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小台chirly · 2019年12月31日

问一道题:NO.PZ201511190100000105

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问题如下:

The client of Statement 6 is most likely behaving consistently with:

选项:

A.

prospect theory.

B.

expected utility theory.

C.

behavioral portfolio theory.

解释:

C is correct.

The client of Statement 6 is behaving consistently with behavioral portfolio theory. The client sells and holds a stock not because of the stock’s potential, but rather from a fear of the stock declining in value and gains dissipating and an aversion to realizing losses. Loss-aversion in prospect theory is discussed from a different perspective.


答案的这句话The client sells and holds a stock not because of the stock’s potential, but rather from a fear of the stock declining in value and gains dissipating and an aversion to realizing losses. 不恰恰是说明应该选A吗?为什么是C?

1 个答案

企鹅_品职助教 · 2020年01月03日

嗨,从没放弃的小努力你好:


prospect theory的value function中,loss的部分比gain的部分更陡

因此,亏了一块钱比赚了一块钱对投资者的影响更大。

所以,当带给投资者相同程度的影响时,亏的比赚的少。

 

从图形上来看,下图是prospect theory的value function。当y轴上相同都是|c|的时候,gain 在x轴上对应的|a|要比loss对应的|b|更大。也就是说,当给投资者带来相同value的时候,gain>loss,赚的应该比亏的多。这道题说反了,因此不是propect theory. 

 

C选项BPT其实也不是特别合适,这道题是因为AB都不对,就勉强选C了。同学就用这道题加深一下对prospect theory的理解吧。

 

这道题是原版书课后题 Reading 7 第5题,李老师今年在习题课里重点讲解了这道题,同学最好再去听一下老师的讲解。

 

 


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虽然现在很辛苦,但努力过的感觉真的很好,加油!