NO.PZ2018091702000001
问题如下:
Judy, a financial analyst, met three important clients and talked about their investment strategies separately this morning. Below are their conservation records.
Client 1: I experience different kinds of market conditions and have a very successful investment history. I always use my past experience to deal with similar information and adjust the expected returns of the company's stock, especially when the material public information is released.
Client 2: I prefer to use long option during the investment, because in my opinion long option position gives me excess returns with small risk. I am sure it has low probability of loss and will invest more long option products in the future.
Client 3: My parents educated me that money does not come easily, therefore I have followed a strict budget schedule since my first job. I keep this habit even in difficult times, and I can delay large spending and save more money for future.
Which client is mostly like to be consistent with the expected utility theory?
选项:
A. Client 1.
B. Client 2.
C. Client 3.
解释:
C is correct.
考点:传统金融学VS行为金融学
解析:Expected utility theory属于传统金融学范畴。Client 3 的描述与expected utility theory相符,因为这个客户有预算规划,为了达到自己的长期目标即使在艰难时期也严格执行,所以对这个人的描述是最接近理性和预期效用最大化的,这是传统金融学的假设基础。
Client 1用过去的经验处理新的信息,典型的套模板,是一种行为偏差,属于行为金融学范畴。
Client 2高估了期权获得收益的概率,低估了损失的概率。事实上,期权的风险很大,期权费(option premium)也很高。这也是行为偏差,属于行为金融学范畴 。
C为什么不能是self-control,long term saving和short term spending的trade off