问题如下图：
NO.PZ201511190100001101 问题如下 termine, assuming Ly’s biconclusion is correct, whiportfolio Olssen woulmost likely select.(circle one)Portfolio 1Portfolio 2Justify your response. Olssen woulmost likely selePortfolio 2.●A mentaccounting bisuggests thOlssen might consir his investments in layers.●Portfolio 2 hthe same income, expectereturn, anSharpe ratio Portfolio 1 anis structurein layers.The results of the risk toleranquestionnaire suggest thOlssen exhibits a mentaccounting bias. He likely compartmentalizes his portfolio into screte layers of low-risk assets versus risky assets without regarto the correlations among the assets. Portfolio 2 is constructein this way, with screte layers for eaobjective, while Portfolio 1 is constructeto mean–varianoptimize a result, Olssen woulmost likely selePortfolio 2, particularly because it hthe same income, expectereturn, anSharpe ratio Portfolio 1. The 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.老师，题目里哪里说了mentaccounting bias呢？我看到的是regret biases， 所以就选择了Portfolio A，因为怕后悔就平均投了。麻烦帮忙解答一下，谢谢。
NO.PZ201511190100001101 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 biconclusion is correct, whiportfolio Olssen woulmost likely select.(circle one)Portfolio 1Portfolio 2Justify your response. Olssen woulmost likely selePortfolio 2.●A mentaccounting bisuggests thOlssen might consir his investments in layers.●Portfolio 2 hthe same income, expectereturn, anSharpe ratio Portfolio 1 anis structurein layers.The results of the risk toleranquestionnaire suggest thOlssen exhibits a mentaccounting bias. He likely compartmentalizes his portfolio into screte layers of low-risk assets versus risky assets without regarto the correlations among the assets. Portfolio 2 is constructein this way, with screte layers for eaobjective, while Portfolio 1 is constructeto mean–varianoptimize a result, Olssen woulmost likely selePortfolio 2, particularly because it hthe same income, expectereturn, anSharpe ratio Portfolio 1. Choose portfolio2.He hmentaccounting, so he will trenasset in layers. Mentaccounting is emotionbias, people will trenmoney fferently base on whiaccout it belong to.(1) porfolio A anB provi the same level of income anexpectereturn, anthe portfolios have the same Sharpe ratio(2) but portfolio B are settein layersso portfolio B is more suit.老师考试如上回答可以吗？如果两个组合SR不一样，A的SR高很多，那应该选谁呢？
NO.PZ201511190100001101 因为这两个组合income一样，所以要追求capitgrowth大的，风险中等的，分层构建的那个。 所以选择组合1，因为组合2有高风险fun而且像bon样投资产品capitgrowth低 难道不是选1嘛？
