According to the life-cycle theory and permanent income theory, which person would spend a smaller percentage of his or her winnings during the first year?
a) a person who won $1,000 a month for life
b) a person who won $5,000 a year for 10 years
c) they would all be expected to spend the same share of their winnings during the first year
d) a person who won a one-time jackpot of $10,000
