Defined terms for the annuity market and lifetime income landscape.
Cooperative game theory is the branch of analysis that studies how groups of participants can form coalitions to achieve outcomes none could reach alone, and how the gains from cooperation can be divided among the members in ways that hold the coalition together.
The core, in cooperative game theory, is the set of payoff allocations to a group of participants from which no subgroup of the participants could do better by leaving and producing an outcome on their own.
A defined benefit pension as a risk pool is an employer-sponsored or multiemployer retirement arrangement in which benefits are defined by formula, funded through employer contributions and investment returns, with the sponsor absorbing investment, longevity, and other actuarial risks.
A fraternal benefit society is a member-owned nonprofit insurance organization regulated under specific US state and federal provisions, organized along fraternal, religious, ethnic, or occupational lines, providing life insurance, annuities, and other benefits from pooled contributions.
A friendly society is a member-owned mutual aid organization regulated under specific UK and Commonwealth statutory provisions, historically organized along occupational or geographic lines to provide sickness, death, and old-age benefits to members from pooled contributions.
