Can we make trading less hazardous to investors’ wealth? Evidence from a choice between flat rates or commissions for financial services*
研究德国券商中投资者在固定费率与按次付费佣金之间的选择，发现41%的客户选择了成本不优的方案，其中83%偏向按次付费，原因包括低估交易成本和基于预期的损失厌恶。
We exploit a real-world setting at a German brokerage where some investors are forced to choose between two pricing schemes for trading and holding mutual funds: a flat-rate versus commissions (pay-per-use, via front-end loads and annual fees). Advisors provide a tariff recommendation based on clients’ potential cost savings. Most clients follow this recommendation; still, 41% fail to choose the cost-beneficial scheme, and 83% of them exhibit a pay-per-use bias. Biased choices are partly related to the underestimation of trading costs and expectation-based loss aversion. Our results bear implications for designing pricing schemes in the financial industry.