Vortrag von Prof. Dr. Fabian Herweg, Universit?t Bayreuth, im BERG-Research Seminar am 19.05.26

Das Institut für VWL freut sich ankündigen zu k?nnen, dass Prof. Dr. Fabian Herweg, Universit?t Bayreuth, innerhalb des BERG-Research Seminar einen Vortrag zum Thema

AI Persuasion and Financial-Decision Making: Experimental Evidence on Dominated Investment Choices
(joint work with Joshua Greubel und Henrik Guhling)

halten wird.

Termin ist Dienstag, der 19. Mai 2026, von 15.00h (s.t.) – 16.00h in Raum F21/01.30

Abstract

This study examines how AI-generated financial advice influences investment decisions in situations where individuals choose between two fictitious fund providers, one objectively optimal and one dominated. In a controlled online experiment, participants received either no advice, advice from a human advisor, or AI-generated recommendations presented either neutrally or as originating from the investor’s bank. The results reveal substantial persuasive effects of both human and AI advice. Biased recommendations favoring the dominated option significantly reduced optimal investment choices, particularly when delivered by AI systems. In contrast, advice supporting the optimal provider strongly increased correct decisions, with AI-based recommendations producing the highest rates of optimal choices. Notably, framing AI advice as originating from a bank did not reduce trust in the AI advisor. The findings highlight the powerful influence of AI persuasion in financial decision-making and raise concerns about the potential misuse of AI-driven recommendations in retail investment markets.