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How to design a financial market experimentation: The qualitative approach

Author

Listed:
  • Alain Finet
  • Kevin Kristoforidis
  • Julie Laznicka

Abstract

This article aims at strengthening financial literature by providing a qualitatively inspired experimental protocol for analyzing the influence of emotions and cognitive and behavioral biases on the decision-making of individual investors. Most studies in this field generally rely on a quantitative approach, which is restricted to demonstrating cause-and-effect relationships based on large sample sizes, without actually analyzing the psychological reality of individual investors. Consequently, the literature shows a growing interest in the use of qualitative methodologies to better understand the financial decision-making process. However, laboratory experimentation must be based on a well-designed experimental protocol, so that other researchers can replicate the experiment with a precise understanding of the set-up and conditions. Accordingly, this article details the fundamental principles of experimental protocol design, based on existing literature. We then propose the practical set-up of an experiment on financial markets, using qualitative tools such as questionnaires, semi-directive interviews and a focus group. The article demonstrates the advantages of the qualitative approach in understanding the emotional and cognitive influence on the decision-making process. This methodology and the protocol offer a more precise analysis of people's psychological reality, often ignored by quantitative approaches.

Suggested Citation

  • Alain Finet & Kevin Kristoforidis & Julie Laznicka, 2025. "How to design a financial market experimentation: The qualitative approach," International Journal of Social and Administrative Sciences, Asian Economic and Social Society, vol. 10(1), pages 1-10.
  • Handle: RePEc:asi:ijosaa:v:10:y:2025:i:1:p:1-10:id:5315
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