Uncertain Lifetime, Consumption, and Dissaving in Retirement
研究不确定寿命能否解释退休者持续积累或少量减少储蓄的行为。在无年金且风险厌恶恒定的条件下，若跨期替代弹性较小，消费会随年龄增长而下降。基于实际收入与生存数据的计算表明，该弹性足够小，能解释老年人储蓄减少不足的现象。
This paper asks whether the continued accumulation, or mild dissaving, observed among the retired can be explained by uncertain lifetime. In the absence of annuities, after an initial period influenced by borrowing constraints, under constant relative risk aversion, uncertain lifetime depresses consumption by a proportion increasing with age if the elasticity of intertemporal substitution in consumption is "small." Illustrative computations, based on actual income and survival data, show that plausible elasticities are sufficiently small to give this effect. The reduction in consumption is large enough to explain much of the lack of decumulation by the elderly.