250
19.0%
50
19.0%
50
16.0%
200
16.8%
160
16.1%
195
13.9%
305
13.6%
320
15.6%
220
15.6%
220
14.0%
290
15.0%
240
12.0%
400
12.0%
400
16.0%
200
14.0%
300
18.0%
100
18.0%
0
17.0%
0
16.0%
200
15.0%
250
15.0%
250
16.0%
200
16.0%
200
14.0%
300
15.0%
250
15.0%
250
13.0%
350
15.0%
200
15.0%
100
14.0%
300
14.0%
300
16.0%
200
14.0%
300
AVRG
16.3%
154.9
15.6%
139.6
15.3%
219.5
15.7%
193.9
16.0%
178.3
15.5%
216.7
M EDIAN
16.8%
150.0
16.1%
150.0
15.5%
200.0
16.0%
200.0
16.0%
200.0
15.9%
202.5
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
Note: In order to preserve participants’ anonymity, results in Table SM1 have been ranked in terms of gender and age.
TABLE SM.2 – Estimated indicators from the Simulation Game (1/2)
pavg
pvol
Vind
Vmax,ind
NPL
Qavg
Qvol
1
16.2%
15.8%
1000
0.870
6.1%
0.980
0.941
2
16.4%
15.5%
985
0.916
5.9%
1.052
0.953
3
12.8%
13.0%
1320
0.607
5.7%
0.843
0.878
4
14.5%
13.8%
1050
0.636
6.0%
0.813
0.848
5
15.9%
14.5%
1200
0.968
5.9%
0.943
1.150
6
15.8%
15.7%
1265
1.000
6.0%
1.081
1.077
7
16.3%
15.4%
1075
0.960
6.2%
0.948
1.043
8
17.2%
17.0%
855
1.000
6.2%
1.018
1.027
9
18.2%
17.7%
505
0.918
5.3%
1.037
1.002
10
15.7%
15.3%
1040
0.800
6.1%
1.089
1.127
11
16.3%
15.7%
1080
0.977
5.9%
1.119
1.105
12
16.7%
15.4%
870
0.870
5.7%
0.961
1.067
13
15.7%
15.3%
1230
0.961
5.6%
1.112
1.102
14
17.3%
17.0%
800
1.000
6.4%
0.962
0.939
15
17.7%
17.3%
700
1.000
6.3%
1.019
1.007
16
16.1%
14.6%
1175
1.000
5.2%
1.075
1.045
17
16.1%
15.9%
1165
1.000
6.1%
0.942
0.939
18
15.0%
15.0%
1310
0.873
5.9%
1.000
1.000
19
15.5%
15.4%
1350
1.000
6.0%
0.979
0.989
20
16.1%
16.0%
1095
0.932
6.2%
1.010
1.017
21
16.8%
16.7%
950
1.000
6.1%
1.020
1.011
22
15.0%
14.1%
1100
0.733
7.1%
0.915
0.929
23
15.0%
14.9%
1500
1.000
6.0%
1.045
1.045
24
16.6%
15.8%
1030
1.000
6.1%
0.912
0.982
25
15.1%
14.3%
1375
0.932
5.6%
0.967
0.984
26
17.2%
16.5%
788
0.940
6.1%
1.075
1.029
27
17.6%
16.9%
715
0.986
6.0%
1.114
1.075
28
15.7%
15.4%
1240
0.954
5.8%
1.122
1.126
29
18.2%
17.5%
550
1.000
6.3%
0.982
1.015
30
16.6%
16.4%
975
0.956
5.9%
1.029
1.035
31
16.4%
16.3%
1035
0.963
6.0%
1.052
1.052
32
15.2%
14.8%
1235
0.852
5.7%
1.151
1.161
33
16.9%
16.1%
930
1.000
5.9%
0.973
1.071
34
15.3%
15.1%
1400
1.000
5.9%
1.044
1.040
35
16.1%
15.2%
1110
0.941
6.0%
0.932
1.039
36
15.9%
14.6%
1145
0.927
6.0%
0.850
0.890
37
16.7%
15.7%
1000
1.000
5.5%
1.174
1.223
38
18.1%
17.1%
550
0.957
5.5%
1.009
1.015
39
16.0%
14.5%
1200
1.000
5.6%
1.000
1.178
40
16.7%
16.3%
1000
1.000
5.9%
1.041
1.055
41
15.5%
15.4%
1350
1.000
6.2%
1.067
1.056
42
17.6%
16.6%
698
0.962
5.7%
1.142
1.080
43
16.7%
15.7%
990
0.990
5.6%
0.961
1.028
44
16.4%
16.2%
995
0.926
5.9%
1.096
1.097
45
17.3%
15.9%
800
1.000
6.2%
1.167
1.011
46
14.5%
13.5%
1530
0.922
5.8%
1.019
0.918
47
16.4%
16.0%
1075
1.000
6.3%
1.074
1.033
48
16.5%
15.4%
955
0.910
6.3%
0.833
0.828
49
14.7%
12.9%
1000
0.625
6.8%
0.692
0.754
50
17.1%
16.6%
885
1.000
6.3%
0.909
0.903
51
15.8%
15.7%
1250
1.000
5.8%
1.043
1.028
52
14.6%
13.3%
1245
0.766
5.6%
1.303
1.152
53
14.7%
13.9%
1350
0.844
6.1%
0.872
0.908
54
15.8%
15.4%
1190
0.948
6.6%
0.864
0.869
55
15.0%
14.6%
1375
0.917
5.8%
0.978
0.966
56
16.3%
16.2%
1095
0.995
6.0%
0.976
0.964
57
14.7%
12.9%
1520
0.961
5.6%
0.896
0.981
58
16.3%
15.9%
1000
0.909
6.3%
0.922
0.905
59
15.3%
15.1%
1400
1.000
6.0%
1.000
0.981
60
14.4%
14.4%
1583
0.934
6.2%
1.026
1.026
61
16.2%
15.3%
1150
1.000
5.8%
0.940
1.031
62
15.5%
15.2%
1350
1.000
5.9%
1.044
1.073
63
16.5%
16.3%
1060
1.000
6.0%
0.964
0.972
64
15.7%
15.4%
935
0.716
5.3%
0.856
1.008
65
16.8%
16.2%
955
1.000
6.2%
0.929
1.002
TABLE SM.2 – Estimated indicators from the Simulation Game (2/2)
pavg
pvol
Vind
Vmax,ind
NPL
Qavg
Qvol
66
15.8%
14.3%
1175
0.922
6.2%
1.198
1.008
67
16.2%
15.3%
1066
0.941
6.3%
1.039
0.945
68
16.0%
15.7%
1190
1.000
6.2%
0.963
1.001
69
16.8%
14.5%
940
0.984
5.4%
1.336
1.261
70
16.1%
15.7%
1163
1.000
5.8%
1.016
1.045
71
16.0%
15.5%
1200
1.000
5.7%
1.051
1.100
72
15.8%
15.6%
1250
1.000
5.9%
1.065
1.075
73
17.1%
16.8%
868
1.000
6.3%
1.027
1.025
74
14.3%
13.2%
1650
0.971
5.6%
1.389
1.424
75
17.0%
16.4%
885
0.994
6.2%
0.977
0.955
76
15.0%
14.9%
1380
0.920
6.1%
1.000
1.002
77
17.3%
16.7%
805
0.976
5.9%
1.121
1.100
78
18.4%
17.4%
437
0.920
6.0%
1.073
1.085
79
16.0%
15.9%
1125
0.926
6.1%
1.006
1.001
80
16.0%
15.3%
1205
1.000
5.7%
1.225
1.221
81
17.0%
16.4%
890
1.000
6.2%
0.928
0.995
82
16.9%
16.7%
900
0.973
6.2%
0.933
0.946
83
17.0%
16.4%
910
1.000
6.1%
0.984
0.951
84
14.7%
14.2%
1540
0.960
5.8%
1.093
1.130
85
16.7%
16.0%
925
0.920
5.8%
1.117
1.112
86
15.9%
15.3%
1225
1.000
5.9%
1.170
1.176
87
17.5%
17.0%
750
1.000
5.4%
1.059
1.000
88
15.0%
14.4%
1400
0.924
5.6%
1.081
1.087
89
14.4%
14.0%
1625
0.970
6.0%
1.012
1.035
90
14.9%
14.5%
1325
0.869
5.9%
1.034
0.977
91
17.0%
16.0%
890
1.000
6.0%
0.900
0.948
92
14.1%
13.6%
1783
1.000
6.6%
0.840
0.825
93
16.4%
15.3%
1040
0.954
5.3%
1.237
1.241
94
16.3%
15.3%
1095
0.973
6.5%
1.031
0.930
95
15.8%
15.8%
1260
1.000
6.1%
1.008
1.010
96
16.7%
15.4%
870
0.870
5.7%
1.000
1.027
97
17.5%
16.7%
635
0.847
5.2%
1.121
1.068
98
15.5%
13.7%
1075
0.804
6.0%
1.207
1.162
99
16.4%
16.1%
1095
1.000
6.0%
0.974
0.983
100
15.3%
13.6%
1375
0.982
5.9%
0.840
0.735
101
15.7%
14.9%
1300
1.000
6.8%
0.938
0.902
102
15.7%
15.3%
1287
0.990
6.2%
0.979
1.009
103
16.0%
15.5%
1147
0.948
6.0%
1.034
1.058
104
13.5%
12.2%
1450
0.744
5.4%
0.906
0.851
105
16.5%
14.8%
1050
1.000
5.6%
1.063
0.920
106
14.5%
14.9%
371
0.225
5.1%
1.260
1.244
107
16.2%
15.0%
1130
1.000
5.6%
1.055
1.079
108
17.6%
16.0%
705
0.972
5.8%
1.175
1.079
109
16.5%
15.9%
1025
0.976
5.5%
1.067
1.101
110
16.8%
16.0%
975
1.000
6.4%
0.951
1.031
111
15.8%
15.7%
1275
1.000
6.2%
0.969
0.966
112
15.8%
13.3%
1250
1.000
5.4%
0.939
0.860
113
17.0%
16.8%
880
0.978
6.4%
0.981
0.972
114
17.2%
16.4%
850
1.000
5.8%
0.943
0.998
115
16.8%
16.8%
950
1.000
6.2%
0.980
0.976
116
17.4%
16.6%
770
1.000
6.1%
1.047
1.010
117
15.9%
15.6%
1225
1.000
5.7%
1.099
1.087
118
15.8%
15.4%
1175
0.922
5.9%
1.054
1.058
119
15.1%
14.9%
1160
0.781
6.2%
0.929
0.925
120
14.3%
14.0%
1525
0.897
6.3%
1.000
1.002
121
17.0%
16.0%
900
1.000
5.6%
1.217
1.210
122
15.3%
15.0%
1420
1.000
5.9%
1.009
0.996
123
13.8%
13.5%
1830
0.989
6.0%
1.024
1.011
124
17.3%
15.6%
800
1.000
6.1%
0.891
1.061
125
14.8%
14.6%
1550
1.000
5.9%
1.070
1.087
126
14.7%
14.5%
1400
0.875
5.9%
1.047
1.051
Note: In order to preserve participants’ anonymity, results in Table SM.2 have been ranked in terms of gender and age.
TABLE SM.3 – Histograms of game indicators
TABLE SM.4 – Normal Q-Q plot and Box-and-whiskers plot of game indicators (1/2)
TABLE SM.4 – Normal Q-Q plot and Box-and-whiskers plot of game indicators (2/2)
TABLE SM.5 – Regression models. Game indicators to behavioral biases (1/3)
Variables Entered/Removed
Model
Variables Entered/Removed
a
Variables
Removed
Variables Entered
Model
Method
1
Stepwise (Criteria: Probab.-ofF-to-enter <= .050, Probab.-ofF-to-remove >= .100).
gamma a. Dependent Variable: Volume ratio (r)
a. Dependent Variable: Average Price
Model Summary
Model Summary
Model
1
R
Adjusted R
Square
R Square
.184
a
.034
Std. Error of
the Estimate
.026
Model
2
.010
ANOVA
Sum of
Squares
Regression
Residual
Total
df
Mean Square
4.422
1
4.422
126.444
130.865
120
121
1.054
.088
F
Sig.
4.197
.043 b
Model
2
Sum of
Squares
Regression
.061
Residual
Total
df
Mean Square
.042
1
.042
0.434
0.475
117
118
.004
F
Sig.
11.287
.001 b
b. Predictors: (Constant), gamma -
B
Coefficients a
a
Unstandardized
Coefficients
Unstandardized
Coefficients
Standardized
Coefficients
Std. Error
15.743
.175
.655
.320
Beta
t
90.120
.184
2.049
Sig.
.000
Model
2
B
Standardized
Coefficients
Std. Error
(Constant)
.920
.068
gamma -
.043
.012
.020
Beta
.297
t
76.798
3.360
Sig.
.000
.001
a. Dependent Variable: Volume ratio (r)
a. Dependent Variable: Average Price
Excluded Variables a
Excluded Variables a
Model
1
.080
a. Dependent Variable: Volume ratio (r)
Coefficients
Overprecisión 2
.297 a
Std. Error of
the Estimate
ANOVAa
b. Predictors: (Constant), Overprecisión 2
(Constant)
Adjusted R
Square
R Square
a
a. Dependent Variable: Average Price
Model
1
R
a. Predictors: (Constant), gamma -
a. Predictors: (Constant), Overprecisión 2
Model
1
Method
2
Stepwise (Criteria: Probab.-ofF-to-enter <= .050, Probab.-ofF-to-remove >= .100).
Overprecisión 2
Variables Entered
a
Variables
Removed
Beta In
t
-0.107
-1.181
Partial
Sig.
Correlation
.915
-.010
.240
-.108
Collinearity
Statistics
Tolerance
Overplacement
t
-1.154
-1.015
.548
Overprecision 1
.079 b
.879
.381
.081
.973
.991
Overprecisión 2
alpha +
.079
-.044 b
b
.880
-.488
.381
.627
.081
-.045
.979
.982
alpha -
-.019 b
-.205
.838
-.019
.894
gamma +
loss aversion 1
.101
-.045 b
b
1.112
-.505
.268
.614
.103
-.047
.937
.999
Loss aversion 2 (r)
-.023 b
-.259
.796
-.024
1.000
Overplacement
-.107 b
Overprecision 1
-.034 b
-.278
.782
-.025
alpha +
alpha -
-.096
b
-1.065
.289
-.097
.112
b
1.253
.213
.114
.998
gamma +
-.118 b
-1.323
.188
-.120
1.000
gamma loss aversion 1
.035
-.066 b
b
.384
.702
.035
.979
-.723
.471
-.066
.985
Loss aversion 2 (r)
-.015 b
-.163
.871
-.015
.963
.972
.979
Beta In
Tolerance
b
-.010
Model
2
Collinearity
Statistics
-.102
-.090 b
Overestimation
b
Partial
Sig.
Correlation
.251
-.107
.312
-.094
Overestimation
a. Dependent Variable: Average Price
a. Dependent Variable: Volume ratio (r)
b. Predictors in the Model: (Constant), Overprecisión 2
b. Predictors in the Model: (Constant), gamma -
.999
.995
TABLE SM.5 – Regression models. Game indicators to behavioral biases (2/3)
Variables Entered/Removed
Model
Variables Entered
a
Variables Entered/Removed
Variables
Removed
Method
3
Model
Stepwise (Criteria: Probab.-ofF-to-enter <= .050, Probab.-ofF-to-remove >= .100).
gamma -
Variables Entered
Stepwise (Criteria: Probab.-ofF-to-enter <= .050, Probab.-ofF-to-remove >= .100).
gamma +
a. Dependent Variable: Quality Ratio
Model Summary
R
Method
4
a. Dependent Variable: Non-performing loans
Model
3
a
Variables
Removed
R Square
.219 a
Model Summary
Adjusted R
Square
.048
Std. Error of
the Estimate
.040
Model
4
.003
a. Predictors: (Constant), gamma -
R
Adjusted R
Square
R Square
.258
a
.066
Sum of
Squares
Regression
Residual
Total
df
Mean Square
.645
1
.645
12.791
13.436
120
121
.107
F
Sig.
6.054
.015 b
Model
4
Sum of
Squares
Regression
Residual
Total
df
Mean Square
.093
1
.093
1.306
1.398
120
121
.011
F
Sig.
8.526
.004 b
a. Dependent Variable: Quality Ratio
b. Predictors: (Constant), gamma -
b. Predictors: (Constant), gamma +
Coefficients
a
Unstandardized
Coefficients
B
(Constant)
Coefficients a
Standardized
Coefficients
Std. Error
5.812
.263
gamma -
.063
.107
Beta
.219
Unstandardized
Coefficients
t
91.620
2.460
Sig.
.000
.015
a. Dependent Variable: Non-performing loans
Model
4
B
(Constant)
gamma +
Beta In
Overestimation
Standardized
Coefficients
Std. Error
1.091
-.108
.026
.037
Beta
-.258
t
42.556
-2.920
Sig.
.000
.004
a. Dependent Variable: Quality Ratio
Excluded Variables a
Model
3
.104
ANOVAa
a. Dependent Variable: Non-performing loans
Model
3
.059
a. Predictors: (Constant), gamma +
ANOVAa
Model
3
Std. Error of
the Estimate
t
b
Excluded Variables a
Partial
Sig.
Correlation
.371
.082
.885
-.013
Overplacement
.080
-.013 b
0.899
-.145
Overprecision 1
-.079 b
-.869
.387
-.079
Overprecisión 2
alpha +
-.040
.118 b
b
-.440
1.316
.661
.191
-.040
.120
alpha -
-.081 b
-.863
.390
gamma +
loss aversion 1
.146
-.057 b
b
1.599
-.643
Loss aversion 2 (r)
-.058 b
-.650
Collinearity
Statistics
Tolerance
.999
.995
Model
4
Beta In
Overestimation
t
Partial
Sig.
Correlation
.854
.017
.163
.128
Collinearity
Statistics
Tolerance
b
Overplacement
.016
.124 b
0.184
1.405
.973
Overprecision 1
.126 b
1.429
.156
.130
.999
.979
.982
Overprecisión 2
alpha +
.049
b
.555
-1.252
.580
.213
.051
-.114
1.000
.643
-.079
.894
alpha -
.050 b
.559
.577
.051
.991
.112
.522
.145
-.059
.937
.999
gamma loss aversion 1
.124
-.089 b
b
1.365
-1.010
.175
.314
.124
-.092
.937
.995
.517
-.059
1.000
Loss aversion 2 (r)
-.037 b
-.416
.678
-.038
.991
-.137 b
a. Dependent Variable: Non-performing loans
a. Dependent Variable: Quality Ratio
b. Predictors in the Model: (Constant), gamma -
b. Predictors in the Model: (Constant), gamma +
.997
.989
TABLE SM.5 – Regression models. Game indicators to behavioral biases (3/3)
Variables Entered/Removed
Model
a
Variables
Removed
Variables Entered
Method
5
gamma +
Stepwise (Criteria: Probab.-ofF-to-enter <= .050, Probab.-ofF-to-remove >= .100).
Overprecision 1
Stepwise (Criteria: Probab.-ofF-to-enter <= .050, Probab.-ofF-to-remove >= .100).
6
a. Dependent Variable: Weighted Quality (r)
Model Summary
Model
R
Adjusted R
Square
R Square
Std. Error of
the Estimate
5
.216
a
.047
.039
.09199
6
.298
b
.089
.073
.09031
a. Predictors: (Constant), gamma +
b. Predictors: (Constant), gamma +, Overprecision 1
ANOVAa
Model
5
6
Sum of
Squares
Regression
df
Mean Square
.050
1
.050
Residual
1.015
120
.008
Total
1.065
121
Regression
.095
2
.047
Residual
.971
119
.008
1.065
121
Total
F
Sig.
b
5.886
.017
5.797
.004 c
a. Dependent Variable: Weighted Quality (r)
b. Predictors: (Constant), gamma +
c. Predictors: (Constant), gamma +, Overprecision 1
Coefficients a
Model
5
6
Unstandardized
Coefficients
B
Std. Error
(Constant)
1.071
.023
gamma +
-.079
.033
(Constant)
1.047
.024
gamma +
-.082
.032
.075
.032
Overprecision 1
Standardized
Coefficients
Beta
t
Sig.
47.387
.000
-2.426
.017
42.795
.000
-.223
-2.545
.012
.205
2.343
.021
-.216
a. Dependent Variable: Weighted Quality (r)
Excluded Variables a
Model
5
6
Beta In
Overestimation
t
Partial
Sig.
Correlation
.920
-.009
Collinearity
Statistics
Tolerance
b
-.100
Overplacement
.095 b
1.059
.292
.097
Overprecision 1
.205 b
2.343
.021
.210
.999
Overprecisión 2
.039 b
.431
.667
.039
1.000
alpha +
-.061 b
-.549
.584
-.050
.643
alpha -
-.016 b
-.178
.859
-.016
.991
gamma -
-.006 b
-.063
.950
-.006
.937
loss aversion 1
-.100 b
-1.117
.266
-.102
.995
Loss aversion 2 (r)
-.016 b
-.177
.860
-.016
.991
Overestimation
.017 c
.190
.850
.017
.981
Overplacement
.104 c
1.182
.240
.108
.987
-.009
.997
.989
Overprecisión 2
-.182
c
-1.546
.125
-.141
.546
alpha +
-.017 c
-.154
.878
-.014
.623
alpha -
-.018
c
-.206
.837
-.019
.991
gamma -
-.041 c
-.450
.654
-.041
.913
loss aversion 1
-.111
c
-1.269
.207
-.116
.992
Loss aversion 2 (r)
-.035 c
-.395
.694
-.036
.982
a. Dependent Variable: Weighted Quality (r)
b. Predictors in the Model: (Constant), gamma +
c. Predictors in the Model: (Constant), gamma +, Overprecision 1
TABLE SM.5 – Factorial analysis. Correlations
VARIABLES TO FACTORS
Correlations
E
Strategy
Quality
Pearson Correlation
P
Mmed
Mavg
alpha +
alpha -
gamma +
gamma -
βmed
βavg (r)
-.049
-.121
.061
.145
-.059
.135
-.095
.029
-.032
.024
Sig. (2-tailed)
.590
.180
.499
.108
.515
.133
.293
.745
.720
.795
N
125
125
124
124
125
125
125
125
125
122
-.037
.051
.150
.040
-,196*
.017
-,269**
-.091
-.056
.009
Sig. (2-tailed)
.678
.571
.097
.660
.028
.853
.002
.314
.538
.917
N
125
125
124
124
125
125
125
125
125
122
Pearson Correlation
*. Correlation is significant at the 0.05 level (2-tailed).
**. Correlation is significant at the 0.01 level (2-tailed).
FACTORS TO INDICATORS
Correlations
Pavg
OC
Gains
Losses
Pearson Correlation
Pvol
Vind
Vmax,ind (r)
NPL
Q avg
Q vol (r)
-.103
-.122
.111
-.112
.046
.038
.001
Sig. (2-tailed)
.252
.175
.220
.223
.613
.671
.994
N
125
125
125
121
125
125
124
-.139
-.079
.085
.051
.157
-,285**
-,223*
Sig. (2-tailed)
.120
.381
.346
.577
.078
.001
.013
N
126
126
126
122
126
126
125
Pearson Correlation
.093
.116
.069
,299**
,189*
.068
-.042
Sig. (2-tailed)
.301
.197
.444
.001
.035
.450
.644
N
126
126
126
122
126
126
125
Pearson Correlation
Loss aversion Pearson Correlation
-.008
.000
-.032
-.076
-.085
-.061
-.072
Sig. (2-tailed)
.933
.999
.721
.406
.345
.501
.426
N
126
126
126
122
126
126
125
**. Correlation is significant at the 0.01 level (2-tailed).
*. Correlation is significant at the 0.05 level (2-tailed).
TABLE SM.6 – Factorial analysis. Regressions (1/5)
FACTORS TO FACTORS
Variables Entered/Removeda
Model
1
Variables Entered
Variables
Removed
Method
Stepwise (Criteria: Probab.-of-Fto-enter <= .050, Probab.-of-Fto-remove >= .100).
Gains
a. Dependent Variable: Quality
Model Summary
Model
1
R
Adjusted R
Square
R Square
.266 a
.071
Std. Error of
the Estimate
.063
.948
a. Predictors: (Constant), Gains
ANOVAa
Model
1
Sum of
Squares
Regression
df
Mean Square
8.363
1
8.363
Residual
109.740
122
.900
Total
118.103
123
F
Sig.
9.297
.003
b
a. Dependent Variable: Quality
b. Predictors: (Constant), Gains
Coefficients
a
Unstandardized Coefficients
Model
1
B
Standardized
Coefficients
Std. Error
(Constant)
-.016
.085
Gains
-.261
.086
Beta
t
Sig.
-.183
.855
-.266
-3.049
.003
a. Dependent Variable: Quality
Excluded Variables
Model
1
a
Collinearity
Statistics
Overconfidence
-.016
b
-.187
.852
Partial
Correlation
-.017
Losses
-.069 b
-.789
.432
-.072
1.000
Loss aversion Factor
-.040 b
-.458
.648
-.042
1.000
Beta In
a. Dependent Variable: Quality
b. Predictors in the Model: (Constant), Gains
t
Sig.
Tolerance
1.000
TABLE SM.6 – Factorial analysis. Regressions (2/5)
VARIABLES TO FACTORS
Variables Entered/Removeda
Model
Variables
Removed
Variables Entered
Method
1
Stepwise (Criteria: Probab.-ofF-to-enter <= .050, Probab.-ofF-to-remove >= .100).
gamma +
a. Dependent Variable: Quality
Model Summary
Model
R
1
Adjusted R
Square
R Square
.269
a
.072
Std. Error of
the Estimate
.064
.948
a. Predictors: (Constant), gamma +
ANOVA
Model
1
Sum of
Squares
Regression
a
df
Mean Square
8.377
1
8.377
Residual
107.806
120
.898
Total
116.183
121
F
Sig.
9.324
.003
b
a. Dependent Variable: Quality
b. Predictors: (Constant), gamma +
Coefficients
a
Unstandardized
Coefficients
Model
1
B
Std. Error
(Constant)
gamma +
Standardized
Coefficients
.645
.233
-1.029
.337
Beta
t
-.269
Sig.
2.772
.006
-3.054
.003
a. Dependent Variable: Quality
Excluded Variables a
Model
1
Beta In
Overestimation
t
Partial
Correlation
Sig.
Collinearity
Statistics
Tolerance
-.023
b
Overplacement
.080
b
.903
.368
.083
Overprecision 1
.158 b
1.817
.072
.164
.999
Overprecisión 2
.034
b
.386
.700
.035
1.000
alpha +
-.055 b
-.503
.616
-.046
.643
alpha -
-.008 b
-.093
.926
-.009
.991
gamma -
-.025
b
-.276
.783
-.025
.937
loss aversion 1
-.074 b
-.840
.402
-.077
.995
Loss aversion 2 (r)
-.017 b
-.187
.852
-.017
.991
a. Dependent Variable: Quality
b. Predictors in the Model: (Constant), gamma +
-.256
.798
-.023
.997
.989
TABLE SM.6 – Factorial analysis. Regressions (3/5)
Model
1
Dependent
VMAXind
variable
2
3
4
NPL
Qavg
Qvol
Constant
0.955
5.950
1.021
1.020
OC
-
-
-
-
-
-
(s ignific .)
Gains
(s ignific .)
Losses
(s ignific .)
-0.031
-0.021
0.001
0.013
-
-
-
-
-
0.089
0.036
0.081
0.050
0.082
0.028
0.074
0.042
0.019
0.001
Loss Aversion -
0.063
0.035
(s ignific .)
R2
2
adj. R
TABLE SM.6 – Factorial analysis. Regressions (4/5)
FACTORS TO INDICATORS
Variables Entered/Removeda
Model
Variables Entered
Variables Entered/Removeda
Variables
Removed
Method
1
Model
2
Stepwise (Criteria: Probab.-ofF-to-enter <= .050, Probab.-ofF-to-remove >= .100).
Losses
Variables Entered
a. Dependent Variable: Non-performing loans
Model Summary
R
1
Method
Stepwise (Criteria: Probab.-ofF-to-enter <= .050, Probab.-ofF-to-remove >= .100).
Losses
a. Dependent Variable: Volume ratio (r)
Model
Variables
Removed
R Square
.299 a
Model Summary
Adjusted R
Square
.089
Std. Error of
the Estimate
.082
Model
R
2
.061
a. Predictors: (Constant), Losses
Adjusted R
Square
R Square
.189 a
.036
Sum of
Squares
df
Mean Square
Regression
.043
1
.043
Residual
.440
119
.004
Total
.483
120
F
Sig.
11.684
.001
b
Model
2
Sum of
Squares
Regression
df
Mean Square
.489
1
.489
Residual
13.280
123
.108
Total
13.769
124
F
Sig.
4.532
.035 b
a. Dependent Variable: Non-performing loans
b. Predictors: (Constant), Losses
b. Predictors: (Constant), Losses
Coefficients
a
Unstandardized
Coefficients
B
Coefficients
Standardized
Coefficients
Std. Error
(Constant)
.955
.006
Losses
.019
.006
Beta
t
.299
a
Unstandardized
Coefficients
Sig.
172.785
.000
3.418
.001
a. Dependent Variable: Volume ratio (r)
Model
2
B
(Constant)
Losses
Standardized
Coefficients
Std. Error
5.950
.029
.063
.030
Beta
t
202.449
.189
2.129
Sig.
.000
.035
a. Dependent Variable: Non-performing loans
Excluded Variables
Model
1
.003
ANOVAa
a. Dependent Variable: Volume ratio (r)
Model
1
.028
a. Predictors: (Constant), Losses
ANOVAa
Model
1
Std. Error of
the Estimate
Beta In
Overconfidence
Gains
Loss aversion Factor
t
a
Excluded Variables
Partial
Correlation
Sig.
Collinearity
Statistics
Tolerance
b
-1.615
.109
-.147
.991
.051 b
.581
.562
.053
1.000
-.076 b
-.867
.387
-.080
1.000
-.141
Model
2
Beta In
t
a
Partial
Sig.
Correlation
.752
.029
Collinearity
Statistics
Tolerance
Overconfidence
.028
b
.316
Gains
.157 b
1.794
.075
.160
1.000
-.085 b
-.957
.341
-.086
1.000
Loss aversion Factor
a. Dependent Variable: Volume ratio (r)
a. Dependent Variable: Non-performing loans
b. Predictors in the Model: (Constant), Losses
b. Predictors in the Model: (Constant), Losses
.991
TABLE SM.6 – Factorial analysis. Regressions (5/5)
Variables Entered/Removeda
Model
Variables Entered
Variables Entered/Removeda
Variables
Removed
Model
Method
3
a. Dependent Variable: Weighted Quality (r)
Model Summary
R
3
Method
Stepwise (Criteria: Probab.-ofF-to-enter <= .050, Probab.-ofF-to-remove >= .100).
Gains
a. Dependent Variable: Quality Ratio
Model
Variables
Removed
4
Stepwise (Criteria: Probab.-ofF-to-enter <= .050, Probab.-ofF-to-remove >= .100).
Gains
Variables Entered
R Square
.285 a
Model Summary
Adjusted R
Square
.081
Std. Error of
the Estimate
.074
Model
R
4
.103
a. Predictors: (Constant), Gains
Adjusted R
Square
R Square
.223 a
.050
Sum of
Squares
Regression
df
Mean Square
.116
1
.116
Residual
1.317
123
.011
Total
1.433
124
F
Sig.
10.866
.001 b
Model
4
Sum of
Squares
Regression
df
Mean Square
.054
1
.054
Residual
1.029
122
.008
Total
1.083
123
F
Sig.
6.357
.013 b
a. Dependent Variable: Weighted Quality (r)
b. Predictors: (Constant), Gains
b. Predictors: (Constant), Gains
Coefficients
a
Unstandardized
Coefficients
B
Coefficients
Standardized
Coefficients
Std. Error
(Constant)
1.021
.009
Gains
-.031
.009
Beta
t
110.322
-.285
a
Unstandardized
Coefficients
-3.296
Sig.
.000
Model
4
.001
a. Dependent Variable: Quality Ratio
B
Standardized
Coefficients
Std. Error
(Constant)
1.020
.008
Gains
-.021
.008
Beta
t
123.653
-.223
-2.521
Sig.
.000
.013
a. Dependent Variable: Weighted Quality (r)
Excluded Variables
Model
3
.092
ANOVAa
a. Dependent Variable: Quality Ratio
Model
3
.042
a. Predictors: (Constant), Gains
ANOVAa
Model
3
Std. Error of
the Estimate
Beta In
t
a
Excluded Variables
Partial
Sig.
Correlation
.700
.035
Overconfidence
.033
b
.386
Losses
.068 b
.784
.434
.071
-.061 b
-.699
.486
-.063
Loss aversion Factor
Collinearity
Statistics
Tolerance
Model
4
Beta In
t
a
Partial
Sig.
Correlation
.972
-.003
Collinearity
Statistics
Tolerance
Overconfidence
-.003
b
-.036
1.000
Losses
-.042 b
-.471
.638
-.043
1.000
1.000
Loss aversion Factor
-.072 b
-.813
.418
-.074
1.000
1.000
a. Dependent Variable: Quality Ratio
a. Dependent Variable: Weighted Quality (r)
b. Predictors in the Model: (Constant), Gains
b. Predictors in the Model: (Constant), Gains
1.000