My Advisor, Her AI and Me: Evidence from a Field Experiment on Human-AI Collaboration and Investment Decisions

Workshop’s Topic: Contributing to current policy and academic debates about bringing humans in the loop of her allowing humans to collaborate with AI in the Artificial intelligence (AI), we explore whether allowing humans to collaborate with AI in the AI-based service production, compared to a pure AI solution, benefits the service production and consumption side. We conduct a field experiment with a large savings bank and produce pure AI-based and human-AI collaborative investment advice to the bank’s customers. On the production side, we find that implementing a human-AI collaboration by allowing bankers to have the final say with AI output does not compromise advice quality. On the consumption side, we find that the customers are more likely to align their final investment decisions wit advice from this human-AI collaboration, compared to pure AI, especially when making more risky investments. The higher reliance on human-AI collaborative advice also translates to higher monetary payoffs, Overall, the results from the field experiment suggest that bringing humans into the AI-based advisory service production is pivotal to allowing AI-enabled efficiency gains to transmit to downstream customers.

Time and Location: 14:00 PM (GMT+8), Room A523 (School of Management)

Language: Bilingual (Chinese and English)