Interactivity and Illusions of Ability: How Using Generative AI Affects Investor Judgments
通过三个实验，研究发现生成式AI的交互性让投资者高估自身能力并更愿意投资，尽管实际上交互性并未改善甚至阻碍了信息处理。
ABSTRACT I use the setting of generative AI (GenAI) to examine how processing tool interactivity affects investors’ self‐assessments of ability and willingness to invest. Although GenAI can help investors process financial information, I theorize that the interactive nature of GenAI blurs the boundaries between investors’ own abilities and those of GenAI, prompting investors to discount their reliance on GenAI and misattribute its abilities to themselves. I rely on the advantages of a laboratory setting to disentangle the interactive element of GenAI from the mere presence of GenAI assistance. Across three experiments, I find that the interactivity underpinning GenAI heightens investors’ self‐assessments of their own abilities and increases their willingness to invest, despite this interactivity not improving, and in fact hindering, their actual processing of information provided by GenAI. My study thus highlights one potential cost of using GenAI and other highly interactive processing tools.