“…Information feedback draws on the personal information feedback of Sell and Wilson (1991) and adopts "partner design" (Weimann, 1994;Bigoni and Suetens, 2012;Irlenbusch and Rilke, 2013), that is, setting (O'Neill and Mclarnon, 2018;Yang et al, 2021) keep the grouping and individual number unchanged throughout the experiment, and setting (Li et al, 2016;Liang and Fan, 2020) regroup every 10 periods. By comparing setting (Tong, 2020;Yang et al, 2021;Bartels et al, 2022) with setting (O'Neill and Mclarnon, 2018), our study analyzes the impact of leader type on individual and group investment, and analyses the mechanism of leader type change on individual investment level and overall group performance by comparing setting (Li et al, 2016;Liang and Fan, 2020).…”