Normal view MARC view ISBD view

King William's tontine: why the retirement annuity of the future should resemble its past

By: Milevsky, Moshe A.
Material type: materialTypeLabelBookPublisher: Cambridge Cambridge University Press 2015Description: xv, 257p. With index.ISBN: 9781107430754.Subject(s): Retirement income | Tontine life insurance policies | Finance and accountancyDDC classification: 368.37 Summary: In a time before bonds, treasury notes, or central banks, there were tontines. These were schemes in which a group of investors lent money to a government, corporation, or king, similar to a modern-day loan syndicate. But unlike conventional debt, periodic interest payments were distributed only to survivors. As tontine nominees died, the income of survivors correspondingly increased. Morbid, perhaps, but this was one of the earliest forms of longevity insurance in which the pool shared the risk. Moshe A. Milevsky tells the story of the first tontine issued by the English government in 1693, known as King William's tontine, intended to finance the war against French King Louis XIV. He explains how tontines work, the financial and economic thinking behind them, as well as why they fell into disrepute. Milevsky concludes with a provocative argument that suitably modified tontines should be resurrected for twenty-first-century retirement income planning. https://www.cambridge.org/core/books/king-williams-tontine/742065301B20632DF9F9864CE1124530#fndtn-information
Tags from this library: No tags from this library for this title. Log in to add tags.
    average rating: 0.0 (0 votes)
Item type Current location Item location Collection Call number Status Date due Barcode
Books Vikram Sarabhai Library
General Stacks
Slot 1202 (0 Floor, East Wing) Non-fiction 368.37 M4K4 (Browse shelf) Available 199135

Contents

1 - King Billy, Protestant Hero of england

2 - Tontine's Economic Origins: Cheaper Debt

3 - A Most Curious Will(iam) and Older Than You Think

4 - The Million Act to Fight a War against France

5 - Don't Englishmen Die? Anti-Selection vs. Fraud

6 - Is Your Tontine a Stock or a Bond?

7 - Optimal Tontine: Hedging (Some) Longevity Risk

8 - Conclusion: Tontines for the Twenty-First Century

Epilogue: What Did William Really Know?

Appendix A - The List of Nominees

Appendix B - The Gompertz-Makeham Law of Mortality

Appendix C - 14% for One, 12% for Two, or 10% for Three?

In a time before bonds, treasury notes, or central banks, there were tontines. These were schemes in which a group of investors lent money to a government, corporation, or king, similar to a modern-day loan syndicate. But unlike conventional debt, periodic interest payments were distributed only to survivors. As tontine nominees died, the income of survivors correspondingly increased. Morbid, perhaps, but this was one of the earliest forms of longevity insurance in which the pool shared the risk. Moshe A. Milevsky tells the story of the first tontine issued by the English government in 1693, known as King William's tontine, intended to finance the war against French King Louis XIV. He explains how tontines work, the financial and economic thinking behind them, as well as why they fell into disrepute. Milevsky concludes with a provocative argument that suitably modified tontines should be resurrected for twenty-first-century retirement income planning.

https://www.cambridge.org/core/books/king-williams-tontine/742065301B20632DF9F9864CE1124530#fndtn-information

There are no comments for this item.

Log in to your account to post a comment.

Powered by Koha