Dynamic storage allocation is used heavily in many application areas including interpreters, simulators, optimizers, and translators. We describe research that can improve all aspects of the performance of dynamic storage allocation by predicting the lifetimes of short-lived objects when they are allocated. Using five significant, allocation-intensive C programs, we show that a great fraction of all bytes allocated are short-lived (? 90% in all cases). Furthermore, we describe an algorithm for lifetime prediction that accurately predicts the lifetimes of 42--99% of all objects allocated. We describe and simulate a storage allocator that takes advantage of lifetime prediction of short-lived objects and show that it can significantly improve a program's memory overhead and reference locality, and even, at times, improve CPU performance as well.