The effect of fourth-order coherence on ultrafast modulation spectroscopy w
ith phase-conjugation geometry (PCUMS) in a cascade three-level system is i
nvestigated using chaotic and phase-diffusion models. It has been found tha
t the temporal behavior of the beat signal depends on the stochastic proper
ties of the lasers and the transverse relaxation rate of the transitions, a
nd the modulation terms of the beat signal depend on the second-order coher
ence function, which is determined by the laser line shape. Since different
stochastic models of the laser field affect only the fourth-order coherenc
e function, they have little influence on the general temporal modulation b
ehavior of the beat signal. The different roles of the phase fluctuation an
d amplitude fluctuation can be investigated in the time domain. The cases w
here the pump beams have either a narrow or broad band linewidth are consid
ered and it has been found that for both cases a Doppler-free precision in
the measurement of the energy-level difference between two states can be ac
hieved. The difference between the PCUMS and the DeBeer, UMS [D. DeBeer et
al., Phys. Rev. Lett. 56, 1128 (1986)] is discussed as well from a physical
viewpoint.