Humps and Bumps in Lifetime Consumption
论证了允许人口特征影响家庭偏好并放松确定性等价假设的生命周期模型，能生成与家庭数据中观察到的驼峰形消费曲线高度相似的年龄消费曲线，尤其匹配不同教育群体间的形状差异，且无需依赖流动性约束或短视行为。
In this article we argue that the life-cycle model that allows demographics to affect household preferences and relaxes the assumption of certainty equivalence can generate hump-shaped consumption profiles over age that are very similar to those observed in household-level data sources and, in particular, match the differences in shape across different education groups. Liquidity constraints or myopia are not required to explain the empirical features of observed life-cycle patterns.