NO.PZ2023012803000001
问题如下：
At their initial meeting, the advisor learns that Stoffer is a mid-level manager at a bank and has built an investment portfolio by accumulating savings, stock options, and restricted stock from her company. Stoffer believes she currently has a sufficient level of wealth to achieve her primary goal of maintaining her current lifestyle until her death.
In discussing her investment philosophy, Stoffer explains that she likes to keep separate investment accounts for her savings, stock options, and restricted stock. She has a distinct investment strategy for each account. In addition, Stoffer says that she always follows her father’s investment advice of “invest only in what you know.” Stoffer also believes that she is personally contributing to the performance of her bank’s stock price. Combined, these factors have led Stoffer to keep a large percentage of her total portfolio in her bank’s stock and options. The advisor tells Stoffer that this concentrated holding represents significant risk in achieving her primary goal. Stoffer refuses to consider the suggestion that she partially hedge the risk of her bank’s stock.
After evaluating Stoffer’s investment philosophy, the advisor is concerned that Stoffer is exhibiting some of the following cognitive biases:
- endowment
- conservatism
- mental accounting
- illusion of control
选项：
解释：
Endowment bias is an emotional bias in which people value an asset more when they hold the rights to it than when they do not. There is no evidence that Stoffer suffers from this bias. In addition, this is not a cognitive bias.
Conservatism bias is a belief perseverance bias in which people maintain their prior views or
forecasts by inadequately incorporating new information. There is no evidence that Stoffer suffers from this cognitive bias.
以下是我的答案，老师帮忙看下会否过于复杂？因为之前看其他题的时候有说写作题需要写 结论+结果/原因+解释
illusion of control:
the investor believes they can affect the result of the company's performance, and hold more stock than reasonable, which could result in under diversified portfolio, and take more risks. Stoffer also believes that she is personally contributing to the performance of her bank’s stock price.
mental accounting:
the investors would arrange their investment based on the source of income, and this would bring under diversification to the portfolio. She has a distinct investment strategy for each account.
