000 05043nam a22005775i 4500
001 978-3-031-62403-2
003 DE-He213
005 20251030112611.0
007 cr nn 008mamaa
008 240703s2024 sz | s |||| 0|eng d
020 _a9783031624032
_9978-3-031-62403-2
024 7 _a10.1007/978-3-031-62403-2
_2doi
050 4 _aHG171
072 7 _aKFF
_2bicssc
072 7 _aKCZ
_2bicssc
072 7 _aBUS023000
_2bisacsh
072 7 _aKFF
_2thema
072 7 _aKCZ
_2thema
100 1 _aMilevsky, Moshe A.
_eauthor.
_4aut
_4http://id.loc.gov/vocabulary/relators/aut
_979972
245 1 4 _aThe Religious Roots of Longevity Risk Sharing
_h[electronic resource] :
_bThe Genesis of Annuity Funds in the Scottish Enlightenment and the Path to Modern Pension Management /
_cby Moshe A. Milevsky.
250 _a1st ed. 2024.
264 1 _aCham :
_bSpringer Nature Switzerland :
_bImprint: Palgrave Macmillan,
_c2024.
300 _aXXI, 265 p. 10 illus., 5 illus. in color.
_bonline resource.
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
347 _atext file
_bPDF
_2rda
505 0 _aPART ONE: A BLESSED OLD AGE -- Chapter 1: DO YOU BELIEVE IN PENSIONS? -- Chapter 2: LONGEVITY RISK AND RELIGION -- Chapter 3: THE BENEFITS OF POOLING -- PART TWO: CHURCH & UNIVERSITY -- Chapter 4: AN ENLIGHTENED FINANCIAL INNOVATION -- Chapter 5: A PRESBYTERIAN SCHEME FOR MINISTERS -- Chapter 6: ALEXANDER WEBSTER AND THE ARCHIVES -- Chapter 7: ANNUITY MANAGEMENT IN THE EIGHTEENTH CENTURY -- Chapter 8: FROM CHURCH PAYGO TO FULLY FUNDED -- Chapter 9: SCIENTIFIC MODELS VERSUS RELIGIOUS BELIEFS -- Chapter 10: THE FIRST BIBLICAL ANNUITY -- PART THREE: FROM RETIREMENT TO DECUMULATION -- Chapter 11: PENSION RESISTANCE IN THE NINETEENTH CENTURY -- Chapter 12: LONGEVITY HETEROGENEITY IN THE 21ST CENTURY.
520 _aThis book presents a unique historical study on the origins of longevity risk management and its links to religious institutions in the eighteenth century. Throughout history, monarchs, affluent patrons, and wealthy benefactors routinely pledged to provide their devotees with pensions or life annuities, mirroring the biblical concept of ‘daily bread for life’. Until the eighteenth century, however, the uncertainty around the longevity of beneficiaries’ lives and the difficulty of budgeting for random financial obligations had posed economic challenges that often led to insufficient funding and high default rates. This book narrates the genesis of longevity risk pooling and the first successfully funded annuity scheme in history, an eventual prototype for national pension plans around the world. It examines how a group of Protestant clergymen, scientists, and intellectuals associated with the Presbyterian Church of Scotland pioneered innovative methods for setting up a reversionary annuity and widow’s pension plan, guided by actuarial principles. Unknown to many, the economist Adam Smith, and other literati of the Scottish Enlightenment, invested in this novel annuity. Illuminating the social and theological contexts of this scheme, the book argues that religious belief played a critical role in the development of best practices around the prudent management of longevity risk. The practices, values and beliefs in divine probabilities were at the heart of these thought leaders’ confidence in long-term financial projections. Shedding light on this fascinating aspect of actuarial history by an examination of the archival records, while also linking to contextual discussions of modern pension challenges, this book will be of interest to scholars and readers interested in finance, insurance, pensions, and religion. Moshe A. Milevsky is a tenured professor at the Schulich School of Business, York University (in Toronto), and a Fellow (2002) of the Fields Institute for Research in Mathematical Sciences, with graduate degrees in Financial Economics, Mathematical Statistics, and History from the University of Edinburgh. He has published 17 books, over 65 peer-reviewed papers, and hundreds of newspaper pieces. .
650 0 _aFinance.
_958339
650 0 _aHistory.
650 0 _aEconomics
_xHistory.
_957572
650 0 _aActuarial science.
_976718
650 0 _aSocial history.
650 1 4 _aFinancial History.
_971057
650 2 4 _aHistory of Economic Thought and Methodology.
_971917
650 2 4 _aActuarial Mathematics.
_976719
650 2 4 _aSocial History.
710 2 _aSpringerLink (Online service)
773 0 _tSpringer Nature eBook
776 0 8 _iPrinted edition:
_z9783031624025
776 0 8 _iPrinted edition:
_z9783031624049
776 0 8 _iPrinted edition:
_z9783031624056
856 4 0 _uhttps://doi.org/10.1007/978-3-031-62403-2
912 _aZDB-2-ECF
912 _aZDB-2-SXEF
999 _c61312
_d61312