From the last decades of the seventeenth century until the beginning of the twentieth, the tontine, in one form or another, was a ubiquitous financial instrument. As a revenue-raising tool of governments it supported the cost of war, and as a private capital-raising instrument it provided funding for civic improvement and urban development projects. While the tontine is known today mainly through fictional works (Robert Louis Stevenson, Agatha Christie, and The Simpsons among others), this book tells the history of how it evolved from a public revenue-raising scheme into a popular private investment and infrastructure financing tool, before it was displaced by cheaper forms of borrowing. Focusing on the early development of the tontine, and with European and North American case studies, the narrative brings to life the story of a little-understood financial innovation. This concise and engaging book is an ideal introduction to the history of the tontine for all readers interested in financial history.
This open access book introduces the modern tontine and its applications in retirement and decumulation. Personal financial management in the later stages of life presents unique challenges, and renowned retirement planning expert Dr. Milevsky proposes the modern tontine as a solution. With the goal of guiding professionals and retirees in more efficient decumulation, the book demonstrates how to build a modern tontine. It is technically oriented, employing a cookbook format, featuring R code, and examining retirement planning through a statistical lens. This how-to guide, which is a sequel to his 2020 book “Retirement Income Recipes in R”, will be invaluable for retirement planning professionals and advisors, as well as for PhD scholars in retirement planning, quantitative finance, and related fields. This book is open access.
Christian Gauss Award Shortlist Winner of the ASAP Book Prize A Literary Hub Book of the Year “Makes the case that the gimmick...is of tremendous critical value...Lies somewhere between critical theory and Sontag’s best work.” —Los Angeles Review of Books “Ngai exposes capitalism’s tricks in her mind-blowing study of the time- and labor-saving devices we call gimmicks.” —New Statesman “One of the most creative humanities scholars working today...My god, it’s so good.” —Literary Hub “Ngai is a keen analyst of overlooked or denigrated categories in art and life...Highly original.” —4Columns “It is undeniable that part of what makes Ngai’s analyses of aesthetic categories so appealing...is simply her capacity to speak about them brilliantly.” —Bookforum “A page turner.” —American Literary History Deeply objectionable and yet strangely attractive, the gimmick comes in many guises: a musical hook, a financial strategy, a striptease, a novel of ideas. Above all, acclaimed theorist Sianne Ngai argues, the gimmick strikes us both as working too little (a labor-saving trick) and working too hard (a strained effort to get our attention). When we call something a gimmick, we register misgivings that suggest broader anxieties about value, money, and time, making the gimmick a hallmark of capitalism. With wit and critical precision, Ngai explores the extravagantly impoverished gimmick across a range of examples: the fiction of Thomas Mann, Helen DeWitt, and Henry James; the video art of Stan Douglas; the theoretical writings of Stanley Cavell and Theodor Adorno. Despite its status as cheap and compromised, the gimmick emerges as a surprisingly powerful tool in this formidable contribution to aesthetic theory.