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卢佳钰 · 2023年02月11日

主观题答题

  1. CFA III
  2. Behavioral Finance

* 问题详情，请 查看题干

NO.PZ201511190100000201

问题如下：

Discuss how Gerber displayed availability bias with one example. Determine the implications of availability bias for financial decision making and describe one way Gerber could overcome the bias.

选项：

解释：

Availability bias, a cognitive error, is an information-processing bias. Individuals exhibiting this bias will assess the likelihood of an outcome based on how easily they can recall the information. Gerber exhibits this bias in two ways:

• Although Gerber felt the foundation’s investment in ABC was high, he decided that Ludwigs’ involvement and their past success justified the investment in ABC. The information on the past success of Ludwigs’ investments came easily to mind.

• Gerber believed 100 percent of the foundation’s portfolio in the health care industry was appropriate, most likely because of his past experience as an analyst in the industry. It is easier for Gerber to recall information from his past than to develop a diversified investment portfolio. Investors who exhibit availability bias may limit their investment opportunity set, may choose an investment without doing a thorough analysis of the stock, may fail to diversify, and may not achieve an appropriate asset allocation. Gerber exhibits all of these tendencies when he is evaluating the foundation’s portfolio.

The implications of this bias lead the portfolio to be undiversified, and as a result, the portfolio holds assets that may not be appropriate. Gerber is only investing in pharmaceutical companies. The following is a summary of issues with the foundation’s portfolio:

• No thorough analysis regarding investment in ABC.

• A limited investment opportunity set; invested only in the health care sector.

• An undiversified portfolio.

• An inappropriate asset allocation; invested only in equity.

Gerber could overcome this bias by developing an appropriate investment policy strategy, with a focus on appropriate goals (short- and long-term), and having a disciplined approach to investment decision making. An investment policy statement would help provide discipline and would alert Gerber and his team that he really has only considered investments that he is familiar with. Further, Gerber and his investment team should consider the asset allocation within the portfolio.

https://class.pzacademy.com/qa/109515


关于老师写的精简版的回答，有一个关于implication of bias那部分的小问题，回答里是四条都写了，但是题目也没有要求写几条，考试的时候只写一条的话可以么？

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王琛_品职助教 · 2023年02月13日

嗨，从没放弃的小努力你好：


考试一般会说明，需要写几条

既然同学复习了这道题，建议可以顺带掌握 availability bias 的偏差结果哈，尤其还有案例背景的举例，其实理解记忆都挺形象的

如果考试的案例背景，涉及多个偏差结果，建议同学还是把涉及到的，同学能识别出来的偏差结果都写上哈

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NO.PZ201511190100000201问题如下scuss how Gerber splayeavailability biwith one example. termine the implications of availability bifor financicision making anscrione wGerber coulovercome the bias.Availability bias, a cognitive error, is information-processing bias. Invials exhibiting this biwill assess the likelihooof outcome baseon how easily they crecall the information. Gerber exhibits this biin two ways:• Although Gerber felt the fountion’s investment in Awhigh, he cithLuigs’ involvement antheir past success justifiethe investment in ABThe information on the past success of Luigs’ investments came easily to min• Gerber believe100 percent of the fountion’s portfolio in the health care instry wappropriate, most likely because of his past experienanalyst in the instry. It is easier for Gerber to recall information from his past thto velop a versifieinvestment portfolio. Investors who exhibit availability bimlimit their investment opportunity set, mchoose investment without ing a thorough analysis of the stock, mfail to versify, anmnot achieve appropriate asset allocation. Gerber exhibits all of these tenncies when he is evaluating the fountion’s portfolio.The implications of this bilethe portfolio to unversifie ana result, the portfolio hol assets thmnot appropriate. Gerber is only investing in pharmaceuticcompanies. The following is a summary of issues with the fountion’s portfolio:• No thorough analysis regarng investment in ABC.• A limiteinvestment opportunity set; investeonly in the health care sector.• unversifieportfolio.• inappropriate asset allocation; investeonly in equity.Gerber coulovercome this biveloping appropriate investment polistrategy, with a focus on appropriate goals (short- anlong-term), anhaving a sciplineapproato investment cision making. investment polistatement woulhelp provi scipline anwoulalert Gerber anhis tethhe really honly consireinvestments thhe is familiwith. Further, Gerber anhis investment teshoulconsir the asset allocation within the portfolio.就是想问一下这个问题，有没有什么案例吗？会在公司名字里面加funof fun吗

2022-11-03 16:47 1 · 回答

NO.PZ201511190100000201 问题如下 scuss how Gerber splayeavailability biwith one example. termine the implications of availability bifor financicision making anscrione wGerber coulovercome the bias. Availability bias, a cognitive error, is information-processing bias. Invials exhibiting this biwill assess the likelihooof outcome baseon how easily they crecall the information. Gerber exhibits this biin two ways:• Although Gerber felt the fountion’s investment in Awhigh, he cithLuigs’ involvement antheir past success justifiethe investment in ABThe information on the past success of Luigs’ investments came easily to min• Gerber believe100 percent of the fountion’s portfolio in the health care instry wappropriate, most likely because of his past experienanalyst in the instry. It is easier for Gerber to recall information from his past thto velop a versifieinvestment portfolio. Investors who exhibit availability bimlimit their investment opportunity set, mchoose investment without ing a thorough analysis of the stock, mfail to versify, anmnot achieve appropriate asset allocation. Gerber exhibits all of these tenncies when he is evaluating the fountion’s portfolio.The implications of this bilethe portfolio to unversifie ana result, the portfolio hol assets thmnot appropriate. Gerber is only investing in pharmaceuticcompanies. The following is a summary of issues with the fountion’s portfolio:• No thorough analysis regarng investment in ABC.• A limiteinvestment opportunity set; investeonly in the health care sector.• unversifieportfolio.• inappropriate asset allocation; investeonly in equity.Gerber coulovercome this biveloping appropriate investment polistrategy, with a focus on appropriate goals (short- anlong-term), anhaving a sciplineapproato investment cision making. investment polistatement woulhelp provi scipline anwoulalert Gerber anhis tethhe really honly consireinvestments thhe is familiwith. Further, Gerber anhis investment teshoulconsir the asset allocation within the portfolio. 如题。感觉这道题答案特别长，如果是考试遇到，最好最精简的答案是怎样的呢？

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