NO.PZ201511190100001102
问题如下：
Determine, assuming Ly’s determination of Calderón’s biases is correct, which portfolio Calderón would most likely select.(circle one)
Allocation A
Allocation B
Justify your response.
选项：
解释：
Calderón would most likely select Allocation A.
● As a result of a framing bias, Calderón is likely to choose an allocation based on a 1/n naïve diversification strategy.
● As a result of a regret bias, Calderón is likely to choose a conditional 1/n strategy to minimize any potential future regret from one of her funds outperforming another.
Calderón would most likely select Allocation A. Ly believes that Calderón exhibits framing and regret biases. Framing bias may lead an investor such as Calderón to use a 1/n naïve diversification strategy, dividing contributions equally among available funds regardless of the underlying composition of the funds. Given Calderón’s selection of the four highest-performing funds in her plan, Calderón can minimize any potential future regret if one fund outperformed another by using a conditional 1/n diversification strategy, investing equally in all four funds. The Sharpe ratios of the two portfolios are the same, so this ratio does not influence the decision to select one allocation over the other.
我是只写到了naive diversification。这两种bias会导致naive diversification，所以选1。但我看答案还写了conditional 1/n strategy，道理是没错，确实也是conditional的。但我们在做答的时候需要写到吗，要特别点出conditional～？
