Dollar-Cost Averaging investment strategy has been widely criticized by academics for decades. This article proposes an Augmented Dollar-Cost Averaging (ADCA) strategy that conditions investment strategy to the prevailing market environment. The ADCA investment strategy is more aggressive if the economy is expanding and more conservative if the economy is contracting. Changes in market volatility, unemployment rate and capacity utilization were used to determine whether the economy was expanding or contracting. Using the Sharpe ratio, coupled with first-order and second-order stochastic dominance criteria, this study shows the risk-reducing benefits of ADCA in the U.S. stock market between 1967 and 2018.

数十年来，美元平均成本投资策略一直受到学者的广泛批评。本文提出了一种增强的美元成本平均（ADCA）策略，该策略根据当时的市场环境来调整投资策略。如果经济正在扩张，ADCA的投资策略会更加激进，如果经济正在收缩，则ADCA的投资策略会更加保守。市场波动，失业率和产能利用率的变化被用来确定经济是扩张还是萎缩。使用夏普比率以及一阶和二阶随机优势条件，本研究显示了1967年至2018年之间ADCA在美国股票市场上降低风险的收益。