Option 1 states that stars do not twinkle because they emit light of a constant intensity. However, this is not correct because even stars that emit light of a constant intensity still appear to twinkle.

Option 2 states that planets do not twinkle because their distance from the earth does not change with time. This is not correct because the distance between planets and the earth does change as they orbit the sun.

Option 3 states that planets do not twinkle because they are very far away from the earth, resulting in a decrease in the intensity of light. This is also not correct because stars are much farther away from earth than planets, yet they still twinkle.

Option 4 is the correct answer. It states that planets do not twinkle because they are nearer to the earth, and we receive a greater amount of light from them. Therefore, any minor variations in intensity of light from planets are not noticeable, resulting in the absence of twinkling.