Final answer:
In CCAPM, an asset is 'superior' in terms of consumption when its payoff is higher in times when resources are 'scarce'. This situates the asset as valuable during periods of limited resources, corresponding to consumer preferences.
Step-by-step explanation:
In the Consumption Capital Asset Pricing Model (CCAPM), an asset is considered superior in terms of consumption if its payoff is higher when resources are relatively scarce. This concept relates to the impact of changes in income on consumption choices. A good that sees increased consumption with rising income is termed a normal good, whereas a good that sees decreased consumption as income rises is labeled an inferior good. In the context of CCAPM, a superior asset is one that is more valuable during times of scarcity because it is more closely aligned with the consumption preferences in such economic conditions.