老师这道题A选项only on是不是有点太绝对了？

问题如下：

Tim and Wang are two junior credit analysts in a wealth management firm. They are estimating the probability of default of a set of bonds. To estimate the probability of default they can use two models, the structural model and the reduced-form model.

Wang believes reduced-form model is better than the structural model. He made the following reasons:

Reason 1: Structural models require "inside information" best known to the managers of the

company, whereas Reduced-form models are based only on observable variables.

Reason 2: Reduced-form models can explain the economic reasons for default.

Reason 3: Having been developed in 1990s, reduced-form models are more modern, while the structural models are out-of-date as it was developed in 1970s.

According to the information above, which reason is correct?

选项：

A.

Reason 1 is correct.

B.

Reason 2 is correct.

C.

Reason 3 is correct.

解释：

A is correct.

考点：考察Reduced-form model与Structural model的对比

解析：Reason 1是正确的，Structural model适合于公司内部使用，因为要应用到公司的内部数据，而对于Reduced-form model，模型使用的数据可以从市场获得；

Reason 2是Structural model的特点；

Reason 3虽然陈述了事实，但是不构成推荐使用Reduced-form model的原因。两个Model各有优缺点，事实上现在Structural model仍被广泛使用。