Behavioral Finance in the Digital Era

Due to swift technological changes and the resultant digital revolution, a wide range of new digital financial products and services have emerged in the financial markets, as witnessed in the context of the fintech sector, the economics of blockchain and NFT issuance. This book takes an in-depth look at the challenges faced by individuals who make investment decisions in a rapidly changing financial world and presents a concise and thorough overview of the multifaceted approach to investment and savings behavior. It explores behavioral digital finance, referencing the latest theories in economic psychology and financial markets and provides an analysis of the process of saving and investing in the context of our new digital reality, where an understanding of human-AI interaction and its benefits and threats is extremely important. It combines an accessible overview of classical and new behavioral theories, models of financial decision making as well as an analysis of the new trends in financial decision making. Special attention is given to financial decision support systems and the role of financial advice services, which are of growing importance, due to their increasing complexity and difficulty. The book combines theoretical considerations and wide-reaching empirical analyses from a representative sample of international respondents. It deals with the individual approach to human risk-taking, and human-AI interaction and its benefits and threats. The book explores how people react to algorithms, what drives algorithm aversion and appreciation, and how understanding of those mechanisms can be employed to improve financial advisory systems and also considers the impact of the Covid-19 pandemic on financial behavior. Chapter 4 of this book is freely available as a downloadable Open Access PDF at www.taylorfrancis.com under a Creative Commons Attribution-Non Commercial-No Derivatives (CC-BY-NC-ND) 4.0 International license.

Elzbieta Kubinska is Associate Professor at the Institute of Finance at Kracow University of Economics, Poland. She holds a PhD in mathematics with a specialization in mathematical analysis. Her habilitation is in the field of behavioral finance, involving collaboration with economic psychologists. Her teaching and research interests focus on behavioral finance and financial risk modeling. She has participated in numerous research and development projects, advising mainly on models supporting decision-making. Magdalena Adamczyk-Kowalczuk is Assistant Professor at the Institute of Finance, Kracow University of Economics, Poland. She holds an MSc in psychology from Jagiellonian University, Poland, and a second MSc in finance from Kracow University of Economics. Her PhD thesis was in behavioral finance, focusing on the impact of individual differences, information context and risk preferences on making economic and investment decisions. Her research interests focus on economic psychology, perception of information, decision-making, organizational psychology, and mental health. Anna Macko is Assistant Professor in the Department of Economic Psychology and Researcher at the Centre for Economic Psychology and Decision Sciences at Kozminski University. She hold PhD in psychology, and her research interests include risk, entrepreneurship, ethical decision making and factors influencing decisions to trust.

Introduction 1. Humans in the domain of risk 2. Saving and investing decisions 3. Digitalization - impact on saving and investment 4. Decisions on saving and investing in the digital era: empirical evidence 5. Conclusion

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