The Consumption-based CAPM model was extended to include different risk attitudes among investors. The study introduced the idea of expectation dependence, showing that for risk-averse investors, it's the level of expectation dependence that determines the model's riskiness, not just covariance. By considering prudence as well as risk aversion, the study found a weaker dependence condition that still predicts asset prices and equity premiums. These findings were applied to various levels of risk changes and different types of investors, shedding light on the equity premium puzzle.