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The study aims to explore whether varying degrees of risk aversion and attitudes towards AI influence individuals’ tendencies to invest using artificial intelligence. An incentivized experiment was conducted involving 200 business students. Participants earned extra credits by completing surveys designed to evaluate their risk tolerance and perceptions of AI. Each student was provided with virtual funds, which they were instructed to invest either independently or with the aid of an investment advisor or robo-manager in instruments available on the Warsaw Stock Exchange. In the case of the second and third investment methods, respondents could determine whether they preferred an investment with greater or less risk. The resulting rate of return was converted into positive or negative credits. The research revealed that individuals who chose to invest less money via AI were generally less inclined to engage in financially risky behaviors. Notably, only weak positive correlation was observed between the use of robo-managers for investment purposes and attitudes towards artificial intelligence.

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AI Approach, Risk Attitude and the Adoption of Financial Robo-Managers – an Incentivized Experiment Results

  • 会议论文

  • 发表日期：

    2026年

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  • Maria Forlicz,
  • Tomasz Rólczyński,
  • Bogdan Franczyk,
  • Zdzisław Kes

摘要

The study aims to explore whether varying degrees of risk aversion and attitudes towards AI influence individuals’ tendencies to invest using artificial intelligence. An incentivized experiment was conducted involving 200 business students. Participants earned extra credits by completing surveys designed to evaluate their risk tolerance and perceptions of AI. Each student was provided with virtual funds, which they were instructed to invest either independently or with the aid of an investment advisor or robo-manager in instruments available on the Warsaw Stock Exchange. In the case of the second and third investment methods, respondents could determine whether they preferred an investment with greater or less risk. The resulting rate of return was converted into positive or negative credits. The research revealed that individuals who chose to invest less money via AI were generally less inclined to engage in financially risky behaviors. Notably, only weak positive correlation was observed between the use of robo-managers for investment purposes and attitudes towards artificial intelligence.