In this paper, a rnultimarket equilibrium pricing model under conditions of uncertainty is developed. A rnultimarket equilibrium asset pricing equation for risky assets ifi derived and compared with both the traditional expected return—risk equation given by Sharpe, Lintner, and Mossin (known as the SLM model) and its extended model ol; Mayers. The non parametric Wilcoxon signed-rank tests are performed to test tho empirical results obtained from a sample of 60 securities. It is shown that the new model gives estimates of beta coefficients significantly different from those of the SLM and Mayers models. It is also found that the beta estimates from the Mayers model are not statistically distinguishable from those from the SLM model, which support Fama and Schwert's finding. Finally, a rnultimarket equilibrium expected money growth-risk equation is derived and the effects of changes in the expected final wealth and the Bupply of money on the demand for real cash balances are analysed.