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張寶寶 · 2024年02月28日

mental accounting

NO.PZ2022081802000080

问题如下:

Caitríona Daosri is a portfolio manager for an international bank, where she advises high-net-worth clients. Daosri is meeting with a new client, Estêvão Kai, a 40-year-old surgeon with €4 million across various accounts and a salary of €500,000 per annum. Kai explains to Daosri that he has four accounts at four different banks, each with specific sources and uses of funds, as shown in the following table:


Which of the following is a likely consequence of Kai’s approach to managing his finances?

选项:

A.Concentrated portfolio positions B.Forgone opportunities to reduce risk by combining assets with low correlations C.Excessive trading

解释:

Solution

B is correct. The most common consequence of mental accounting is neglecting opportunities to reduce risk by combining assets with low correlations, because each account’s asset allocation is examined discretely. Offsetting positions across accounts, or an overall inefficient allocation with respect to risk, can lead to suboptimal aggregate performance.

为啥不选c

1 个答案

Kiko_品职助教 · 2024年02月28日

嗨,努力学习的PZer你好:


C选项过度交易不是mental accounting的后果。过度交易一般在出现Illusion of control Bias 控制错觉偏差的时候。FMPs往往相信他们可以“控制”自己的投资结果,所以容易导致过度交易

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努力的时光都是限量版,加油!