问题如下：
Açor’s notes from her previous meeting with Njau indicate the following behavioral considerations related to Njau’s retirement planning:
■■ Njau would like to increase her level of spending if supported by investment projections.
■■ Although Njau could pay a lump sum and receive a series of fixed payments, she prefers not to lose control over her assets.
■■ Njau understands the risk–return relationship and is willing to accept some short- term losses to achieve long- term growth.
Based on Açor’s notes from her previous meeting with Njau, the behavioral consideration exhibited by Njau is most likely:
选项：
A.a consumption gap.
B.the “annuity puzzle.”
heightened loss aversion.
解释：
B is correct. The “annuity puzzle” describes the phenomenon that retirees tend to avoid annuity investments, which may be appropriate to best help them reach their financial goals. An annuity provides a series of fixed payments, either for life or for a specified period, in exchange for a lump sum payment. Njau’s reluctance to lose control over her assets by paying the lump sum in exchange for the fixed payments is one explanation for her reluctance, and she may also believe that an annuity would minimize the chance of a substantial improvement in her lifestyle.
老师您好，答案中最后一句说：she may also believe that an annuity would minimize the chance of a substantial improvement in her lifestyle. 但是我看了一下讲义P52中说：“Explanations: investors' hope of substantial lifestyle improvement”，这里怎么理解呢？投资者难道不是希望有一个生活方式的大幅提高么？还是答案中说的那样，希望年金能把生活方式大幅提高的几率最小化？谢谢！
