问题如下图：
为什么Framing推导出Naive Diversification?
企鹅_品职助教 · 2019年10月08日
这道题是课后题Reading 9 Q20。framiing导致naive diversification，这是课后题补充的一个结论。同学也可以去听听李老师的讲解。
给你说说我的理解。framing bias指的是投资决策会受到问题描述的影响。因为等分投资是equality, 一般在风险管理的时候人们会在潜意识中认为equality比inequality好, 但是每只基金等分投资不一定diversification最好的方法。
原版书上也有提到framing和naive diversification的关系，并举了一个实验的例子：给参与实验的人提供了两个plan. 第一个plan是在五个equity fund和一个bond fund中做资产分配，第二个plan是在一个equity fund和四个bond fund中做资产分配。如果是理性投资，应该根据equity和bond之间不同的风险性质做投资，那么不管被提供多少equity和bond fund的数量都不应该在考虑范围内，两个plan最后的equity和bond的资产配置占比应该是接近的。
但是实验结果表明人们在第一个plan中投 equity的占比是75%，第二个plan equity只占34%，远远低于第一个plan。原因就在于第二个plan中提供的equity fund数量比较少，bond fund数量比较多，人们受到framing bias的影响，下意识地多投了bond.
同理，人们会受到framing bias的影响下意识的觉得每个fund都投相同的比例就做到了最好的分散化，但是理性投资应该是考虑每个fund不同的性质和风险，根据自己对risk的preference ,把这些风险统一做分配, 这样每个fund的投资占比就不一定相等了。
同学把“naive diversification是framing bias 的一种应用” 当做结论记一下吧。
NO.PZ201511190100001102 问题如下 Anicée Ly is a portfolio manager for a bank anprepares for meetings with two new clients. Rufus OlssenBaseon a completerisk toleranquestionnaire, Ly conclus ththe first client, Rufus Olssen, is morately risk averse with a mentaccounting bias. Olssen sires capitgrowth with a small amount of income. Ly presents Olssen with the following two portfolios:Portfolio 1 100% in a globbalancefunthis mean–varianoptimizePortfolio 2 25% in C, 25% in a globboninx fun 35% in a globequity inx fun an15% in a high-risk, actively manage micro-cequity funBoth portfolios provi the same level of income anexpectereturn, anthe portfolios have the same Sharpe ratio.Verochka CalrónThe seconclient, Verochka Calrón, gives Ly a list of the four highest-performing fun in her finecontribution planasks Ly to recommenallocation. After Calrón completes a risk toleranquestionnaire, Ly termines thCalrón likely exhibits framing anregret biases. Using the four fun, Ly suggests two allocations, presentein Exhibit 1. termine, assuming Ly’s termination of Calrón’s biases is correct, whiportfolio Calrón woulmost likely select.(circle one)Allocation AAllocation BJustify your response. Calrón woulmost likely seleAllocation A.● a result of a framing bias, Calrón is likely to choose allocation baseon a 1/n naïve versification strategy.● a result of a regret bias, Calrón is likely to choose a contion1/n strategy to minimize any potentifuture regret from one of her fun outperforming another.Calrón woulmost likely seleAllocation Ly believes thCalrón exhibits framing anregret biases. Framing bimleinvestor suCalrón to use a 1/n naïve versification strategy, ving contributions equally among available fun regaress of the unrlying composition of the fun. Given Calrón’s selection of the four highest-performing fun in her plan, Calrón cminimize any potentifuture regret if one funoutperformeanother using a contion1/n versification strategy, investing equally in all four fun. The Sharpe ratios of the two portfolios are the same, so this ratio es not influenthe cision to seleone allocation over the other. choose A(1) he hframing bias(emtionbias), whipeople will influenethe wthe question it aske so he will choose because he will show 1/n naive versificaiton(2) he hregret bias(emotionbias), whcih people tento nothing, because afraiof regret, so he will invest equally, to avoiany regretion if one ourperfom or unrperfom other老师，考试这么回答可以吗啊？
NO.PZ201511190100001102 问题如下 termine, assuming Ly’s termination of Calrón’s biases is correct, whiportfolio Calrón woulmost likely select.(circle one)Allocation AAllocation BJustify your response. Calrón woulmost likely seleAllocation A.● a result of a framing bias, Calrón is likely to choose allocation baseon a 1/n naïve versification strategy.● a result of a regret bias, Calrón is likely to choose a contion1/n strategy to minimize any potentifuture regret from one of her fun outperforming another.Calrón woulmost likely seleAllocation Ly believes thCalrón exhibits framing anregret biases. Framing bimleinvestor suCalrón to use a 1/n naïve versification strategy, ving contributions equally among available fun regaress of the unrlying composition of the fun. Given Calrón’s selection of the four highest-performing fun in her plan, Calrón cminimize any potentifuture regret if one funoutperformeanother using a contion1/n versification strategy, investing equally in all four fun. The Sharpe ratios of the two portfolios are the same, so this ratio es not influenthe cision to seleone allocation over the other. 我是只写到了naive versification。这两种bias会导致naive versification，所以选1。但我看答案还写了contion1/n strategy，道理是没错，确实也是contional的。但我们在做答的时候需要写到吗，要特别点出contional～？
NO.PZ201511190100001102 请问这种题目回答的时候是否需要给投资者归类，例如PP,AA。。。
问 naive versification 与 contionnaive versification,有什么区别？