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Journal articles on the topic 'Annuities'

Author: Grafiati

Published: 4 June 2021

Last updated: 25 July 2025

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1

DUSHI, IRENA, and ANTHONY WEBB. "Household annuitization decisions: simulations and empirical analyses." Journal of Pension Economics and Finance 3, no. 2 (2004): 109–43. http://dx.doi.org/10.1017/s1474747204001696.

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Annuities provide insurance against outliving one's wealth. Previous studies have indicated that, for many households, the value of the longevity insurance should outweigh the actuarial unfairness of prices in the voluntary annuity market. Nonetheless, voluntary annuitization rates are extremely low.Previous research on the value of annuitization has compared an optimal decumulation of unannuitized wealth with the alternative of annuitizing all unannuitized wealth at age 65. We relax these assumptions, allowing households to annuitize any part of their unannuitized wealth at any age and to ret

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2

Kling, Alexander, Andreas Richter, and Jochen Ruß. "ANNUITIZATION BEHAVIOR: TAX INCENTIVES VS. PRODUCT DESIGN." ASTIN Bulletin 44, no. 3 (2014): 535–58. http://dx.doi.org/10.1017/asb.2014.17.

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AbstractWe analyze and compare the impact of tax incentives and of introducing enhanced annuities on annuitization behavior considering heterogeneity among the insured. We find that tax incentives for annuitization result in a significant increase of the portion of people who should annuitize and also an increase of the insurer's profit since less healthy individuals also annuitize, i.e. adverse selection is reduced. However, the problem that different insured receive a different value for money is even increased by tax incentives. If enhanced annuities are introduced, the percentage of insure

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3

JAMES, ESTELLE, GUILLERMO MARTINEZ, and AUGUSTO IGLESIAS. "The payout stage in Chile: who annuitizes and why?" Journal of Pension Economics and Finance 5, no. 2 (2006): 121–54. http://dx.doi.org/10.1017/s1474747205002404.

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In 1981 Chile adopted its new multi-pillar system, which featured privately managed individual accounts. Starting in 1983 payouts from the accounts were permitted and detailed rules about payouts were put in place. The Chilean scheme therefore gives us an opportunity to examine how pensioners and pension providers react when individual accounts replace DB systems, and how detailed regulations shape these reactions.Retirees in Chile have a choice between early versus normal retirement (before or after age 65M/60W) and between annuitization versus programmed withdrawals; lump sum withdrawals are

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4

Cannon, Edmund, Ian Tonks, and Rob Yuille. "The effect of the reforms to compulsion on annuity demand." National Institute Economic Review 237 (August 2016): R47—R54. http://dx.doi.org/10.1177/002795011623700116.

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This paper investigates the effect of recent regulatory changes to the compulsory annuitisation of tax-privileged pension savings, on the demand for annuities and other retirement products. We find that the demand for annuities has fallen by almost 75 per cent from its peak in 2012, and the demand for income drawdown products has increased. There is some evidence that people at younger ages and with smaller pension pots are choosing not to annuitise, and hence the average size of an annuity purchase has increased.

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5

Reichling, Felix, and Kent Smetters. "Optimal Annuitization with Stochastic Mortality and Correlated Medical Costs." American Economic Review 105, no. 11 (2015): 3273–320. http://dx.doi.org/10.1257/aer.20131584.

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The conventional wisdom since Yaari (1965) is that households without a bequest motive should fully annuitize their investments. Numerous frictions do not break this sharp result. We modify the Yaari framework by allowing a household's mortality risk itself to be stochastic due to health shocks. A lifetime annuity still helps to hedge longevity risk. But the annuity's remaining present value is correlated with medical costs, such as those for nursing home care, thereby reducing annuity demand, even without ad-hoc liquidity constraints. We find that most households should not hold a positive le

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6

BROWN, JEFFREY, STEVEN HABERMAN, MOSHE MILEVSKY, and MIKE ORSZAG. "Overview of the Issue." Journal of Pension Economics and Finance 5, no. 2 (2006): i—ii. http://dx.doi.org/10.1017/s1474747206002514.

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The second issue of the fifth volume of the JPEF features 4 research articles, and a book review section. The first article is by Estelle James, Guillermo Martinez and Augusto Iglesias and looks at: “The payout stage in Chile: Who annuitizes and why?” Low rates of voluntary annuitization are a major issue in defined contribution pension designs. Yet, in Chile, about 2/3 of individuals choose to annuitize instead of taking programmed withdrawals. The paper examines the reasons for this high rate of annuitization and concludes that it is due to the combination of a competitive market in annuitie

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7

VIDAL-MELIÁ, CARLOS, and ANA LEJÁRRAGA-GARCÍA. "Demand for life annuities from married couples with a bequest motive." Journal of Pension Economics and Finance 5, no. 2 (2006): 197–229. http://dx.doi.org/10.1017/s1474747205002349.

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The aim of this paper is to explain the ‘annuities puzzle’ in greater depth by introducing the bequest motive. It will try to determine whether this motive really is a relevant feature influencing the demand for life annuities from married couples. With this aim in mind, we develop an optimization model of the utility provided by purchasing a life annuity with contingent survivor benefit or a joint survivor life annuity. Our model is based on that first put forward by Brown and Poterba (2000), to which we have added elements from other models, such as Friedman and Warshawsky's (1990) and Vidal

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8

HORNEFF, WOLFRAM J., RAIMOND H. MAURER, OLIVIA S. MITCHELL, and MICHAEL Z. STAMOS. "Variable payout annuities and dynamic portfolio choice in retirement." Journal of Pension Economics and Finance 9, no. 2 (2009): 163–83. http://dx.doi.org/10.1017/s1474747208003880.

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AbstractMany retirees hope to continue earning capital market rewards on their saving while avoiding outliving their funds during retirement. We model a dynamic utility maximizing investor who seeks to benefit from holding both equity and longevity insurance. She is free to adjust her portfolio allocation of her financial wealth as well as of the annuity over time, and she can purchase variable payout annuities any time and incrementally. In this setting, we show that the retiree will not fully annuitize even without bequests; rather, she will combine variable annuities with withdrawals from h

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9

Weale, Martin, and Justin van de Ven. "Variable annuities and aggregate mortality risk." National Institute Economic Review 237 (August 2016): R55—R61. http://dx.doi.org/10.1177/002795011623700117.

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This paper explores the extent to which annuitants might be prepared to pay for protection against cohort-specific mortality risk, by comparing traditional indexed annuities with annuities whose payout rates are revised in response to differences between expected and actual mortality rates of the cohort in question. It finds that a man aged 65 with a coefficient of relative risk aversion of two would be prepared to pay 75p per £100 annuitised for protection against aggregate mortality risk while a man with risk aversion of twenty would be prepared to pay £5.75 per £100; studies put the actual

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10

Rajaram, Rajeev, and Nathan Ritchey. "Polynomial Annuities." AppliedMath 2, no. 2 (2022): 212–33. http://dx.doi.org/10.3390/appliedmath2020013.

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We use a payment pattern of the type {1k,2k,3k,…} to generalize the standard level payment and increasing annuity to polynomial payment patterns. We derive explicit formulas for the present value of an n-year polynomial annuity, the present value of an m-monthly n-year polynomial annuity, and the present value of an n-year continuous polynomial annuity. We also use the idea to extend the annuities to payment patterns derived from analytic functions, as well as to payment patterns of the type {1r,2r,3r,…}, with r being an arbitrary real number. In the process, we develop possible approximations

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11

Ledlie, M. C., D. P. Corry, G. S. Finkelstein, A. J. Ritchie, K. Su, and D. C. E. Wilson. "Variable Annuities." British Actuarial Journal 14, no. 2 (2008): 327–89. http://dx.doi.org/10.1017/s1357321700001744.

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ABSTRACTThis paper provides a detailed overview of variable annuities. Consideration is given first to the definition of the term variable annuity. Common terminology used in the variable annuity market is introduced. The current state of the United Kingdom and other international markets is described. Then, by reference to a simplified product, an analysis of customer outcomes, pricing, reserving, risk management and hedging is carried out. The paper ends with a description of current U.K. pensions legislation and how it potentially constrains product development.

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12

Chen, Anran, Steven Haberman, and Stephen Thomas. "Cumulative prospect theory and deferred annuities." Review of Behavioral Finance 11, no. 3 (2019): 277–93. http://dx.doi.org/10.1108/rbf-10-2017-0102.

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Purpose Although it has been proved theoretically that annuities can provide optimal consumption during one’s retirement period, retirees’ reluctance to purchase annuities is a long-standing puzzle. The purpose of this paper is to use behavioral model to analyze the low demand for immediate annuities. Design/methodology/approach The authors employ cumulative prospect theory (CPT), which contains both loss aversion and probability transformations, to analyze the annuity puzzle. Findings The authors show that CPT can explain the unattractiveness of immediate annuities. It also shows that retiree

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13

Chen, Anran, Steven Haberman, and Stephen Thomas. "The implication of the hyperbolic discount model for the annuitisation decisions." Journal of Pension Economics and Finance 19, no. 3 (2019): 372–91. http://dx.doi.org/10.1017/s1474747218000343.

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AbstractThe low demand for immediate annuities at retirement has been a long-standing puzzle. We show that a hyperbolic discount model can explain this behaviour and results in the attractiveness of long-term deferred annuities. With a set of benchmark assumptions, we find that retirees would be willing to pay a much higher price than the actuarial fair price for annuities with longer deferred periods. Moreover, if governments were to introduce a pre-commitment device which requires pensioners to make annuitisation decisions around 10 years before retirement, the take up rate of annuities coul

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14

Reimann, Kurt W. "Annuities as Areas." College Mathematics Journal 18, no. 1 (1987): 45. http://dx.doi.org/10.2307/2686316.

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15

DIRER, ALEXIS. "Flexible Life Annuities." Journal of Public Economic Theory 12, no. 1 (2010): 43–55. http://dx.doi.org/10.1111/j.1467-9779.2009.01446.x.

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16

d'Albis, Hippolyte, and Johanna Etner. "Illiquid life annuities." Journal of Public Economic Theory 20, no. 2 (2017): 277–97. http://dx.doi.org/10.1111/jpet.12253.

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17

Dufresne, Daniel. "Stochastic Life Annuities." North American Actuarial Journal 11, no. 1 (2007): 136–57. http://dx.doi.org/10.1080/10920277.2007.10597441.

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18

Reimann, Kurt W. "Annuities as Areas." College Mathematics Journal 18, no. 1 (1987): 45–47. http://dx.doi.org/10.1080/07468342.1987.11973006.

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19

Shaffer, Sherrill. "Annuities and inflation." Atlantic Economic Journal 17, no. 1 (1989): 96. http://dx.doi.org/10.1007/bf02303286.

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20

Direr, Alexis. "Flexible Life Annuities." Journal of Public Economic Theory 21, no. 1 (2017): 43–55. https://doi.org/10.5281/zenodo.1038556.

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Annuity contracts typically deliver a stream of income at a predetermined level in order to insure against the risk of longevity. This paper explores whether flexible annuities, which give subscribers the possibility of choosing between different levels of annuity, are welfare enhancing. In the case where agents gradually discover their actual probability of survival, a predetermined and "one-size-fits-all" annuity plan is optimal. If an expenditure risk is added along with the longevity risk, a flexible annuity plan is better even though the consumption path cannot be isolated from

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21

Alpman, Burcu, and Deniz Ünal. "Accelerating the premiums for annuities, life annuities and life insurance." Communications in Statistics - Theory and Methods 49, no. 7 (2019): 1665–94. http://dx.doi.org/10.1080/03610926.2018.1564329.

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22

Milne, Ronald A., and Glenn Vent. "Variable Lifetime Annuities: Can You Live Long Enough To Receive Fair Value?" Journal of Applied Business Research (JABR) 15, no. 2 (2011): 49. http://dx.doi.org/10.19030/jabr.v15i2.5678.

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<span>This article presents an analysis of variable lifetime annuities and quantifies the advantages and disadvantages associated with this type of instrument. Given recent long-term rates of return and current low inflation rates, variable annuity contracts provide an effective means of compensating for inflation. An individual only needs to invest a small portion of retirement funds in variable annuities to protest the entire portfolio against the risk of long-term inflation without the risk of having ones entire retirement income based on variable annuities.</span>

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23

Marumoagae, Motseotsile Clement. "Deprivation of Retirement Benefits on Divorce through Living Annuities in South Africa." Journal of African Law 66, no. 1 (2021): 151–74. http://dx.doi.org/10.1017/s0021855321000413.

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AbstractThis article discusses the law regulating living annuities when spouses in South Africa are divorcing. It demonstrates that South African courts have interpreted the law to prejudice non-member spouses financially. It argues that courts have failed to consider matrimonial principles when determining whether living annuities are susceptible to being shared on divorce. It argues further that adequate consideration of matrimonial principles will render it impossible for retirement fund members to prejudice their spouses financially by purchasing living annuities without the consent of suc

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24

Yakubova, U., N. Parpieva, and N. Mirkhodjaeva. "Some Notes on Payments Streams." Bulletin of Science and Practice, no. 2 (February 15, 2023): 321–28. http://dx.doi.org/10.33619/2414-2948/87/37.

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The article discusses such concepts as the payment’s streams and financial annuities, credit accounts. The generalizing characteristics of payments streams, the increased amount of constant annuity postnumerando are given. The formulas of the incremented sum are considered, as well as the current value of constant annuities postnumerando.

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25

Jung Min, Lee, Ju Hyo Chan, and Lee Hangsuck. "Risk Management of Portfolio of Variable Annuities and Equity-indexed Annuities." Korean Insurance Journal 101 (January 31, 2015): 33–66. http://dx.doi.org/10.17342/kij.2015.101.2.

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26

Castellares, Fredy, and Artur J. Lemonte. "On Numerical Problems in Computing Life Annuities Based on the Makeham–Beard Law." Mathematica Slovaca 73, no. 5 (2023): 1317–24. http://dx.doi.org/10.1515/ms-2023-0096.

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ABSTRACT Analytic expressions for the single and joint life annuities based on the Makeham–Beard mortality law have been derived recently in the literature, which depend on special mathematical functions such as hypergeometric functions. We verify that the arguments of the hypergeometric functions in the analytic expressions for the single and joint life annuities may assume values very close to unity (boundary of the convergence radius), and so numerical problems may arise when using them in practice. We provide, therefore, alternative analytic expressions for the single and joint life annuit

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27

Schaff, Michele L., and Jeffery E. Schaff. "Annuities are not securities: the regulatory Island in Illinois." Journal of Investment Compliance 20, no. 4 (2019): 72–74. http://dx.doi.org/10.1108/joic-10-2019-0055.

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Purpose Discusses the significance of the Illinois Supreme Court ruling in Van Dyke v. White, which clarified that annuities are not securities in the state of Illinois, with a particular focus on the ramifications to insurance, brokerage and investment advisory standards of care as well as causes of action for breaches thereof. Design/methodology/approach Describes the Court’s ruling as it relates to the industry going forward. Does not discuss the specifics of the plaintiff’s case or history. Findings The statutory language of Illinois’ securities laws specifically excludes annuities from th

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28

Oberg, Michael Leroy. "A'yunt huh : The Meaning of Annuities to the Seneca Indians, 1784–1848." Proceedings of the American Philosophical Society 165, no. 1 (2024): 1–25. https://doi.org/10.1353/pro.2024.a946779.

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Abstract: Between 1784 and 1842 the Seneca Indians, the westernmost of the Six Iroquois Nations of the Haudenosaunee, relinquished the bulk of their land in exchange for payments from New York State, from the United States, and indirectly from land companies that operated with or without these governments' permission. Historians have not paid enough attention to these annuities. On one hand, annuities seem innocuous: a convenience for the purchasers, or the token price paid to Native peoples for the surrender of a homeland. On the other hand, annuity receipts and reports—and the entire bureauc

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29

Brown, Jeffrey R. "Financial Education and Annuities." OECD Journal: General Papers 2008, no. 3 (2009): 173–215. http://dx.doi.org/10.1787/gen_papers-v2008-art20-en.

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30

Davidoff, Thomas, Jeffrey R. Brown, and Peter A. Diamond. "Annuities and Individual Welfare." American Economic Review 95, no. 5 (2005): 1573–90. http://dx.doi.org/10.1257/000282805775014281.

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Advancing annuity demand theory, we present sufficient conditions for the optimality of full annuitization under market completeness which are substantially less restrictive than those used by Menahem E. Yaari (1965). We examine demand with market incompleteness, finding that positive annuitization remains optimal widely, but complete annuitization does not. How uninsured medical expenses affect demand for illiquid annuities depends critically on the timing of the risk. A new set of calculations with optimal consumption trajectories very different from available annuity income streams still sh

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31

SHESHINSKI, EYTAN. "Refundable Annuities (Annuity Options)." Journal of Public Economic Theory 12, no. 1 (2010): 7–21. http://dx.doi.org/10.1111/j.1467-9779.2009.01444.x.

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32

CREMER, HELMUTH, JEAN-MARIE LOZACHMEUR, and PIERRE PESTIEAU. "Collective Annuities and Redistribution." Journal of Public Economic Theory 12, no. 1 (2010): 23–41. http://dx.doi.org/10.1111/j.1467-9779.2009.01445.x.

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33

PLATONI, SILVIA. "Asymmetric Information and Annuities." Journal of Public Economic Theory 12, no. 3 (2010): 501–32. http://dx.doi.org/10.1111/j.1467-9779.2010.01462.x.

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34

Butterworth, Virginia. "ANNUITIES—THE IRA ALTERNATIVE." Bottom Line 1, no. 2 (1988): 41–42. http://dx.doi.org/10.1108/eb025119.

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35

Denuit, Michel, Steven Haberman, and Arthur Renshaw. "Longevity-Indexed Life Annuities." North American Actuarial Journal 15, no. 1 (2011): 97–111. http://dx.doi.org/10.1080/10920277.2011.10597611.

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36

Davidoff, Thomas. "Housing, Health, and Annuities." Journal of Risk and Insurance 76, no. 1 (2009): 31–52. http://dx.doi.org/10.1111/j.1539-6975.2009.01287.x.

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37

Leigh, Richard. "Annuities and income withdrawal." Pensions: An International Journal 5, no. 2 (2000): 147–66. http://dx.doi.org/10.1057/palgrave.pm.5940117.

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38

Blake, David, Andrew Cairns, and Kevin Dowd. "Enhancing annuities with equity." Pensions: An International Journal 7, no. 1 (2001): 6–8. http://dx.doi.org/10.1057/palgrave.pm.5940176.

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39

Tiong, Serena. "Valuing Equity-Indexed Annuities." North American Actuarial Journal 4, no. 4 (2000): 149–63. http://dx.doi.org/10.1080/10920277.2000.10595945.

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40

Taylor, Richard. "The Economics of Annuities." Geneva Papers on Risk and Insurance - Issues and Practice 29, no. 1 (2004): 115–27. http://dx.doi.org/10.1111/j.1468-0440.2004.00276.x.

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41

Vanneste, M., M. J. Goovaerts, and E. Labie. "The distributions of annuities." Insurance: Mathematics and Economics 15, no. 1 (1994): 37–48. http://dx.doi.org/10.1016/0167-6687(94)00018-2.

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42

Chen, An, Manuel Rach, and Thorsten Sehner. "ON THE OPTIMAL COMBINATION OF ANNUITIES AND TONTINES." ASTIN Bulletin 50, no. 1 (2020): 95–129. http://dx.doi.org/10.1017/asb.2019.37.

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AbstractTontines, retirement products constructed in such a way that the longevity risk is shared in a pool of policyholders, have recently gained vast attention from researchers and practitioners. Typically, these products are cheaper than annuities, but do not provide stable payments to policyholders. This raises the question whether, from the policyholders' viewpoint, the advantages of annuities and tontines can be combined to form a retirement plan which is cheaper than an annuity, but provides a less volatile retirement income than a tontine. In this article, we analyze and compare three

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43

ROCHA, ROBERTO, MARCO MORALES, and CRAIG THORBURN. "An empirical analysis of the annuity rate in Chile." Journal of Pension Economics and Finance 7, no. 1 (2007): 95–119. http://dx.doi.org/10.1017/s1474747207003113.

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SUMMARYEmpirical analyses of annuities markets have been limited to a few developed countries and restricted by data limitations. Chile provides excellent conditions for research on annuities due to the depth of its market and the availability of data. The paper utilizes a panel of life insurance company data to examine econometrically the main determinants of the annuity rate, defined as the internal rate of return on annuities. The results indicate that the annuity rate is determined by the risk-free interest rate, the share of privately issued higher yield securities in the portfolio of pro

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44

Lazar, D. "A note on pricing inflation-indexed life annuities." Acta Oeconomica 57, no. 4 (2007): 363–76. http://dx.doi.org/10.1556/aoecon.57.2007.4.3.

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This paper deals with the topic of inflation protection of pensions and the pricing process for inflation-indexed life annuities. Several ways of partial indexation of pensions are taken into consideration. Future inflation paths are obtained by simulation of a stochastic time series model. The main advantage of the proposed methodology is that it allows the pricing of partially inflation-indexed pensions. The pricing process is based on the hypothesis that the annuities provider guarantees a certain level of the real interest rate. Certain numerical results are obtained. Taking into account t

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45

Pitacco, Ermanno, and Daniela Y. Tabakova. "Special-Rate Life Annuities: Analysis of Portfolio Risk Profiles." Risks 10, no. 3 (2022): 65. http://dx.doi.org/10.3390/risks10030065.

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Special-rate life annuities are life annuity products whose single premium is based on a mortality assumption driven (at least to some extent) by the health status of the applicant. The health status is ascertained via an appropriate underwriting step (which explains the alternative expression “underwritten life annuities”). Better annuity rates are then applied in presence of poor health conditions. The worse the health conditions, the smaller the modal age at death (as well as the expected lifetime), but the higher the variance of the lifetime distribution. The latter aspect is due to signif

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THORBURN, CRAIG, ROBERTO ROCHA, and MARCO MORALES. "An analysis of money's worth ratios in Chile." Journal of Pension Economics and Finance 6, no. 3 (2007): 287–312. http://dx.doi.org/10.1017/s1474747207003150.

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AbstractEmpirical analyses of annuities markets have been limited to a few developed countries and restricted by data limitations. Chile provides excellent conditions for research on annuities due to the depth of its market and the availability of data. The paper utilizes an extensive dataset on individual annuities to examine econometrically a measure of market performance – money's worth ratios (MWRs), or the ratio of the expected present value of annuity payments to the premium. The results show that annuitants in Chile have generally got a good deal for their premiums, as indicated by MWRs

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47

Journal, of Global Research in Electronics and Communications (JGREC). "The Impact of Digital Transformation on Annuities - Personalization, Investment Strategies, and Regulatory Challenges." Journal of Global Research in Electronics and Communications (JGREC) 01, no. 04 (2025): 01–07. https://doi.org/10.5281/zenodo.15235600.

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Annuities, as a part of retirement planning, have become an important player with tax deferral on growth and income for life to help address the longevity risk. This paper provides an exhaustive depiction of annuities, distinguishing the features of annuity customization through guaranteed periods and death benefits, and withdrawal rules, and comparing different types of annuities, e.g., single life, joint life, level, and escalating annuities. It relates the historical development of the annuity market from its modest beginnings just before the Great Depression to its expansion with economic

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48

Journal, of Global Research in Mathematical Archives(JGRMA). "The Impact of Digital Transformation on Annuities: Personalization, Investment Strategies, and Regulatory Challenges." Journal of Global Research in Mathematical Archives (JGRMA) 11, no. 12 (2024): 01–07. https://doi.org/10.5281/zenodo.15279540.

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Annuities, as a part of retirement planning, have become an important player with tax deferral on growth and income for life to help address the longevity risk. This paper provides an exhaustive depiction of annuities, distinguishing the features of annuity customization through guaranteed periods and death benefits, and withdrawal rules, and comparing different types of annuities, e.g., single life, joint life, level, and escalating annuities. It relates the historical development of the annuity market from its modest beginnings just before the Great Depression to its expansion with economic

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49

OLIVIERI, ANNAMARIA, and ERMANNO PITACCO. "Solvency requirements for pension annuities." Journal of Pension Economics and Finance 2, no. 2 (2003): 127–57. http://dx.doi.org/10.1017/s1474747203001276.

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This paper deals with solvency requirements for life annuities portfolios and funded pension plans. Particular emphasis is devoted to longevity risk, i.e. the risk arising from uncertainty in future mortality trends. This risk must be faced by insurance companies and pension plans that have guaranteed lifelong payoffs.Solvency is investigated referring to immediate annuities, and hence the so-called decumulation phase is addressed. To assess solvency, assets are compared with the random present value of liabilities. Several requirements are considered, each leading to a required asset level th

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50

Bothwell, James. "‘Until he Receive the Equivalent in Land and Rent’:1 the Use of Annuities as Endowment Patronage in the Reign of Edward III." Historical Research 70, no. 172 (1997): 146–69. http://dx.doi.org/10.1111/1468-2281.00037.

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Abstract This article investigates Edward III's use of annuities for endowing a number of men promoted, or to be promoted, to the parliamentary peerage. It examines the two types of annuity Edward used–those paid through the exchequer and those paid direct from royal revenue sources–and the way he used them. Exchequer annuities are shown to have been somewhat more reliable–though, for a number of reasons, most of Edward's ‘new men’ seem to have preferred the source‐based variety. More importantly, it argues that Edward's use of annuities was directed primarily not at bettering permanently the

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