Replication Package for "The Diversification and Welfare Effects of Robo-advising"

Replication Files for “The Diversification and Welfare Effects of Robo-advising” CODES: - 01_Figures_Final.do: produces Figures 1 through 4 and Figures 7 through 8. - 02_Tables_Final.do: produces Tables 1 through 6, except for Column 1 in Table 4. - 03_Table_4_Col_1_Figures_5_and_6.R: produces Column 1 of Table 4, Figure 5, and Figure 6. RUNTIME: The codes were run on Vanguard’s server with Stata 18 and 32GB of RAM memory and R version 3.6.1. Runtime is 6-7 hours on real data and below 10 minutes on pseudo data. DATA SETS: The folder 02_data contains pseudo data with the same structure as the original data needed to run the “.do” and “.R” files for all tables and figures but contains however many rows are needed to execute the code. The original data sets are not available since they use proprietary information from Vanguard.

《智能投顾的多元化与福利效应》（The Diversification and Welfare Effects of Robo-advising）复现文件
代码说明：
- 01_Figures_Final.do：用于生成图1至图4以及图7至图8。
- 02_Tables_Final.do：用于生成表1至表6（表4第1列除外）。
- 03_Table_4_Col_1_Figures_5_and_6.R：用于生成表4第1列、图5及图6。
运行环境说明：本代码已在先锋集团（Vanguard）服务器上运行，所用配置为Stata 18、32GB内存以及R 3.6.1版本。使用真实数据集运行耗时约6至7小时，使用伪数据（pseudo data）运行耗时则少于10分钟。
数据集说明：文件夹02_data包含与运行所有表格、图表所需的原始数据结构一致的伪数据（pseudo data），可根据代码执行需求调整数据行数。由于涉及先锋集团（Vanguard）的专有信息，原始数据集无法公开获取。