中文摘要：

借鉴传统资产组合选择模型的逻辑框架，考虑不同投资者对同样不确定性的不同评价，以及同一投资者的情绪变化，以能反映投资者悲观和乐观态度的gλ-测度下的Choquet预期为数学工具，构造了能体现异质的资产组合选择模型．然后在经典假设下，分别对风险喜好、厌恶和混合型的投资者，讨论了对风险资产的最优投入和初始财富的关系．由于Choquet预期的引入，此关系依不同投资者和同一投资者的情绪变化而不同.

英文摘要：

Referring to the classical portfolio choice framework, the paper constructs a new portfolio choice model considering heterogeneity by fuzzy measures and the Choquet expectation, which reflects investor＇s sentiment for both pessimism and optimism to uncertainty. Under the classical as- sumptions and from the viewpoints of behavior finance, the model reveals the fundamental relation- ship between the initial endowment and the optimal investment to risky assets, corresponding to different risk-types of investors including risk loving, risk aversion and risk varying.