Some of us may recall the tontine, invented in the 17th century by a
Neapolitan banker called Lorenzo de Tonti as an investment scheme, but
now illegal, in the US and UK at least. The only beneficiary is the
last survivor, who scoops the pool. A QTI tontine would presumably make
winners of *all* its members (makes you wonder about about a
conservation principle for money). There's still an incentive to bump
the others off to speed the process, however, even though they would
still end up as beneficiaries themselves on other branches. Rationally,
they should draw lots, with a single winner being the only one who
doesn't commit suicide (this should of course be automated). I doubt
this method would be any more popular with the authorities though.
David
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Received on Fri Sep 15 2006 - 11:42:27 PDT