Which of the following statements are true?

Select one or more:

a.With two distributions of equal mean, the distribution of a higher variance must SOSD the distribution with a lower variance

b.

In theory, an investor with conventional expected utility should always participate in an investment if the expected return is positive.

c.

I we reconcile the observed equity premium with a high risk aversion then we cannot at the same time reconcile the high risk aversion with the observed risk free rate.

d.

State pricing approach is only valid ifcontingent claims in each state exist.

e.

SF (Stochastic Discount Factor) derived from non-arbitrage condition and state space consumer maximisation are two different things.