Robo-advisors promise efficient, rational, and transparent investment advisory. We analyze how robo-advisors determine their users' risk tolerance and which equity exposure is derived from the individual risk profile. Our findings indicate significant differences in the quality of offered...

Decision making can be a complex process requiring the integration of several attributes of choice options. Understanding the neural processes underlying (uncertain) investment decisions is an important topic in neuroeconomics. We analyzed functional magnetic resonance imaging (fMRI) data from...

Do women invest differently than men? We contribute to the answer of this question by analysing the Panel on Household Finances (PHF) of the German Bundesbank. This representative panel collects a wide variety of behavioural and financial variables in the area of household finance. We find that...