How to Build a Modern Tontine : : Algorithms, Scripts and Tips.

• Superior document: Future of Business and Finance Series
• Author: Milevsky, Moshe Arye.
• Place / Publishing House: Cham : : Springer International Publishing AG,, 2022.; Ã2022.
• Year of Publication: 2022
• Edition: 1st ed.
• Language: English
• Series: Future of Business and Finance Series
• Physical Description: 1 online resource (169 pages)

Table of Contents

Intro -- Preface -- Acknowledgements -- Contents -- About the Author -- List of Figures -- List of Tables -- 1 Why Tontines? Why Now? -- 1.1 Retirement vs. Decumulation -- 1.2 Annuity Benefits: Credits vs. Insurance -- 1.3 How Does This Book Differ from All the Other Books? -- 1.4 Outline and Plan -- 1.5 Tontine Literature: What (and Who) Else to Read -- 1.5.1 A. Chen -- 1.5.2 J.M. Bravo -- 1.5.3 C. Donnelly -- 1.5.4 R.K. Fullmer -- 1.5.5 M. Guillen -- 1.5.6 S. Haberman -- 1.5.7 J. Piggott -- 1.5.8 E. Pittacco -- 1.5.9 R. Rogalla -- 1.5.10 T.S. Salisbury -- 1.5.11 M.J. Sabin -- 1.5.12 M. Sherris -- 1.5.13 M.J. Stamos -- 1.5.14 J.H. Weinert -- References -- 2 Financial and Actuarial Background -- 2.1 Setting the Stage -- 2.2 Investment Returns: Notation and Moments -- 2.3 But Why Logarithms? -- 2.4 Gompertz Survival Probabilities -- 2.5 Need-to-Know: Annuity Values -- 2.5.1 Life Only Immediate Annuity -- 2.5.2 Refund at Death IA -- References -- 3 Building a Tontine Simulation in R -- 3.1 On Rates, Yields and Returns -- 3.2 Life &amp -- Death: Known Parameters -- 3.2.1 Doubly Stochastic Death -- 3.3 Investment Returns -- 3.4 Dividend &amp -- Fund Values -- 3.4.1 Temporary Life Income Annuities -- 3.4.2 A Perfect Fund Value Over Time -- 3.4.3 Fixed Rules in a Variable World -- 3.4.4 The Natural Tontine Rule -- 3.4.5 The Cumulative Payout -- 3.5 Conclusion and What's Next -- 3.6 Test Yourself -- 4 Statistical Risk Management -- 4.1 Stable Tontine Dividends: Defined -- 4.2 Riskier Portfolios and Wider Bands -- 4.3 What's Worse: Mortality or Markets? -- 4.4 Excess Life -- 4.5 Conclusion and What's Next -- 4.6 Test Yourself -- 5 Death Benefits, Refunds and Covenants -- 5.1 Set Your Seed -- 5.2 Can You Get Your Money Back? -- 5.3 Modern Tontine v2.0 -- 5.4 The Intuition of Refunds -- 5.5 The Tontine Dashboard -- 5.6 Lapses, Surrenders and Other Regrets.

5.7 The Final Act: Version 3.0 -- 5.8 Conclusion -- 5.9 Test Yourself -- 6 Goodbye LogNormal Distribution -- 6.1 Statement of the Historical Problem -- 6.2 Measuring Skewness and Kurtosis -- 6.3 Continuously Compounded vs. Effective Annual -- 6.4 Quantile Plots of Investment Returns -- 6.5 Serial Autocorrelation of Returns -- 6.6 The SP500 Total Return -- 6.7 Path Forward for Deviations from LogNormality -- 6.8 Basic Historical Bootstrap -- 6.9 Monthly to Annual -- 6.10 How Do Higher Moments Affect Tontine Payouts? -- 6.11 Conclusion: How Much Should We Worry? -- 6.12 Test Yourself -- 7 Squeezing the Most from Mortality -- 7.1 Assumptions Versus Realizations -- 7.2 No Mortality: Natural Decumulation -- 7.3 Isolating Mortality Credits -- 7.4 Fitting Gompertz at the Table -- 7.5 A Look Under the (Mortality) Table -- 7.6 Projection Factors: Today vs. the Future -- 7.7 Working Discretely -- 7.8 Test Yourself -- 8 Managing a Competitive Tontine Business -- 8.1 Floors &amp -- Failure -- 8.2 Mixing Cohorts, Genders and Initial Sums -- 8.3 Test Yourself -- 9 Solutions and Advanced Hints -- 9.1 Chapter 3: Brief Solutions to Test Yourself Qs. -- 9.2 Chapter 4: Brief Solutions to Test Yourself Qs. -- 9.3 Chapter 5: Brief Solutions to Test Yourself Qs. -- 9.4 Chapter 6: Brief Solutions to Test Yourself Qs. -- 9.5 Chapter 7: Brief Solutions to Test Yourself Qs. -- 9.6 Chapter 8: Brief Solutions to Test Yourself Qs. -- 10 Concluding Remarks: Tontine Thinking -- 10.1 What Is Modern About a Tontine? -- Correction to: Concluding Remarks: Tontine Thinking.