Description: The final actuarial work of the renowned Briton, Frank Redington. was a series of essays called “The Flock and the Sheep.” They were reviewed here some months ago by Kenneth Stewart. These articles describe what could be characterized as the problem of incidence of earnings on investments inequities. While equities produce the greatest returns over a long time, they tend to have lower returns than debt for the first years of the investment.

Description: This paper develops a new method of determining long-range interest rate assumptions. Followed by discussion papers submitted by 2 authors