问题
单项选择题
With respect to determining the optimal portfolio for an investor, which of the following statements is most accurate（）
A. Two investors may choose the same optimal portfolio even if their indifferent curve are different.
B. Less risk-averse investors will have steeper utility curves than more riskaverse investors.
C. The optimal portfolio lies at the point of tangency between the efficient frontier and indifference curve with the highest possible utility.
答案
参考答案：A
解析：
最优组合位于投资者效用最高的无差异曲线和资产配置线(CAL)的切点，而不是该曲线与有效前沿(efficient frontier)的切点。不同的投资者可能会选择同样的风险和收益组合，只要他们的无差异曲线在该点与资本配置线相切。更加厌恶风险的投资者的无差异曲线更为陡峭，说明需要用更多的收益对增加的风险进行补偿。