Virtuous innovation or obfuscation? Product innovation in the variable annuities market
研究了保险公司销售的可变年金产品日益复杂化的驱动因素，区分了真正有益于退休消费的良性创新和增加复杂性却无益于消费者的混淆性创新，发现混淆性产品往往紧随良性创新出现。
Abstract Variable Annuities, which comprise a substantial proportion of the retirement products sold by insurance companies, have become increasingly complex over the past decades. We investigate the drivers of the product trends. We distinguish “virtuous” innovations that expand upon the existing set of consumption paths in retirement from “obfuscating” innovations that increase complexity without clear benefits to consumers. We document a recurring pattern where, in each benefit category, obfuscating products follow the introduction of virtuous innovations. This pattern generates the overall increase in product complexity. Our results challenge prevailing perspectives on Variable Annuities in the popular press and the literature.