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Does eye-tracking have an effect on economic behavior?

Jennifer Kee1, Melinda Knuth2, Joanna N Lahey3

  • 1Department of Agricultural Economics, Texas A&M University, College Station, Texas, United States of America.

Plos One
|August 5, 2021
PubMed
Summary
This summary is machine-generated.

Eye-tracking technology generally does not alter economic behavior in experiments. Researchers found minimal impact, especially when low-quality eye-tracking data is removed, ensuring reliable behavioral insights.

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Area of Science:

  • Behavioral Economics
  • Cognitive Science
  • Experimental Design

Background:

  • Eye-tracking is a valuable tool for understanding decision-making processes.
  • A key methodological concern is whether eye-tracking equipment influences participant behavior.

Purpose of the Study:

  • To investigate if using eye-tracking devices affects participants' economic behavior in experimental settings.
  • To assess the impact of eye-tracking across games with varying susceptibility to social desirability bias.

Main Methods:

  • A between-subject design was employed, randomly assigning participants to control or eye-tracking conditions.
  • Eight popular experimental economics games were utilized to test the effects.
  • Data quality from eye-tracking was considered, particularly regarding calibration difficulties.

Main Results:

  • Eye-tracking did not significantly alter outcomes in seven out of eight games.
  • In the Holt and Laury risk assessment game, initial risk aversion increased with eye-tracking, but only during early rounds.
  • Removing participants with low-quality eye-tracking data eliminated observed differences in the Holt and Laury game.

Conclusions:

  • Eye-tracking equipment can be incorporated into experiments without substantially changing economic behavior.
  • Data cleaning, specifically removing low-quality eye-tracking observations, is crucial for ensuring accurate results.
  • This finding supports the broader use of eye-tracking in behavioral research.