Human-Robot Interactions in Investment Decisions

• 成果类型: Article; Early Access
• 署名作者: Bianchi, Milo; Briere, Marie
• 署名单位: Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Universite de Toulouse; Universite Toulouse 1 Capitole; Institut Universitaire de France; Universite PSL; Universite Paris-Dauphine; Universite Libre de Bruxelles
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2022.03886
• 发表日期: 2024
• 关键词: robo-advising; human-robot interaction; portfolio dynamics

摘要

We study the introduction of robo-advising on a large set of employee saving plans. Different from many services that fully automate portfolio decisions, our robo-advisor proposes investment and rebalancing strategies, leaving investors free to follow or ignore them. The resulting human -robot interactions occur both at the time of the subscription and over time, as the robot sends alerts when the investor's portfolio gets too far from the target allocation. We show that the robo-service is associated with an increase in investors' attention and trading activities. Following the robot's alerts, investors change their rebalancing behaviors so as to stay closer to their target allocation, which results in larger portfolio returns. Counterfactual returns induced by automatic rebalancing by the robot would be only slightly higher, suggesting that, on average, the financial cost of letting investors retain control is not large.