Retrospective Reporting of Household Wealth: Evidence from the 1983-1989 Survey of Consumer Finances
AbstractOne way to obtain panel-like information on household wealth is to ask households about changes in their asset holdings. Yet the reliability of retrospective data is unclear, considering the potential for recall error. This article examines the reliability of retrospective reporting using data from the 1983-89 Survey of Consumer Finances. The authors find substantial inconsistencies between reported net investments in assets with measured changes in holdings. Inconsistencies are less severe for salient transactions like home sales and more severe for aggregated items like financial assets.
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Bibliographic InfoArticle provided by American Statistical Association in its journal Journal of Business and Economic Statistics.
Volume (Year): 15 (1997)
Issue (Month): 4 (October)
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