Are all robo-advisors the same? Out-group homogeneity bias in investors’ perceptions of robo-advisors

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-07 DOI:10.1016/j.frl.2025.107908

Yunshil Cha, Fangjun Xiao

引用次数: 0

Abstract

Robo-advisors are becoming increasingly prevalent in financial markets, raising important questions about how investors perceive them. Using an experiment, we study whether and why investors generalize a single robo-advisor’s performance more than that of a human financial advisor. Drawing on social categorization theory, we predict and find that investors perceive robo-advisors as more homogeneous than human financial advisors. This “all robo-advisors are the same” perception leads to greater transference of both success and failure across robo-advisors compared to human advisors. These findings highlight algorithmic transference in investor decision-making and carry important implications for investors and firms offering robo-advisory services.

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所有的机器人顾问都一样吗？投资者对机器人顾问看法中的群体外同质性偏差

机器人顾问在金融市场正变得越来越普遍，这引发了投资者如何看待它们的重要问题。通过一项实验，我们研究了投资者是否以及为什么会比人类财务顾问更能概括单个机器人顾问的表现。根据社会分类理论，我们预测并发现投资者认为机器人顾问比人类财务顾问更同质。与人类顾问相比，这种“所有的机器人顾问都是一样的”的看法导致了机器人顾问之间更大的成功和失败的转移。这些发现突出了投资者决策中的算法迁移，对投资者和提供机器人咨询服务的公司具有重要意义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance