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This study is to put forward some ideas for an optimal portfolio concerning the asymmetric risk-tolerance of investors, which is supported by the behavioral finance theory. The choice modeling theory is also employed for the sake of various portfolios, thereby investigating the risk-tolerance level of investors. | RESEARCHES & DISCUSSIONS This study is to put forward some ideas for an optimal portfolio concerning the asymmetric risk-tolerance of investors, which is supported by the behavioral finance theory. The choice modeling theory is also employed for the sake of various portfolios, thereby investigating the risk-tolerance level of investors. Besides, the insurance issue is also taken into account when the optimization of the value of investment portfolio may maximize the utility of investors; and then draw a conclusion that in case the insurance premium seems an impediment to the return rate, the insurance value will enable investors to cope with a greater risk. The insurance, from a comprehensive view, will surely be useful to make up for risks in price depreciation. Besides, the value equation is to provide investors with a better utility level. Finally, the study refers to the process of risk distribution so as to manage risks in a portfolio of various assets. Key words: Behavioral finance, investment portfolio, portfolio insurance 1. Introduction Recently, sudden and unpredictable rises and falls in the VN-Index have caused a lot of worries for investors. This unusual phenomenon reportedly comes from mentality of investors that cannot be explained according to efficient market hypothesis. Perhaps it is about time we considered different views in light of theory of behavioral finance. As we have known, the optimal portfolio is one of important contents of modern portfolio theory with the assumption that investors are acting rationally (They always choose for themselves a portfolio that maximizes expected return for a given amount of portfolio risk, or minimizes risk for a given level of expected return); and their risk preferences are symmetrical. Behavioral finance theory has shown that the risk preferences of investors are asymmetric. They are willing to accept the low rate of return for high-risk investments in order to avoid losses. Key findings of risk .
