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Suppetia ex machina: How can AI technologies aid financial decision-making of people with low socioeconomic status?

Christian T. Elbæk (), Ifeatu Uzodinma, Zilia Ismagilova and Panagiotis Mitkidis
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Christian T. Elbæk: Department of Management, Aarhus University, Denmark
Ifeatu Uzodinma: UCL School of Slavonic and East European Studies, University College London, United Kingdom
Panagiotis Mitkidis: Department of Management, Aarhus University, Denmark

Journal of Behavioral Economics for Policy, 2022, vol. 6, issue S1, 49-57

Abstract: In this conceptual paper, we outline how individuals with low socioeconomic status are more vulnerable to making choices that undermine their welfare in economic decision environments that require an acceptable comprehension of risk. We propose that novel technologies, specifically Artificial Intelligence, can aid in improving financial decision-making for individuals with low risk awareness, and we suggest avenues where policy can leverage emerging Artificial Intelligence technologies to design specific choice architecture that may support more risk-aware decision-making of vulnerable socioeconomic groups. Lastly, we discuss the ethics of utilizing nudges in vulnerable populations, the limitations of our approach, and how our paper can pave way for future research to improve decision-making for socioeconomically vulnerable individuals.

Keywords: decision-making; SES; AI; nudging; choice architecture (search for similar items in EconPapers)
JEL-codes: D81 D91 I30 O33 P46 (search for similar items in EconPapers)
Date: 2022
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Handle: RePEc:beh:jbepv1:v:6:y:2022:i:s1:p:49-57