Portfolio Response to a Shift in a Return Distribution: The Case of n- Dependent Assets

Recent papers have shown utility function conditions that are sufficient, in a two-asset context with or without stochastic dependence, for a conditional first-order stochastically dominating shift (or a conditional mean-preserving contraction) of one asset's return distribution never to result in a decline in holdings of that asset. The present paper shows that these conditions are sufficient even when there are an arbitrary number of assets.