Can Security Design Foster Household Risk‐Taking?
研究了非线性收益设计的证券（如资本保本产品）如何促进家庭风险承担，利用瑞典2002-2007年引入资本保本产品的数据，发现其快速普及与家庭预期投资组合收益增加相关，尤其对低风险偏好家庭效果显著，表明证券设计可缓解行为偏差以提高平均收益。
ABSTRACT This paper shows that securities with nonlinear payoff designs can foster household risk‐taking. We demonstrate this effect by exploiting the introduction of capital guarantee products in Sweden between 2002 and 2007. Their fast and broad adoption is associated with an increase in expected financial portfolio returns. The effect is especially strong for households with low‐risk appetite ex ante. These empirical facts are consistent with a life‐cycle model in which households have pessimistic beliefs or preferences combining loss aversion and narrow framing. Our results illustrate how security design can mitigate behavioral biases to increase mean household portfolio returns.