Most newer computers will have more than I GB of RAM and, in most cases, there is sufficient RAM available that having more virtual memory than the available RAM is a relatively rare occurrence.  There is little point in allocating a large minimum size pagefile, since it typically won’t be used.  However, having a relatively large maximum will avoid “out of virtual memory” conditions without dedicating a big chunk of disk space for that rare situation.

A common recommendation is to make the page file 1.5 times the size of the installed RAM.  This recommendation makes sense only for computers with small amounts of RAM (256 MB or less)...

An argument sometimes made is that the minimum pagefile has to be at least the size of the RAM so that a full memory dump can be taken when the operating system crashes.  However, this is not a very powerful argument because:...

The best way to size the pagefile is to monitor how much of the pagefile is in use and the system paging activity.  If very little of the pagefile is ever used, there is not much point in having a large minimum size.  Conversely if the pagefile is typically 80% or more used, increasing the minimum size may be advantageous.  See 2.8. Monitoring RAM and Virtual Memory usage for more information about monitoring memory and pagefile use.