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Yuyu · 2021年09月14日

之前没有关注到的点

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NO.PZ201511190100000307

问题如下:

Which of Tang’s findings is not a typical consequence of self-control bias?

选项:

A.

Failure to explore other portfolio opportunities.

B.

Asset allocation imbalance problems in the portfolio.

C.

A higher risk profile in the portfolio due to pursuit of higher returns.

解释:

A is correct.

Failing to explore other opportunities is a demonstration of status quo bias, not self-control. Self-control bias occurs when individuals deviate from their long-term goals, in this case, the investment policy statement, due to a lack of self-discipline. Jordan is not adhering to the strategy which has been successful in the past. The consequences of self-control bias include accepting too much risk in the portfolio (C) and asset allocation imbalance problems (B) as Jordan attempts to generate higher returns.

之前学self-control bias的时候,没有关注asset allocation imbalance的问题。这个点要如何理解,和本偏差的内在逻辑关联如何拆解?
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Olive_品职助教 · 2021年09月17日

嗨,从没放弃的小努力你好:


我把原版书的讲解附在上面,同学可以参考一下。

self-control bias的几个结果,首先是储蓄不足,未来钱不够花了。

钱不够花的下一步就可能为了补偿这个不足而承受过大的风险,这是第二个结果。

第三个就是你问的asset allocation imbalance。教材举了两个例子:

正常情况我们做投资决策,做asset allocation应该基于return、risk、流动性要求等多维度的因素,而不仅仅是对其中某个因素的偏好。一个有self-control问题的人,可能会投很多钱在产生income的产品上,因为income可以让他拿到分红,可以花掉,但income高的产品通常return可能不高,而且拿出来花也没有再投资收益。还有的人是仅仅因为偏好风险就投很多的equity,这也是缺乏自控能力的结果。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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