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Human-Robot Interactions in Investment Decisions

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  • Milo Bianchi

    (TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, TSM - Toulouse School of Management Research - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - CNRS - Centre National de la Recherche Scientifique - TSM - Toulouse School of Management - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse)

  • Marie Brière

    (Climate Economics Chair, Economics of Gas Chair, Paris Dauphine University, Paris, France, ULB - Université libre de Bruxelles = Free University of Brussels)

Abstract

We study the introduction of robo-advising on a large representa-tive sample of Employee Saving Plans. Dierently from many services that fully automate portfolio decisions, our robo-advisor proposes in- vestment and rebalancing strategies, leaving investors free to follow or ignore them. We focus on the resulting human-robot interactions and show that with the robo-service investors increase their attention to the portfolio, their investment in the plan, their equity exposure. They experience higher risk-adjusted returns, mostly by changing their re-balancing so to stay closer to the target. These eects are robust across various specications accounting for the endogeneity of the take-up decision, and they are stronger for investors with smaller portfolios, lower baseline returns and stock market participation. Our results suggest that automated advice can promote nancial inclusion, and they high- light how human-robot interactions can in uence investors' portfolio decisions and possibly improve nancial capability.

Suggested Citation

  • Milo Bianchi & Marie Brière, 2026. "Human-Robot Interactions in Investment Decisions," Working Papers hal-05482109, HAL.
    • Handle: RePEc:hal:wpaper:hal-05482109
    Note: View the original document on HAL open archive server: https://hal.science/hal-05482109v1
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