Tubadji, A., Denney, T. and Webber, D. orcid.org/0000-0002-1488-3436 (2021) Cultural relativity in consumers' rates of adoption of artificial intelligence. Economic Inquiry, 59 (3). pp. 1234-1251. ISSN 0095-2583
Abstract
Artificial Intelligence (AI) is a cost-efficient innovation that challenges customers’ consumption patterns and fears of uncertainty. This study assesses whether the likelihood that consumers adopt AI in banking services depends on tastes across different cultures. We propose a culturally-augmented Arrow-Bilir-Sorensen model to assess the propensity that consumers use AI. Analyses of a unique ING Bank dataset encompassing 11,000 respondents from eleven countries reveal that success rates for the diffusion of robo-advisory financial services in retail banking vary substantially due to the cultural boundedness of choice. This bias seems to be associated with social capital rather than the fear of novelty.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2021 Western Economic Association International. This is an author-produced version of a paper subsequently published in Economic Inquiry. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | culture‐based development; diffusion of innovation; social capital; uncertainty |
Dates: |
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Institution: | The University of Sheffield |
Academic Units: | The University of Sheffield > Faculty of Social Sciences (Sheffield) > Management School (Sheffield) |
Depositing User: | Symplectic Sheffield |
Date Deposited: | 19 Feb 2021 07:56 |
Last Modified: | 17 Feb 2022 09:32 |
Status: | Published |
Publisher: | Wiley |
Refereed: | Yes |
Identification Number: | 10.1111/ecin.12978 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:171349 |