Annuities are financial products that guarantee the holder a fixed return so long as the holder remains alive, thereby providing insurance against lifetime uncertainty. The terms of these contracts depend on the information available to insurance firms. Unlike age and gender, information about individual survival probabilities cannot be readily ascertained. This asymmetric information causes market inefficiencies, such as adverse selection. Groundbreaking in its scope, The Economic Theory of Annuities offers readers a theoretical analysis of the functioning of private annuity markets. Starting with a general analysis of survival functions, stochastic dominance, and characterization of changes in longevity, Eytan Sheshinski derives the demand for annuities using a model of individuals who jointly choose their lifetime consumption and retirement age. The relation between life insurance and annuities that have a bequest option is examined and "annuity options" are proposed as a response to the lack of secondary markets.
This book also investigates the macroeconomic policy implications of annuities and changes in longevity on aggregate savings. Sheshinski utilizes statistical population theory to shed light on the debate of whether the surge in savings and growth in Asia and other countries can be attributed to higher longevity of the population and whether this surge is durable. This book shows how understanding annuities becomes essential as governments that grapple with insolvency of public social security systems place greater emphasis on individual savings accounts.
An attractive, accessible introduction to systematic theology for college students. Rooted in classical theology with strong sensitivities to ecumenical, liberation, and feminist concerns, the book creates exciting and pertinent presentations of major topics, illumines options, and nudges students to formulate a personal stance.
Most leadership models start with trying to identify what great leaders do. Instead, leadership expert Emmanuel Gobillot answers the question "what do great followers want?" He identifies the key elements of leadership success and the proven pathways to developing the charisma we all seek in the leaders who truly inspire and motivate. Leaders who understand the needs of their followers demonstrate that they share the values of their team, have the character to act in line with these values and the ability to deliver on them. The best leaders have high EQ (Emotional Intelligence) capabilities and can respond to their followers' needs in an authentic way. This book breaks down the all-important "charisma" into eight critical elements, explaining how each component works and offering practical development steps for each.
Getting these steps right will transform good leaders into magnets for great followers.
Manhattan is the tale of a young French scholar who travels to the United States in 1965 on a Fulbright Fellowship to consult the manuscripts of beloved authors. In Yale University's Beinecke Library, tantalized by the conversational and epistolary brilliance of a fellow researcher, she is lured into a picaresque and tragic adventure. Meanwhile, back in France, her children and no-nonsense mother await her return. A young European intellectual's first contact with America and the city of New York are the background of this story. The experience of Manhattan haunts this labyrinth of a book as, over a period of thirty-five years, its narrator visits and revisits Central Park and a half-buried squirrel, the Statue of Liberty and a never again to be found hotel in the vicinity of Morningside Heights: a journey into memory in which everything is never the same. Traveling from library to library, France to the United States, Shakespeare to Kafka to Joyce, Manhattan deploys with gusto all the techniques for which Cixous's fiction and essays are known: rapid juxtapositions of time and place, narrative and description, analysis and philosophical reflection. It investigates subjects Cixous has spent her life probing: reading, writing, and the "omnipotence-other" seductions of literature; a family's flight from Nazi Germany and postcolonial Algeria; childhood, motherhood, and, not least, the strange experience of falling in love with, as Jacques Derrida writes, "a counterfeit genius."