Tontine Insurance and the Armstrong Investigation: A Case of Stifled Innovation, 1868–1905
研究了1868年推出的唐提保险，它结合人寿保险与养老储蓄，到1905年占寿险市场三分之二，但因1906年阿姆斯特朗调查指控腐败而被禁。作者认为该产品精算合理且具吸引力，禁令可能不必要。
Tontine insurance, introduced in 1868, combined the features of life insurance with an unusual old-age saving plan. A portion of the annual premium was accumulated in a fund that was divided among the surviving policyholders after twenty years. By 1905, two-thirds of all life insurance in force was of this type. Despite consumer appeal, sales of tontine policies were prohibited in 1906 after the Armstrong Investigation charged the tontine business with corruption and extravagance. We argue that tontine insurance was actuarially sound and an attractive life-cycle investment. Prohibition was probably unnecessary.