Plenary panel: "Behavioral science and ethical banking"
Plenary panel: "Behavioral science and ethical banking"
We analyze a market-wide panel dataset on retail option trading from India, which has an 80% share in option contracts traded worldwide. Retail participation is concentrated in and dominates index options trading. Traders exhibit short-term speculative behavior with significant day trading, short-duration directional bets, especially as options converge to 0DTE, and make significant losses. Three natural experiments show that financial constraints and lottery-like preferences shape investor behavior. An exogenous increase in the supply of short-maturity options induces trading. Lot-size increases and delivery margins trying to curb speculation are offset by speculative shifts to small ticket-size, riskier options. While stock market participation increases welfare in canonical household finance models, it can also entrench speculative behavior that is difficult to undo.
We analyze a market-wide panel dataset on retail option trading from India, which has an 80% share in option contracts traded worldwide. Retail participation is concentrated in and dominates index options trading. Traders exhibit short-term speculative behavior with significant day trading, short-duration directional bets, especially as options converge to 0DTE, and make significant losses. Three natural experiments show that financial constraints and lottery-like preferences shape investor behavior. An exogenous increase in the supply of short-maturity options induces trading. Lot-size increases and delivery margins trying to curb speculation are offset by speculative shifts to small ticket-size, riskier options. While stock market participation increases welfare in canonical household finance models, it can also entrench speculative behavior that is difficult to undo.

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