老师好，这道题是不是主要关注的是文字的叙述方式，而不是当中的数字？

问题如下：

Client 4 has a history of selecting low-volatility equities and government bonds for his portfolio. Rodriquez presents him with two potential investments for his portfolio. He tells the client that:

• Investment Y has a 20% chance of incurring a loss.
• Investment Z has an 80% chance of not incurring a loss.
• Both investments have the same expected return.

Rodriquez asks Client 4 which investment he would prefer for his portfolio.

Determine, assuming Chee’s bias assessment is correct, which investment (Y or Z) Client 4 would most likely prefer. Justify your response.

选项：

解释：

Framing bias causes an investor to answer a question differently based on the way in which it is asked, or “framed.” Client 4 has a history of selecting low-volatility equities and government bonds, which implies a possible frame of safety in his investments. In this case, Rodriquez presents Client 4 with two alternatives, each with the same probability of capital loss (20% chance of incurring a loss, 80% chance of not incurring a loss). However, because the “Y” description focuses on the investment’s riskiness (20% chance of incurring a loss) and the “Z” description focuses on the investment’s safety (80% chance of not incurring a loss), Client 4’s bias would cause him to focus on the positive characteristics of investment Z and prefer it to investment Y.