On the Benefits of Robo-Advice in Financial Markets
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ID: 315230
2026
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Abstract
Abstract Robo-advisors are tools in financial markets that provide investors with low-cost financial advice, typically based on individual characteristics such as risk attitudes. We study the benefits of robo-advice in a ten-week portfolio choice experiment. Depending on treatment, investors either receive robo-advice, have a robo-advisor implement recommendations by default, or invest on their own. While we observe no effect of robo-advice on initial market participation, we find positive effects on continued participation. Robo-advisors also help investors avoid mistakes, increase rebalancing, and yield portfolios closer to the utility-maximising benchmark. Default implementation of recommendations performs significantly better than advice alone.
| Reference Key |
openalex_W7162791201
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|---|---|
| Authors | Marco Lambrecht, Joerg Oechssler, Simon Weidenholzer |
| Journal | the economic journal |
| Year | 2026 |
| DOI |
10.1093/ej/ueag076
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| URL | |
| Keywords | Keywords not found |
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