摘要： This paper weakens the expectation dependence concept due to Wright (Theory Decis 22:111–124, 1987 ) and its higher-order extensions proposed by Li (J Econ Theory 146:372–391, 2011 ) to conform with the preferences generating the almost stochastic dominance rules introduced in Leshno and Levy (Manag Sci 48:1074–1085, 2002 ). A new dependence concept, called excess dependence is introduced and studied in addition to expectation dependence. This new concept coincides with expectation dependence at first-degree but provides distinct higher-order extensions. Three applications, to portfolio diversification, to the determination of the sign of the equity premium in the consumption-based CAPM, and to optimal investment in the presence of a background risk, illustrate the usefulness of the approach proposed in the present paper. 其他題名： Theory Decis 出版者： New York: Springer US 出版日期： 2015-11-01 出處： Theory and decision, 2015-11, Vol.79 (3), p.375-401 資源來源： ABI/INFORM Collection 版權： Springer Science+Business Media New York 2014 版權： Springer Science+Business Media New York 2015 識別號： ISSN: 0040-5833 識別號： EISSN: 1573-7187 識別號： DOI: 10.1007/s11238-014-9476-6
