是否需要给投资者归类

NO.PZ201511190100001102 问题如下 Anicée Ly is a portfolio manager for a bank anprepares for meetings with two new clients. Rufus OlssenBaseon a completerisk toleranquestionnaire, Ly conclus ththe first client, Rufus Olssen, is morately risk averse with a mentaccounting bias. Olssen sires capitgrowth with a small amount of income. Ly presents Olssen with the following two portfolios:Portfolio 1 100% in a globbalancefunthis mean–varianoptimizePortfolio 2 25% in C, 25% in a globboninx fun 35% in a globequity inx fun an15% in a high-risk, actively manage micro-cequity funBoth portfolios provi the same level of income anexpectereturn, anthe portfolios have the same Sharpe ratio.Verochka CalrónThe seconclient, Verochka Calrón, gives Ly a list of the four highest-performing fun in her finecontribution planasks Ly to recommenallocation. After Calrón completes a risk toleranquestionnaire, Ly termines thCalrón likely exhibits framing anregret biases. Using the four fun, Ly suggests two allocations, presentein Exhibit 1. termine, assuming Ly’s termination of Calrón’s biases is correct, whiportfolio Calrón woulmost likely select.(circle one)Allocation AAllocation BJustify your response. Calrón woulmost likely seleAllocation A.● a result of a framing bias, Calrón is likely to choose allocation baseon a 1/n naïve versification strategy.● a result of a regret bias, Calrón is likely to choose a contion1/n strategy to minimize any potentifuture regret from one of her fun outperforming another.Calrón woulmost likely seleAllocation Ly believes thCalrón exhibits framing anregret biases. Framing bimleinvestor suCalrón to use a 1/n naïve versification strategy, ving contributions equally among available fun regaress of the unrlying composition of the fun. Given Calrón’s selection of the four highest-performing fun in her plan, Calrón cminimize any potentifuture regret if one funoutperformeanother using a contion1/n versification strategy, investing equally in all four fun. The Sharpe ratios of the two portfolios are the same, so this ratio es not influenthe cision to seleone allocation over the other. choose A(1) he hframing bias(emtionbias), whipeople will influenethe wthe question it aske so he will choose because he will show 1/n naive versificaiton(2) he hregret bias(emotionbias), whcih people tento nothing, because afraiof regret, so he will invest equally, to avoiany regretion if one ourperfom or unrperfom other老师，考试这么回答可以吗啊？

NO.PZ201511190100001102 问题如下 termine, assuming Ly’s termination of Calrón’s biases is correct, whiportfolio Calrón woulmost likely select.(circle one)Allocation AAllocation BJustify your response. Calrón woulmost likely seleAllocation A.● a result of a framing bias, Calrón is likely to choose allocation baseon a 1/n naïve versification strategy.● a result of a regret bias, Calrón is likely to choose a contion1/n strategy to minimize any potentifuture regret from one of her fun outperforming another.Calrón woulmost likely seleAllocation Ly believes thCalrón exhibits framing anregret biases. Framing bimleinvestor suCalrón to use a 1/n naïve versification strategy, ving contributions equally among available fun regaress of the unrlying composition of the fun. Given Calrón’s selection of the four highest-performing fun in her plan, Calrón cminimize any potentifuture regret if one funoutperformeanother using a contion1/n versification strategy, investing equally in all four fun. The Sharpe ratios of the two portfolios are the same, so this ratio es not influenthe cision to seleone allocation over the other. 我是只写到了naive versification。这两种bias会导致naive versification，所以选1。但我看答案还写了contion1/n strategy，道理是没错，确实也是contional的。但我们在做答的时候需要写到吗，要特别点出contional～？

问 naive versification 与 contionnaive versification,有什么区别？

    为什么Framing推导出Naive versification?