Artificial Intelligence Alter Egos

The University of Chicago Summer Session

<H2 CLASS="et_pb_toggle_title">Artificial Intelligence Alter Egos</H2>
<H3 ITEMPROP="jobTitle">Eric Ghysels, Edward Bernstein Distinguished Professor of Economics and Adjunct Professor of Finance, Kenan-Flagler Business School, University of North Carolina at Chapel Hill</H3>
<P><SPAN>Robo-advising is a fast-growing application of financial technology (FinTech) solutions to asset and wealth management.  We assess benefits from robo-advising using a unique data set covering brokerage accounts for a large cross-section of investors over a long time span, namely more than 10 years and more than 20,000 individuals using their investor-specific characteristics. We study robo-investors which shadow the individuals in our data set. They track each individual's portfolio over the past two years and make allocation decisions either based on a Markowitz mean-variance scheme or a 1/N rule.  We call these robo-investors Artificial Intelligence Alter Egos, and study their portfolio return behavior vis-\`a-vis each of the individuals they shadow. We study the investor characteristics which determine who stands to gain from robo-advising. In addition, we also introduce the notion of robust robots, which take into account the potential for fragile beliefs.</SPAN></P>

The University of Chicago

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Artificial Intelligence Alter Egos

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