TY - GEN
T1 - To risk or not to risk? improving financial risk-Taking of older adults by online social information
AU - Zhao, Jason Chen
AU - Fu, Wai-Tat
AU - Zhang, Hanzhe
AU - Zhao, Shengdong
AU - Duh, Henry Been-Lirn
N1 - Publication details (e.g. title, author(s), publication statuses and dates) are captured on an “AS IS” and “AS AVAILABLE” basis at the time of record harvesting from the data source. Suggestions for further amendments or supplementary information can be sent to [email protected].
PY - 2015/2/28
Y1 - 2015/2/28
N2 - Increasing number of older adults manage their retirement savings online. A crucial element of better management is to take rational financial risk - to strike a reasonable balance between expected gain and loss under uncertainty. With the emergence of Web 2.0 technologies, social trading networks can help individuals make better financial decisions by providing information about others' actions. It is, however, unclear whether these resources is beneficial to older adult's own financial decisions, especially because older adults are vulnerable to poor risk management. To address this question, we devise an experiment that improves upon an existing experimental economic task. We find that both peer information (detailed choices by a few individuals) and majority information (aggregated choices of the crowd) help older adults make more risk-neutral decisions. Furthermore, the combination of peer and majority information corrects more mistakes of more riskaverse older adults. © 2015 ACM.
AB - Increasing number of older adults manage their retirement savings online. A crucial element of better management is to take rational financial risk - to strike a reasonable balance between expected gain and loss under uncertainty. With the emergence of Web 2.0 technologies, social trading networks can help individuals make better financial decisions by providing information about others' actions. It is, however, unclear whether these resources is beneficial to older adult's own financial decisions, especially because older adults are vulnerable to poor risk management. To address this question, we devise an experiment that improves upon an existing experimental economic task. We find that both peer information (detailed choices by a few individuals) and majority information (aggregated choices of the crowd) help older adults make more risk-neutral decisions. Furthermore, the combination of peer and majority information corrects more mistakes of more riskaverse older adults. © 2015 ACM.
KW - Decision-Making
KW - Experience-Based Task
KW - Older Adults
KW - Risk-Taking
KW - Social Information
UR - http://www.scopus.com/inward/record.url?scp=84968884289&partnerID=8YFLogxK
UR - https://www.scopus.com/record/pubmetrics.uri?eid=2-s2.0-84968884289&origin=recordpage
U2 - 10.1145/2675133.2685033
DO - 10.1145/2675133.2685033
M3 - RGC 32 - Refereed conference paper (with host publication)
SN - 9781450329224
T3 - CSCW 2015 - Proceedings of the 2015 ACM International Conference on Computer-Supported Cooperative Work and Social Computing
SP - 95
EP - 104
BT - CSCW 2015 - Proceedings of the 2015 ACM International Conference on Computer-Supported Cooperative Work and Social Computing
PB - Association for Computing Machinery
T2 - 18th ACM International Conference on Computer-Supported Cooperative Work and Social Computing, CSCW 2015
Y2 - 14 March 2015 through 18 March 2015
ER -