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Towards Designing Robo-advisors for Unexperienced Investors with Experience Sampling of Time-Series Data

In: Information Systems and Neuroscience

Author

Listed:
  • Florian Glaser

    (Karlsruhe Institute of Technology (KIT))

  • Zwetelina Iliewa

    (Max Planck Institute for Research on Collective Goods)

  • Dominik Jung

    (Karlsruhe Institute of Technology (KIT)
    Karlsruhe Decision and Design Lab (KD2Lab))

  • Martin Weber

    (University of Mannheim, Center for European Economic Research (ZEW))

Abstract

We propose an experimental study to examine how to optimally design a robo-advisor for the purposes of financial risk taking. Specifically, we focus on robo-advisors which are able to (i) “speak” the language of the investors by communicating information on the statistical properties of risky assets in an intuitive way, (ii) “listen” to the investor by monitoring her emotional reactions and (iii) do both. The objectives of our study are twofold. First, we aim to understand how robo-advisors affect financial risk taking and the revisiting of investment decisions. Second, we aim to identify who is most affected by robo-advice.

Suggested Citation

  • Florian Glaser & Zwetelina Iliewa & Dominik Jung & Martin Weber, 2019. "Towards Designing Robo-advisors for Unexperienced Investors with Experience Sampling of Time-Series Data," Lecture Notes in Information Systems and Organization, in: Fred D. Davis & René Riedl & Jan vom Brocke & Pierre-Majorique Léger & Adriane B. Randolph (ed.), Information Systems and Neuroscience, pages 133-138, Springer.
    • Handle: RePEc:spr:lnichp:978-3-030-01087-4_16
    DOI: 10.1007/978-3-030-01087-4_16
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    Cited by:

    1. Asrar Ahmed Sabir & Iftikhar Ahmad & Hassan Ahmad & Muhammad Rafiq & Muhammad Asghar Khan & Neelum Noreen, 2023. "Consumer Acceptance and Adoption of AI Robo-Advisors in Fintech Industry," Mathematics, MDPI, vol. 11(6), pages 1-24, March.
    2. Bai, Zefeng, 2021. "Does robo-advisory help reduce the likelihood of carrying a credit card debt? Evidence from an instrumental variable approach," Journal of Behavioral and Experimental Finance, Elsevier, vol. 29(C).

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