tontines can be a complement to or a substitute for traditional annuities. We find that it is only optimal to invest in … tontines for a certain range of initial wealth. In addition, we investigate in how far the tontine size, the volatility of … individual liquidity needs and expected mortality rates contribute to the demand for tontines. …

Annuities are perceived as being illiquid financial instruments, and this has limited their attractiveness to consumers … and inclusion in financial models. However, short positions in annuities can be replicated using life insurance and debt …, permitting long positions in annuities to be offset, or short annuity positions to be created. The implications of this result …

Annuities are perceived as being illiquid financial instruments, and this has limited their attractiveness to consumers … and their inclusion in financial models. However, short positions in annuities can be replicated using life insurance and … debt, permitting long positions in annuities to be offset, or short annuity positions to be created. The implications of …