Electronic Resource

Article - Do Robo-Advisors Make Us Better Investors? Vol: 211 (Issue): - Hal: 114–129

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Investors increasingly can obtain assistance from “robo-advisors,” artificial intelligence–enabled digitalized
service agents imbued with anthropomorphic design elements that can communicate using natural language.
The present article considers the impact of anthropomorphized robo-advisors on investment decisions, with a
focus on their ability to mitigate investors’ behavioral biases. We study the well-documented disposition effect,
which reflects investors’ greater propensity to realize past gains than past losses. In two induced-value
laboratory experiments, the availability of a robo-advisor reduces (i.e., mitigates) investors’ disposition effect.

This relationship is mediated by two simultaneous (indirect) effects: the extent of requests for the robo-
advisor’s investment advice and perceptions of its socialness. These findings resonate with cognitive

dissonance theory, which predicts that assigning responsibility to the advisor helps investors resolve a sense of
discomfort that may arise after a financial loss. Anthropomorphic design elements alone are not sufficient to
reduce the disposition effect, but they decrease investors’ propensity to seek advice, which offsets the positive
(indirect) effect of perceived socialness. These results have implications for the ongoing automation of advisory
services, as well as for improving decision making, and suggest some further research directions.

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Ketersediaan

Informasi Detail

Judul Seri

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No. Panggil

332.602 85 BAC d

Penerbit

: Elsevier Academic Press., 2021

Deskripsi Fisik

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Bahasa

English

ISBN/ISSN

0167-2681

Klasifikasi

332.602 85 BAC d

Tipe Isi

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Tipe Media

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Tipe Pembawa

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Edisi

Vol: 211 (Issue): - Hal: 114–129

Subjek

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Info Detail Spesifik

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Pernyataan Tanggungjawab

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Versi lain/terkait

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