King William's tontine : why the retirement annuity of the future should resemble its past / Moshe A. Milevsky.
2015
HG8817 .M55 2015 (Map It)
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Details
Title
King William's tontine : why the retirement annuity of the future should resemble its past / Moshe A. Milevsky.
Published
New York, NY : Cambridge University Press, 2015.
Call Number
HG8817 .M55 2015
ISBN
9781107076129
1107076129
1107076129
Description
xv, 257 pages : illustrations, portraits ; 24 cm
System Control No.
(OCoLC)907189828
Bibliography, etc. Note
Includes bibliographical references (pages 239-247) and index.
Record Appears in
Table of Contents
Preface: In Memoriam for Jared
xi
Acknowledgments
xiii
1.
King Billy, Protestant Hero of England
1
1693: Reign of William III and Mary II
1
Take Longevity Risk Off My Books
9
Overview and Outline of This Book
12
A Note on Ancient Time and Money
16
2.
Tontine's Economic Origins: Cheaper Debt
20
The Financial Path to Long-Term Borrowing
20
Can Amortizations Fool Investors for Life?
27
Adam Smith's Behavioral Economic Insight
30
Tontines vs. Annuities: The Stochastic PV
32
Last One to Die Please Shut Off the Lights
34
3.
A Most Curious Will(iam) and Older Than You Think
37
Life and Death in Elizabethan England
37
Financing the Merchant of Venice
39
Lorenzo de Tonti: The Promoter
41
Where Did the Italian Get the Idea?
46
The End: Seven Years in the Bastille
47
4.
The Million Act to Fight a War against France
50
Why Was a Dutchman the King of England?
50
The Glorious and Financial Revolution
54
In 1693 It Wasn't Yet Called a Tontine
58
The Option to Convert into a Life Annuity
59
Astronomer Edmond Halley Offers Advice
62
Annuity or Tontine: Which Is Preferred?
63
The Smart Money Switched to the Annuity
64
The Centenarian Who Picked the Tontine
66
Dividend per Share Computed
68
A Lottery with Multiple Life Annuities
70
The Old Lady on Threadneedle Street
74
5.
Don't Englishmen Die? Anti-Selection vs. Fraud
80
Tontine Crimes in Literary Fiction
80
Famous Nominees and Their Unique Lives
82
Tontine and Annuity Survivorship Bias
85
A Visit to the Library and the Archives
88
Testing for Shenanigans in Monte Carlo
90
Toms Coffeehouse on St. Martin's Lane
94
French Tontines, Defaults, and Revolutions
95
The Swiss Arbitrage the French
104
Age Doesn't Matter: What Were They Thinking?
106
Lessons Learned: The Great Tontine of 1789
110
Staying Alive ... by Annuitizing
113
6.
Is Your Tontine a Stock or a Bond?
114
Building Financial Bridges
114
The Glasgow Tontine Society
114
Alexander Hamilton's Debt Proposal
118
The Washington Real Estate Tontine
119
New York Stock Exchange and Tontines
121
Tontine Insurance Is Born in the USA
121
The Armstrong Investigation
128
Collective Tontines on the Israeli Kibbutz
130
Tontine Ingredient in Swedish Pensions
134
Classification of Tontine Schemes
137
7.
Optimal Tontine: Hedging (Some) Longevity Risk
140
A Rational Problem with Tontine's Utility
140
Consumption Smoothing over the Lifecycle
142
Optimality: Introducing Jared's Tontine
144
What Have Others Written? A Scholarly Literature Review
154
Tontines in the Press and Media
164
TIAA-CREF: Possibly the Biggest Tontine in the World
168
8.
Conclusion: Tontines for the Twenty-First Century
170
Don't Promise More Than You Can Deliver
170
Variable Annuity Upheavals of 2008
174
The Word Annuity Is Meaningless Today
176
Why Do Britons Hate Their Annuities?
177
Why Do Chileans Love Their Annuities?
181
The Investment Tribe, the Insurance Clan, and the 4% Rule
184
The Future of Retirement Income ... a Tontine?
188
Longevity Risk Sharing: Ex Ante vs. Ex Post
195
Epilogue: What Did William Really Know?
198
Appendix A
The List of Nominees
201
Appendix B
The Gompertz-Makeham Law of Mortality
226
Appendix C
14% for One, 12% for Two, or 10% for Three?
230
Source Notes and Guide to Further Reading
235
References
239
Index
249