Life-Cycle and Altruistic Theories of Saving with Lifetime Uncertainty
检验了寿命不确定性下生命周期储蓄理论的预测，发现死亡率较低的人群消费增长更快，但非参数检验支持有限；引入利他主义后模型拟合更好，且老年家庭对遗赠的重视程度与自身消费相当。
This paper examines testable implications of the life-cycle theory of saving with lifetime uncertainty. Theory sugges ts that persons facing lower mortality rates should exhibit greater consumption growth. Nonparametric tests, using the Retirement Histor y Survey, provide mixed support for the theory. A parameterized model allowing for altruism provides more support. Estimates of a bequest parameter indicate that elderly households value contributions to bequests as highly as contributions to their own consumption. This i s equally true for households with and without children. Such a beques t motive would curtail the impact of lifetime uncertainty on consumpti on growth. Copyright 1993 by MIT Press.