Appendix B. Symbols and Their Meaning
Table A2.
Symbols and Their Meaning.
Symbol
Meaning
Symbol
w
Total wealth
r
Remanufacturer’s recovery cost
i
i
=
b
,
s
i
represents intermediary agency,
i
=
b
,
s
b
represents a large-scale intermediary agency
s
represents a small-scale intermediary agency
M
M
0
M
i
,1
The number of asset managers
The number of Robo-Advisors
The number of traditional managers
R
b
,
R
S
The return of intermediaries investing on technology
ψ
b
,
ψ
s
fixed cost,
ψ
s
>
ψ
b
φ
b
,
φ
s
the relationship cost of working with a household,
φ
s
>
φ
b
f
i
(
W
)
f
i
(
W
)
is the fee paid to the investment manager
π
i
(
M
)
the net profit of any intermediary,
i
=
b
,
s
.
R
The return of robot advisors have access to the investment technology
ψ
The fixed entry cost of Robo-Advisors
π
i
the net profit of any intermediary
Num
The index to measure the intensity of competition
Num
=
the number o f Robot Advisors
the number o f traditional managers
pro
The index to measure the intensity of competition
pro
=
the total net pro f it o f the intermediary with Robot Adivisor
the total net pro f it o f traditional intermediary
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