研究当投资者面临奈特不确定性,投资者偏好符合NAC容度期望效用时的投资组合行为模式及其机理。研究发现,奈特不确定性厌恶者与奈特不确定性追求者的投资组合模式具有很大不同:存在一个价格区间,奈特不确定性厌恶者在这个区间之内表现出投资惰性,奈特不确定性追求者却表现出投资活性。进一步分析当投资者面临奈特不确定性时,产生上述投资组合模式的内在机理。 This paper studies the portfolio behavior patterns and its mechanism when investors face Knight’s uncertainty and investor’s preference meets the expected utility of NAC. The study found that the Knight uncertainty aversion and Knight uncertainty pursued the portfolio pattern is very different: there is a price range, Knight uncertainty avers who show investment inertia within this range, Chennai Uncertainty seekers have shown investment activity. Further analyze the inner mechanism of the above portfolio pattern when investors face Knight’s uncertainty.