Human-Robot Interactions in Investment Decisions

References

• Ang A, Brandt MW, Denison DF (2014) Review of the active management of the Norwegian government pension fund global. Report to the Norwegian Ministry of Finance, Maastricht University School of Business and Economics, Maastricht, Netherlands.Google Scholar
• Angelova V, Dobbie W, Yang CS (2023) Algorithmic recommendations and human discretion. NBER Working Paper No. 31747, National Bureau of Economic Research, Cambridge, MA.Google Scholar
• Bansal G, Nushi B, Kamar E, Horvitz E, Weld DS (2021) Is the most accurate AI the best teammate? Optimizing AI for teamwork. Proc. Conf. AAAI Artificial Intelligence 35(13):11405–11414.Crossref, Google Scholar
• Barber BM, Odean T (2001) Boys will be boys: Gender, overconfidence, and common stock investment. Quart. J. Econom. 116(1):261–292.Crossref, Google Scholar
• Berk JB, Van Binsbergen JH (2015) Measuring skill in the mutual fund industry. J. Financial Econ. 118(1):1–20.Crossref, Google Scholar
• Bianchi M (2018) Financial literacy and portfolio dynamics. J. Finance 73(2):831–859.Crossref, Google Scholar
• Bianchi M, Brière M (2022) Robo-advising: Less AI and more XAI? Capponi A, Lehalle C-A, eds. Machine Learning in Financial Markets: A Guide to Contemporary Practice (Cambridge University Press, Cambridge, UK), 33–59.Google Scholar
• Brynjolfsson E (2022) The Turing trap: The promise & peril of human-like artificial intelligence. Preprint, submitted January 11, https://arxiv.org/abs/2201.04200.Google Scholar
• Burton JW, Stein M-K, Jensen TB (2020) A systematic review of algorithm aversion in augmented decision making. J. Behav. Decision Making 33(2):220–239.Crossref, Google Scholar
• Calvet LE, Campbell JY, Sodini P (2009) Fight or flight? Portfolio rebalancing by individual investors. Quart. J. Econom. 124(1):301–348.Crossref, Google Scholar
• Choukhmane T (2023) Default options and retirement saving dynamics. MIT Sloan Working Paper 6134-20, MIT Sloan School of Management, Cambridge, MA.Google Scholar
• D’Acunto F, Rossi AG (2020) Robo-advising. CESifo Working Paper 8225, Munich Society for the Promotion of Economic Research, Munich, Germany.Google Scholar
• D’Acunto F, Rossi AG (2023) Robo-advice: Transforming households into rational economic agents. Annual Rev. Financial Econom. 15:543–563.Crossref, Google Scholar
• D’Acunto F, Prabhala N, Rossi AG (2019) The promises and pitfalls of robo-advising. Rev. Financial Stud. 32(5):1983–2020.Crossref, Google Scholar
• Dietvorst BJ, Simmons JP, Massey C (2018) Overcoming algorithm aversion: People will use imperfect algorithms if they can (even slightly) modify them. Management Sci. 64(3):1155–1170.Link, Google Scholar
• Gargano A, Rossi AG (2018) Does it pay to pay attention? Rev. Financial Stud. 31(12):4595–4649.Crossref, Google Scholar
• Ge R, Zheng Z, Tian X, Liao L (2021) Human–robot interaction: When investors adjust the usage of robo-advisors in peer-to-peer lending. Inform. Systems Res. 32(3):774–785.Link, Google Scholar
• Goetzmann WN, Kumar A (2008) Equity portfolio diversification. Rev. Finance 12(3):433–463.Crossref, Google Scholar
• Gomes F, Haliassos M, Ramadorai T (2021) Household finance. J. Econom. Lit. 59(3):919–1000.Crossref, Google Scholar
• Green B, Chen Y (2019) Disparate interactions: An algorithm-in-the-loop analysis of fairness in risk assessments. Proc. Conf. Fairness, Accountability Transparency (Association for Computing Machinery, New York), 90–99.Google Scholar
• Greenwood R, Nagel S (2009) Inexperienced investors and bubbles. J. Financial Econ. 93(2):239–258.Crossref, Google Scholar
• Karlan D, McConnell M, Mullainathan S, Zinman J (2016) Getting to the top of mind: How reminders increase saving. Management Sci. 62(12):3393–3411.Link, Google Scholar
• Kleinberg J, Lakkaraju H, Leskovec J, Ludwig J, Mullainathan S (2018) Human decisions and machine predictions. Quart. J. Econom. 133(1):237–293.Crossref, Google Scholar
• Lee SK (2019) Fintech Nudges: Overspending Messages and Personal Finance Management (NYU Stern School of Business, New York).Google Scholar
• Loos B, Previtero A, Scheurle S, Hackethal A (2020) Robo-advisers and investor behavior. Working paper, University of Technology Sydney, Sydney, Australia.Google Scholar
• Lusardi A, Mitchell OS (2008) Planning and financial literacy: How do women fare? Amer. Econom. Rev. 98(2):413–417.Crossref, Google Scholar
• Madrian BC, Shea DF (2001) The power of suggestion: Inertia in 401 (k) participation and savings behavior. Quart. J. Econom. 116(4):1149–1187.Crossref, Google Scholar
• Maeso J-M, Martellini L (2020) Measuring portfolio rebalancing benefits in equity markets. J. Portfolio Management 46(4):94–109.Crossref, Google Scholar
• Maturana G, Nickerson J (2019) Teachers teaching teachers: The role of workplace peer effects in financial decisions. Rev. Financial Stud. 32(10):3920–3957.Crossref, Google Scholar
• Mozannar H, Sontag D (2020) Consistent estimators for learning to defer to an expert. Daumé H III, Singh A, eds. Proc. 37th Internat. Conf. Machine Learn., vol. 119 (PMLR, New York), 7076–7087.Google Scholar
• Niszczota P, Kaszás D (2020) Robo-investment aversion. PLoS One 15(9):e0239277.Crossref, Google Scholar
• Noy S, Zhang W (2023) Experimental evidence on the productivity effects of generative artificial intelligence. Preprint, submitted March 6, http://dx.doi.org/10.2139/ssrn.4375283.Google Scholar
• Ouimet P, Tate G (2020) Learning from coworkers: Peer effects on individual investment decisions. J. Finance 75(1):133–172.Crossref, Google Scholar
• Raghu M, Blumer K, Corrado G, Kleinberg J, Obermeyer Z, Mullainathan S (2019) The algorithmic automation problem: Prediction, triage, and human effort. Preprint, submitted March 28, https://arxiv.org/abs/1903.12220.Google Scholar
• Reher M, Sokolinski S (2024) Robo advisors and access to wealth management. J. Financial Econom. Forthcoming.Google Scholar
• Reher M, Sun C (2019) Automated financial management: Diversification and account size flexibility. J. Investment Management 17(2):1–13.Google Scholar
• Rossi A, Utkus S (2020) Who benefits from robo-advising? Evidence from machine learning. Preprint, submitted April 3, http://dx.doi.org/10.2139/ssrn.3552671.Google Scholar
• Seru A, Shumway T, Stoffman N (2010) Learning by trading. Rev. Financial Stud. 23(2):705–739.Crossref, Google Scholar
• Siddarth D, Acemoglu D, Allen D, Crawford K, Evans J, Jordan M, Weyl EG (2021) How AI fails us. Technology & Democracy Discussion paper, Harvard University, Cambridge, MA.Google Scholar