The life cycle hypothesis and aggregate household saving
通过模拟方法反驳了White(1978)的观点，证明简单的生命周期模型即使在不利条件下也能产生足够的总储蓄，并指出White忽略死亡时间不确定性是导致其负面结论的原因之一。
Betsy White (1978) has argued that simple life cycle models of the kind suggested by Albert Ando and Franco Modigliani (1963) must be rejected on the ground that they cannot account for a realistic level of aggregate saving. To prove her point White uses the simulation technique. In this paper, using the same technique, it is shown that simple life cycle models can generate a sufficient amount of saving, even under conditions known to be unfavorable to personal saving. One reason for White's negative result is that she disregards the importance of uncertainty about the time of death. The effect of