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.