future consumption outcomes

NO.PZ2023040601000085问题如下 Risk-averse investors manng a large equity risk premium are most likely expecting their future consumption outcomes anequity returns to be: A.uncorrelateB.positively correlateC.negatively correlate If investors manhigh equity risk premiums, they are likely expecting their future consumption anequity returns to positively correlate The positive correlation incates thequities will exhibit poor heing properties, equity returns will high (e.g., poff) ring “gootimes” anwill low (e.g., not poff) ring “btimes”. In other wor, the covarianbetween risk-averse investors’ inter-temporrates of substitution anthe expectefuture prices of equities is highly negative, resulting in a positive anlarge equity risk premium. This is the case because, in gootimes, when equity returns are high, the marginvalue of consumption is low. Similarly, in btimes, when equity returns are low, the marginvalue of consumption is high. Holng all else constant, the larger the magnitu of the negative covarianterm, the larger the risk premium. 老师好，想请教下，如果把这里的Equity Return理解为RequireRate of Equity的话，是不是就是负相关了呢？因为ERP增加，根据CAPM的话RE也会增加。

NO.PZ2023040601000085问题如下 Risk-averse investors manng a large equity risk premium are most likely expecting their future consumption outcomes anequity returns to be: A.uncorrelateB.positively correlateC.negatively correlate If investors manhigh equity risk premiums, they are likely expecting their future consumption anequity returns to positively correlate The positive correlation incates thequities will exhibit poor heing properties, equity returns will high (e.g., poff) ring “gootimes” anwill low (e.g., not poff) ring “btimes”. In other wor, the covarianbetween risk-averse investors’ inter-temporrates of substitution anthe expectefuture prices of equities is highly negative, resulting in a positive anlarge equity risk premium. This is the case because, in gootimes, when equity returns are high, the marginvalue of consumption is low. Similarly, in btimes, when equity returns are low, the marginvalue of consumption is high. Holng all else constant, the larger the magnitu of the negative covarianterm, the larger the risk premium. 未来的消费结果和股票收益是正相关，这话什么意思？对于风险厌恶投资者为什么是这样？