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kkyy · 2021年09月14日

所以他是bounded rationality对吧?

NO.PZ2015111901000008

问题如下:

A student meets with Liu after one of his lectures. The student is participating in a mock investment competition that requires participants to create and manage a fictitious equity portfolio. Even though international equities are available as an invest­able asset class, the student elects to invest her entire portfolio in domestic equities.

Liu asks the student if she has ever considered including international equities in her competition portfolio given their diversification benefits and higher expected returns than domestic equities based on current consensus growth forecasts. The student responds that she has not considered international equities because she has not taken any courses in international investments that could provide her with expertise in this area. The student also indicates that she has the time and resources to research only domestic companies.

Determine whether bounded rationality has affected the student’s investment decision-making process. Justify your response.

选项:

解释:

Guideline answer:

Bounded rationality describes the phenomenon whereby people gather some (but not all) available information.

The student does not behave totally rationally because she is not gathering full information to identify international equity investment opportunities.

Her decision meets the criterion specified of creating and managing a fictitious equity portfolio but is not necessarily optimal.

Although higher returns may be possible in international equities, investing fully in domestic equities satisfices within the totality of the investor’s decision-making environment.

The notion of bounded rationality recognizes that people are not fully rational when making decisions and do not necessarily optimize but rather satisfice when arriving at their decisions. People have informational, intellectual, and computational limitations. Bounded rationality describes the phenomenon whereby people gather some (but not all) available information, use heuristics to make the process of analyzing the information tractable, and stop when they have arrived at a satisfactory, but not necessarily optimal, decision.

The student does not behave totally rationally because she is not gathering full information to identify possible international equity investment opportunities and doesn’t have the knowledge to do so. Her behavior is boundedly rational because her decision meets the criterion specified of creating and managing a fictitious equity portfolio but is not necessarily optimal. Although the decision is suboptimal, because higher returns may be possible in global markets, it satisfices within the totality of the student’s decision-making environment. The student may have decided that she lacked the knowledge, time, and resources to research all alternatives. Given the student’s apparently limited knowledge of international equities markets, and considering time constraints and the sole criterion of investing in equities, the decision to invest all of her portfolio in US equities may be reasonable.

但是Bounded rationality describes the phenomenon whereby people gather some (but not all) available information.,global 的信息对于他来说是unavailable(题干中说了他收集不到),所以他收集了所有available的信息,所以应该不是bounded rationality吧?这可能有点咬文嚼字?


另外如果我回答Bounded rationality describes the phenomenon whereby people gather some (but not all) available information, he failed to gather all available information to create the portfolio so he has been impacted by bounded rationality,这样完整吗?

2 个答案
已采纳答案

Olive_品职助教 · 2021年09月16日

嗨,从没放弃的小努力你好:


1、不是咬文嚼字。之所以是bounded rationality,是因为international equity investment的信息是可得的,只不过她没有足够的专业水平去做相关分析。所以只能在有限资源内作出satisfactory的选择。

2、“另外如果我回答Bounded rationality describes the phenomenon whereby people gather some (but not all) available information, he failed to gather all available information to create the portfolio so he has been impacted by bounded rationality,这样完整吗?

-建议再点出“gathering full information to identify possible international equity investment opportunities”这个信息点,以及“not optimal但it satisfices within the totality of her decision-making environment”。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

王琛_品职助教 · 2021年10月11日

嗨,从没放弃的小努力你好:


@32536

请给个简洁的标准答案,谢谢!

同学好,简洁的答案,就是原版书解析中的 Guideline answer,即四条 bullet points,解析最后的两大段文字不用写的

也请参考:https://class.pzacademy.com/qa/85123

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!