NO.PZ2022052301000009
问题如下：
Arzac asks Pak to describe how he has constructed his investment portfolio over time. He informs Arzac that 12 years ago his employer offered him company shares at a discount, but share prices declined because the company wasn’t performing as well as expected. He decided he would rather construct his investment portfolio by investing in three mutual funds he had analyzed, two of which were balanced funds and the third a global equity fund. Pak allocated one-third of his available funds to each of the mutual funds. Pak then describes how over the last five years, he has reviewed his portfolio each year, leading to a higher allocation in global securities over time on the understanding they would help reduce overall risk.
Which behavioral factor most likely impacted Pak’s decisions on how to construct his investment portfolio over time?
选项：
A.
Naive diversification
B.
Home bias
C.
Familiar investing
解释：
Pak constructed his initial investment portfolio through the equal distribution of mutual funds, reflecting simple heuristics or a framing bias. This is an example of a naive diversification strategy (i.e., dividing assets equally among available funds irrespective of the underlying composition of the funds). The equal distribution may also reflect a fear of regret: Pak doesn’t understand which fund will outperform, so he decides to invest in all three equally.
B is incorrect because Pak has been increasing his exposure to global securities over time, as he wants to reduce risk by increasing his diversification by investing outside his home market. He does not have a home bias.
C is incorrect because Pak did not purchase an investment on the basis of familiarity but declined to purchase his employer’s stock because he felt the company was not performing to expectations.
这个题用排除法可以选出来，但实际上naive diversification要求每种投资是平均分的，这题只说他投了三个基金但并没有说每个的占比
