NO.PZ2023012803000005
问题如下:
Client 4 has a history of selecting low-volatility equities and government bonds for his portfolio. Rodriquez presents him with two potential investments for his portfolio. He tells the client that:
- Investment Y has a 20% chance of incurring a loss.
- Investment Z has an 80% chance of not incurring a loss.
- Both investments have the same expected return.
Determine, assuming Chee’s bias assessment is correct, which investment (Y or Z) Client 4 would most likely prefer. Justify your response.
选项:
解释:
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.
老师好,在做本题的时候,是不是主要关注还是叙述的方式,而不是20%和80%这样的数字?