NO.PZ201805280100000205
问题如下：
During the rebalancing discussion, which behavioral bias does Neal exhibit?
选项：
A. Framing bias
B. Loss aversion
C. Representative bias
解释：
C is correct.
Representative, or recency, bias is the tendency to overweight the importance of the most recent observations and information relative to a longer- dated or more comprehensive set of long- term observations and information. Return chasing is a common result of this bias, and it results in over-weighting asset classes with strong recent performance.
考点：Dealing with Behavioral Biases in Asset Allocation
解析：Representative bias在asset allocation这门科目中又被称为recency bias。指的是过分强调最近发生事件的重要性，忽略早起发生的重要事件或者信息，Neal不愿意卖掉股票是因为股票近期表现优异，他认为过去涨将来还会涨，因此表现出的最有可能是Representative bias。
记得之前个人IPS写作里有道题说，损失厌恶的投资者更愿意hold住投资标的，但其实损失厌恶投资者最核心的点在于喜欢hold住亏损，而容易过早止盈？
