The Transition to Investment-Based Social Security When Portfolio Returns and Capital Profitability Are Uncertain

Martin Feldstein, Elena Ranguelova, and Andrew Samwick, Risk Aspects of Investment-Based Social Security Reform (University of Chicago Press, 2001), chap. 2, https://www.nber.org/books-and-chapters/risk-aspects-investment-based-social-security-reform/transition-investment-based-social-security-when-portfolio-returns-and-capital-profitability-are.