Before revision:  We introduce and develop a novel human-machine interaction framework, in which the robo-advisor solves an adaptive mean-variance control problem, with the risk-return tradeoff dynamically updated based on the risk profile communicated by the client.
After revision:  We introduce a novel framework, in which the robo-advisor solves an adaptive mean-variance control problem, with the risk-return tradeoff dynamically updated based on the risk profile communicated by the client.