The Religious Roots of Longevity Risk Sharing: The Genesis of Annuity Funds in the Scottish Enlightenment and the Path to Modern Pension Management
Milevsky, Moshe a.
- 出版商: Palgrave MacMillan
- 出版日期: 2024-07-03
- 售價: $5,390
- 貴賓價: 9.5 折 $5,121
- 語言: 英文
- 頁數: 265
- 裝訂: Hardcover - also called cloth, retail trade, or trade
- ISBN: 3031624025
- ISBN-13: 9783031624025
下單後立即進貨 (約1週~2週)
相關主題
商品描述
This 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.
商品描述(中文翻譯)
這本書提供了一個獨特的歷史研究,探討了長壽風險管理的起源以及其與十八世紀宗教機構的聯繫。在歷史上,君主、富有的贊助人和富裕的捐助者經常承諾為他們的信徒提供養老金或終身年金,這反映了《聖經》中「終身的日糧」的概念。然而,直到十八世紀,受益人壽命的不確定性以及為隨機財務義務進行預算的困難,導致經濟上的挑戰,往往導致資金不足和高違約率。
這本書講述了長壽風險共享的起源,以及歷史上第一個成功籌資的年金計劃,成為世界各地國家養老金計劃的原型。它探討了一群與蘇格蘭長老會有關的新教牧師、科學家和知識分子如何開創性地建立了一個可逆年金和寡婦養老金計劃,並遵循精算原則。很多人不知道的是,經濟學家亞當·斯密和其他蘇格蘭啟蒙運動的文人都投資了這種新型年金。本書闡明了這一計劃的社會和神學背景,並主張宗教信仰在長壽風險的謹慎管理最佳實踐的發展中起著關鍵作用。這些思想領袖對長期財務預測的信心是建立在實踐、價值觀和對神聖概率的信仰之上的。通過對檔案記錄的研究,揭示了精算歷史中這一迷人的方面,同時還與現代養老金挑戰的背景討論相關聯,這本書將對對金融、保險、養老金和宗教感興趣的學者和讀者有所裨益。
作者簡介
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.
作者簡介(中文翻譯)
摩西·A·米列夫斯基(Moshe A. Milevsky)是多倫多約克大學舒立克商學院(Schulich School of Business)的終身教授,也是菲爾茲數學科學研究所(Fields Institute for Research in Mathematical Sciences)的院士(2002年),他在愛丁堡大學獲得金融經濟學、數理統計學和歷史學的研究生學位。他已出版了17本書籍,發表了65多篇同行評審的論文,以及數百篇報紙文章。