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mario · 2021年04月23日

The client exhibits self-control and is able to defer consumption.

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问题如下:

Which of the following statements is most consistent with expected utility theory?

选项:

A.

Statement 1.

B.

Statement 2.

C.

Statement 3.

解释:

C is correct.

Statement 3 is most consistent with expected utility theory. The client exhibits self-control and is able to defer consumption. This client is considering short-term and long-term goals and attempting to maximize the present value of utility. In Statement 1, beliefs are being updated using heuristics rather than Bayes’ formula. Statement 2 is consistent with prospect theory; the client is overweighting the probability of a high financial impact outcome (gains on options) and underweighting the probability of a loss (the option premium cost).

expected utility theory. 是traditional finance 的理论吧,这个C 说明他有selfcontrol 不是说明他考虑了 behavior嘛?

不太明白从哪个角度理解这个题。

1 个答案

Olive_品职助教 · 2021年04月30日

嗨,从没放弃的小努力你好:


可以从理性人的角度来考虑,client 3严格遵循预算,并且保持存钱的习惯,即使在艰难的时候,也能够放弃discretionary spending来保证储蓄。

能看出来这个人很理性。很符合传统金融学对于理性人的假设。

如果相反的,这个人没办法self-control,自控力很差,一直乱花钱,这种才是有bias,违背理性人假设,与传统金融学假设不符,才用行为金融理论来解读。

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努力的时光都是限量版,加油!