答案：Framing bias causes an investor to answer a question differently based on the way in which it is asked, or "framed." Client 4 has a history of selecting low-volatility equities and government bonds, which implies a possible frame of safety in his investments. In this case, Rodriquez presents Client 4 with two alternatives, each with the same probability of capital loss (20% chance of incurring a loss, 80% chance of not incurring a loss). However, because the "Y" description focuses on the investment's riskiness (20% chance of incurring a loss) and the "Z" description focuses on the investment's safety (80% chance of not incurring a loss),Client 4's bias would cause him to focus on the positive characteristics of investment Z and prefer it to investment Y.
既然 "Y" description focuses on the investment's riskiness (20% chance of incurring a loss) and the "Z" description focuses on the investment's safety (80% chance of not incurring a loss)，那么投资者作为low volatility，不是更应该选择更加safety的Z吗？
