Golden eye — How traders focus on and select information in experimental asset markets

In this study, we examine the subjective importance that traders attribute to specific information elements in experimental asset markets in two ways. First, using eye-tracking technology, we determine which given elements garner the most visual focus among traders. Second, we let traders actively choose a limited set of the given elements to determine which ones they deem important to have while trading. Our results indicate that the order book is the most important to traders, while the price chart is of low importance. There is only a conditional alignment between the elements that receive the most visual focus and those that traders select. Additionally, cognitive abilities play a non-trivial role in determining which information elements traders focus on. Finally, we find mixed evidence of a potential link between visual focus and trading performance. • We examine the importance traders attribute to information elements in experimental markets. • Using eye-tracking technology, we study which elements garner traders’ attention. • Additionally, we let traders actively choose a limited set of the given elements. • The order book gets most attention, while the price chart is of low importance. • The elements receiving the most attention partly overlap with traders’ selection.