Gamification and risk aversion: An empirical essay with management students

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Felipe Luiz Neves Bezerra de Melo
Ana Maria Jerônimo Soares


This article evaluates whether the use of gamification in entrepreneurship education is associated with a reduction in risk aversion among students studying at the technical level of Business Administration. As a theoretical framework, we used the Cumulative Prospect Theory. The
research was conducted at a Brazilian Federal Institute (IF) of education. We used a sample of 191 participants, and the research instrument was applied at the beginning and end of the course. The data analysis included the Difference-in-Difference, Propensity Score Matching, and
Quantile Regression methods. The results indicate that, after the implementation of the gamified pedagogical practice, there was an increase in the participants’ propensity to assume risks related to financial allocation decisions and occupational choices. This corroborates the role of gamification in the development of entrepreneurial skills by revealing that its use aids in preparing students to deal with uncertainties and calculated risks.


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How to Cite
DE MELO, F. L. N. B.; SOARES, A. M. J. Gamification and risk aversion: An empirical essay with management students. RAE - Revista de Administracao de Empresas , [S. l.], v. 64, n. 2, p. e2023–0136, 2024. DOI: 10.1590/S0034-759020240206. Disponível em: Acesso em: 15 apr. 2024.


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