投资决策中的人机交互.pdf

1、Human-Robot Interactions in Investment DecisionsMilo Bianchi(TSE)-Marie Brire(Amundi,Universit Libre de Bruxelles&Universit Paris Dauphine PSL)9thIPRA conference,June 20242The ContextRecent advances in technologies:possibilites to offer financial services in an innovative wayIndividuals are more and

2、 more responsible of their pension savings decisions Reduction in pay-as-you-go pension benefits Gradual shift from DB to DC pension fundsCan robo-advisors help improve pension savings decisions?3Complex investment decisions:Numerous biasesIn particular for investors with low financial literacy(Guis

3、o et al.,2003;Lusardi and Mitchell,2014;Bianchi,2018)Low participation to the stock marketHigher for wealthyhouseholds,more financiallyeducated(Calvet et al.,2009;Van Rooij et al.,2011)Insufficient diversification In average 2 stocks(Polkovnichenko,2005),employer stockMisunderstanding of diversifica

4、tion benefits(vonGaudecker,2015)Domestic or familiaritybias(Coval and Moskowitz,1999;Bekaert et al.,2015;Massa et Simonov,2006;Bianchi and Tallon 2018)Limited attentionInvestors observe their portolio infrequently,more in rising markets(“Ostrichteffect”,Olafsson and Pagel,2021)v4Can Technology Help?

5、Robo-advisors Online platform providing financial advice or allowing automated management of a portfolio of assets Direct digital relationshipHow they work Define goals Assess personal preferences Construct and communicate optimal investment strategy Alerts are sent/portfolios rebalanced automatical

6、lyGlobal robo-advice market is around$1.5 trn AUMs worldwide are projected to reach$2.3 trn in 2027(Statista)5Robo-advisorsTypes of robo-advisors(European Parliament,2021)PersonalizedRobo-adviceManagedaccountSoftware provides investment advice based on clients preferencesClient makes investment deci