Real property, probate, and trust journal最新文献

{"title":"Law and Economics","authors":"Daniel B. Kelly","doi":"10.1093/oxfordhb/9780190919665.013.6","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780190919665.013.6","url":null,"abstract":"This chapter analyzes how law and economics influences private law and how (new) private law is influencing law and economics. It focuses on three generation or “waves” within law and economics and how they approach private law. In the first generation, many scholars took the law as a starting point and attempted to use economic insights to explain, justify, or reform legal doctrines, institutions, and structures. In the second generation, the “law” at times became secondary, with more focus on theory and less focus on doctrines, institutions, and structures. But this generation also relied increasingly on empirical analysis. In the third generation, which includes scholars in the New Private Law (NPL), there has been a resurgence of interest in the law and legal institutions. To be sure, NPL scholars analyze the law using various approaches, with some more and some less predisposed to economic analysis. However, economic analysis will continue to be a major force on private law, including the New Private Law, for the foreseeable future. The chapter considers three foundational private law areas: property, contracts, and torts. For each area, it discusses the major ideas that economic analysis has contributed to private law, and surveys contributions of the NPL. The chapter also looks at the impact of law and economics on advanced private law areas, such as business associations, trusts and estates, and intellectual property.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"112 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80800754","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Estimating Extreme Cancellation Rates in Life Insurance","authors":"F. Biagini, Tobias Huber, Johannes G. Jaspersen, Andrea Mazzon","doi":"10.2139/ssrn.3387043","DOIUrl":"https://doi.org/10.2139/ssrn.3387043","url":null,"abstract":"This paper assesses the risk of a mass lapse event in life insurance. The rarity of the event and the complexity of policyholder behavior, make the risk assessment of such a scenario difficult. Using a simulation study, we evaluate how different estimation methods can assess the scenario when using panel data at the company level. We then use the best performing method to estimate the probability distribution function of a mass cancellation event in the U.S. and Germany. We identify dependencies of the event on company and country characteristics, which so far are not taken into account by regulating agencies. We also find that the current mass lapse scenario in Solvency II has no empirical foundation for the German market. We show that an empirically valid scenario leads to a significantly lower solvency capital requirement for the average German life insurer.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"94 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91054370","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Fee Simple Failures: Rural Landscapes and Race","authors":"Jessica A. Shoemaker","doi":"10.2139/ssrn.3714326","DOIUrl":"https://doi.org/10.2139/ssrn.3714326","url":null,"abstract":"Property law’s roots are rural. America pursued an early agrarian vision that understood real property rights as instrumental to achieving a country of free, engaged citizens who cared for their communities and stewarded their physical place in it. But we have drifted far from this ideal. Today, American agriculture is industrialized, and rural communities are in decline. The fee simple ownership form has failed every agrarian objective but one: the maintenance of white landownership. For it was also embedded in the original American experiment that land ownership would be racialized for the benefit of its white citizens, through acts of colonialism, slavery, and explicit race-based exclusion in property law. Today, rather than undoing this racialized legacy, modern property rules only further concentrate and homogenize rural landownership. Agricultural landownership remains almost entirely— 98 percent—white. This is a critical racial justice issue that converges directly with our impending environmental crisis and the decline of rural communities more generally.\u0000\u0000This Article builds on work of rural sociologists and farm advocates who demonstrate, again and again, that despite a pervasive narrative of rural places dying for want of population and agricultural systems too far gone for reform, the reality is a crowd of emerging farmers—and farmers of color in particular— clamoring for access. Existing policy efforts to support beginning farmers have focused primarily on supporting a few private land transactions within existing systems. This Article brings property theory to the table for the first time, arguing that property law itself is not only responsible for the original racialized distributions of agricultural land but also actively perpetuates both ongoing racialized disparities and the currently industrialized and depopulated rural landscape. This Article deconstructs our most fundamental land-tenure choice—the fee simple itself—and calls on our collective legal imagination to develop more adaptive, inclusive, and dynamic land-tenure designs rooted in these otherwise overlooked rural places.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83567845","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Multi-population Mortality Projection: The Augmented Common Factor Model with Structural Breaks","authors":"Pengjie Wang, A. Pantelous, Farshid Vahid","doi":"10.2139/ssrn.3614333","DOIUrl":"https://doi.org/10.2139/ssrn.3614333","url":null,"abstract":"Multi-population mortality forecasting has become an increasingly important area in actuarial science and demography, as a means to avoid long-run divergence in mortality projection. This paper aims to establish a unified state-space Bayesian framework to model, estimate and forecast mortality rates in a multi-population context. In this regard, we reformulate the augmented common factor model to account for structural breaks in the mortality indexes. Further, we conduct a Bayesian analysis to make inferences and generate forecasts so that process, parameter and model uncertainties can be considered simultaneously and appropriately. The square-root-form of the Kalman Filter is exploited to improve robustness when sampling latent states. We illustrate the efficiency of our methodology through two distinctive case studies. The first uses Australian two-gender mortality data. The second projects mortality for a list of selected Eurozone countries, where the hierarchical clustering approach on principal components is utilised to group countries with similar mortality characteristics together. Both point and probabilistic forecast evaluations are considered in the empirical analysis. The derived results support the fact that the incorporation of stochastic drifts mitigates the impact of the structural change in the time indexes on mortality projection.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"113 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83451749","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Why the HAF Is Not the Head of the Actuarial Function?","authors":"Mike Ilsley, Ronald Richman, Nicolai von Rummell, Edmond Vigoureux","doi":"10.2139/ssrn.3702833","DOIUrl":"https://doi.org/10.2139/ssrn.3702833","url":null,"abstract":"In this paper we investigate the role of the Head of the Actuarial Function (HAF) and its implementation in the South African insurance market, two years after the passing of the new Insurance Act in 2017. We compare the current role in South Africa to actuarial roles in other jurisdictions and the prior statutory actuary role based on the Long-term Insurance Act. Based on an industry survey conducted by us, we highlight the differences in the interpretation and implementation of the role in different segments of the market. We discuss areas that have been problematic when embedding the HAF role in an organisation and investigate those from a professional, organisational and regulatory perspective. Based on this analysis we propose best practices for the implementation of the HAF role including a minimally compliant interpretation for smaller insurers and outline how the role can be interpreted, clarified or changed to achieve further improvements for the South African insurance market.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"56 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91331887","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Temporary Eminent Domain","authors":"Amnon Lehavi","doi":"10.2139/ssrn.3685157","DOIUrl":"https://doi.org/10.2139/ssrn.3685157","url":null,"abstract":"Times of emergency call for drastic measures. These steps may include the physical takeover of privately-owned assets by the government for a certain period of time and for various purposes, aimed at addressing the state of emergency. When will such acts amount to a taking, and what compensation should be paid to the property owner? How do temporary physical appropriations during times of emergency diverge, if at all, from temporary takeovers in more ordinary times? \u0000 \u0000The doctrinal and theoretical analysis of potential temporary takings has been done mostly in the context of non-physical government intervention with private property, such as when a local government imposes a temporary moratorium on land development until a certain condition is met. This Article focuses, however, on less investigated scenarios of temporary physical takeovers or other forms of government invasions. It seeks to identify the differences between a temporary invasion and a permanent occupation of property considered per se taking under the Loretto rule. In so doing, this Article argues that while the alleged distinction between prevention of public harm and promotion of public benefit often proves untenable in evaluating whether a permanent government measure constitutes a taking, it might make more sense in exploring temporary acts. \u0000 \u0000Temporary eminent domain - referring here to various types of acts amounting to time-limited physical takings, even if not initially recognized as such by the government - may diverge from permanent eminent domain in yet another key element: identifying the basis for just compensation. Under long established (although often criticized) rules, compensation for a permanent taking is based on identifying the “fair market value” of the rights taken, while ignoring the effects that the public use for which the underlying asset is taken might have on the property’s long-term value. \u0000 \u0000The allegedly parallel metric used in the case of temporary takings, one of “fair rental value,” may often prove inadequate, both practically and normatively. This Article argues that because of unique aspects of temporary physical takings, legal rules on compensation should often seek to identify lost profits or actual damage. Moreover, in some cases, in which there is a direct relation between the pre-appropriation use of the asset and its post-appropriation use by the government, just compensation might also be based on a certain portion of the value of the public use. This is especially so when the time-sensitive value of the asset during such public use is particularly high. On this point, the Article offers an analogy to rules pertaining to compulsory licenses for patents.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90046474","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Law of Cryptoassets is the Law of the Horse","authors":"Akshaya Kamalnath","doi":"10.2139/ssrn.3678525","DOIUrl":"https://doi.org/10.2139/ssrn.3678525","url":null,"abstract":"The High Court of New Zealand, in Ruscoe and Moore v Cryptopia Limited (In Liquidation) had to decide an interesting question about whether cryptocurrencies traded on the exchange in this case have the legal status of property. If yes, there was also a subsequent question about whether such property is capable of being the subject matter of a trust. The court decided in the affirmative with regard to both these questions. This comment will focus on the former issue. After a discussion of the judgement inasmuch as the legal status of cryptoassets is concerned, this case comment will consider the implications of the decision and highlight some future areas of interest.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84341881","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Actuary and IBNR Techniques: A Machine Learning Approach","authors":"Caesar Balona, Ronald Richman","doi":"10.2139/ssrn.3697256","DOIUrl":"https://doi.org/10.2139/ssrn.3697256","url":null,"abstract":"Actuarial reserving techniques have evolved from the application of algorithms, like the chain-ladder method, to stochastic models of claims development, and, more recently, have been enhanced by the application of machine learning techniques. Despite this proliferation of theory and techniques, there is relatively little guidance on which reserving techniques should be applied and when. In this paper, we revisit traditional reserving techniques within the framework of supervised learning to select optimal reserving models. We show that the use of optimal techniques can lead to more accurate reserves and investigate the circumstances under which different scoring metrics should be used.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89130953","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Targeting Weather Insurance Markets","authors":"Anit Mukherjee, Shawn Cole, Jeremy Tobacman","doi":"10.2139/ssrn.3665486","DOIUrl":"https://doi.org/10.2139/ssrn.3665486","url":null,"abstract":"The suitability of insurance products often depends greatly on individual circum- stances. This paper examines the challenges of heterogeneity in a relatively new product, weather-indexed insurance. This index insurance product has been launched in over a dozen countries, with the goal of enabling households engaged in agricultural ac- tivity a means to manage risk. Using data from a large-scale field experiment, we build and calibrate a model which accounts for household investment decisions, including the scope for self-insurance via labor markets to (risky) wage work. Our results show that insurance is most valuable to households with reduced access to wage labor, or to those who face wages that are sensitive to rainfall risk. These findings have important implications for areas where index insurance is most effective.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"21 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81217701","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Disability-Free Life Trends at Older Ages: Implications for Longevity Risk Management","authors":"D. Wolf","doi":"10.2139/ssrn.3648593","DOIUrl":"https://doi.org/10.2139/ssrn.3648593","url":null,"abstract":"Longevity risk, which is typically portrayed as the problem of people outliving their assets, can be viewed as both an aggregate and an individual-level issue. A related issue is that of ‘active life,’ an individual-level phenomenon, or ‘active life expectancy’ (ALE), an aggregate phenomenon. During their lifetimes, members of a covered population may alternate between ‘active’ and ‘disabled’ status; the average amount of time spent in the ‘active’ state is, for the cohort, its ‘active life expectancy.’ ALE does not appear to have consequences for aggregate longevity risk, but it may have major implications at the individual level. A transition from active to disabled status may signal a shorter-than-expected remaining lifetime, with implications for the speed at which one should draw down one’s assets. Moreover, those with severe care needs but lacking access to family-provided care and long-term care insurance may find that they need to draw down their assets in order to achieve eligibility for Medicaid-funded care services. Indeed, Medicaid and family-provided elder care can be viewed as a particular form of ‘public-private partnership’ for sharing the risks of late-life care needs.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"111 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85486532","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}