明德經濟學堂 | 明德經濟學研討會第54期
發文時間:2025-03-26

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時間:2025年3月19日 14:00-15:30 (周三)

地點:明德主樓729會議室

主講人:Simon Weidenholzer 埃塞克斯大學教授

主持人:崔志偉 中國人民大學經濟學院教授

主題:On the benefits of robo-advice in financial markets

講座簡介:Robo-advisors are novel tools in financial markets that provide investors with low-cost financial advice, usually based on individual characteristics like risk attitudes. We study the benefits of robo-advice in a portfolio choice experiment running over ten weeks. Depending on treatment, investors either receive robo-advice, have a robo-advisor implementing recommendations by default, or have to invest on their own. While we observe no effect of robo-advice on initial market participation, we do find positive effects on continued market participation. Robos also help investors avoid mistakes, make rebalancing more frequent, and overall yield portfolios much closer to the utility maximizing ones. Robo-advisors that implement the recommendations by default do significantly better than those that just give advice.

主講人簡介:Simon Weidenholzer, Professor of Economics at the University of Essex, specializes in microeconomics, game theory, and behavioral economics, and has held prestigious grants from the ESRC, the Bank of England, and the Leverhulme Trust. His research explores evolutionary dynamics, social networks, and decentralized financial systems, with over 30 publications in leading journals, including the Journal of Economic Theory, Games and Economic Behavior, and Management Science.