On the Role of Social Security as a Means for Efficient Risk Sharing in an Economy Where Human Capital Is Not Tradable

Robert C. Merton, Financial Aspects of the United States Pension System (University of Chicago Press, 1983), chap. 12, https://www.nber.org/books-and-chapters/financial-aspects-united-states-pension-system/role-social-security-means-efficient-risk-sharing-economy-where-human-capital-not-tradable.