A generalized Epstein-Nesbet type perturbation theory is introduced by a un
ique, "optimal" determination of level shift parameters. As a result, a new
partitioning emerges in which third order energies are identically zero, m
ost fifth order terms also vanish, and low (2nd, 4th) order corrections are
quite accurate. Moreover, the results are invariant to unitary transformat
ions within the zero order excited states. Applying the new partitioning to
many-body perturbation theory, the perturbed energies exhibit appealing fe
atures: (i) they become orbital invariant if all level shifts are optimized
in an excitation subspace; and (ii) meet the size-consistency requirement
if no artificial truncations in the excitation space is used. As to the num
erical results, low order corrections do better than those of Moller-Plesse
t partitioning. At the second order, if the single determinantal Hartree-Fo
ck reference state is used, the CEPA-0 (=LCCD) energies are recovered. High
er order corrections provide a systematic way of improving this scheme, num
erical studies showing favorable convergence properties. The theory is test
ed on the anharmonic linear oscillator and on the electron correlation ener
gies of some selected small molecules. (C) 2000 American Institute of Physi
cs. [S0021-9606(00)31210-7].