问一道题：NO.PZ2018091702000015

问题如下：

Herman, 48 years old, is a successful musician.He is a passive investor who is careful in the investment. Herman overestimates his risk tolerance while shows a low risk tolerance, he exhibits framing bias, availability bias and conservative bias.

Fabian is a businessman and 46 years old. He has independent idea and investment with significant financial leverage. His investment portfolio is managed by himself, and almost 80% stocks are invested in financial sector. Fabian is confident about his investment and exhibits a high level of risk tolerance. He exhibits loss aversion bias, overconfidence bias and illusion of control bias.

Darcy is 65 years old, he has significant wealth because of a successful family business. Darcy is very cautious about the future and worries about his assets. He has low risk tolerance but will take advices from experts. Darcy exhibits status quo bias, regret-aversion bias and endowment bias.

All three clients above answered a risk tolerance questionnaire. Regarding their different characteristics, whose questionnaire works best?

选项：

Fabian.

Herman.

Darcy.

解释：

B is correct.

考点：调查问卷在行为金融学中的问题

解析：与emotional bias的客户比，调查问卷对有cognitive bias的客户更有效，所以这道题的考点是区分哪些bias属于cognitive，哪些属于emotional。Herman的三个偏差都是认知偏差，所以他的调查问卷最有效。