本文首先证明了基于风险基金的资产定价模型，然后使用该模型证明了如果定价的基准是单个的投资者的最优消费和财富时，那么基于财富偏好的资产定价模型成立。

We prove that the CAPM for the risky fund, and find that the CAPM based on preferences for wealth holds true when the pricing kernel consists of individual investors' optimal consumption and wealth.

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