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Measurement Error In The Bank Of Italy'S Survey Of Household Income And Wealth

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  • Claudia Biancotti
  • Giovanni D'Alessio
  • Andrea Neri

Abstract

This paper is aimed at evaluating the incidence of measurement error in the Bank of Italy's Survey of Household Income and Wealth (SHIW). In the case of time‐invariant variables, we assess the degree of inconsistency of answers given by panel households in subsequent survey waves. For quantities that vary with time, we estimate the incidence of measurement error by decomposing observed variability into true dynamics and error‐induced noise. We apply the Heise model or the latent Markov model, depending on whether the data are continuous or categorical. We also present regression models that explain the error‐generating process. Our results are relevant to researchers who use SHIW data for economic analysis, but also to data producers involved in similar income and wealth surveys. The methods we describe and test can be employed in a number of contexts to gain better understanding of data‐related problems and plans for survey improvement.

Suggested Citation

  • Claudia Biancotti & Giovanni D'Alessio & Andrea Neri, 2008. "Measurement Error In The Bank Of Italy'S Survey Of Household Income And Wealth," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 54(3), pages 466-493, September.
    • Handle: RePEc:bla:revinw:v:54:y:2008:i:3:p:466-493
    DOI: 10.1111/j.1475-4991.2008.00283.x
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    Citations

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    Cited by:

    1. Andrea Neri & Maria Giovanna Ranalli, 2012. "To misreport or not to report? The measurement of household financial wealth," Temi di discussione (Economic working papers) 870, Bank of Italy, Economic Research and International Relations Area.
    2. G. D'Alessio, 2018. "Well-being, the Socio-economic Context and Price Differences: the North-South Gap," Rivista economica del Mezzogiorno, Società editrice il Mulino, issue 3, pages 471-498.
    3. Ehrmann, Michael & Ziegelmeyer, Michael, 2014. "Household Risk Management and Actual Mortgage Choice in the Euro Area," MEA discussion paper series 201406, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    4. Andrea Neri & Roberta Zizza, 2010. "Income reporting behaviour in sample surveys," Temi di discussione (Economic working papers) 777, Bank of Italy, Economic Research and International Relations Area.
    5. Francesca Parodi, 2024. "Consumption Tax Cuts In A Recession," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 65(1), pages 117-148, February.
    6. Kirstine Hansen & Dylan Kneale, 2013. "Does How You Measure Income Make a Difference to Measuring Poverty? Evidence from the UK," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 110(3), pages 1119-1140, February.
    7. repec:mea:meawpa:14283 is not listed on IDEAS
    8. Denis Conniffe & Donal O’Neill, 2008. "An Efficient Estimator for Dealing with Missing Data on Explanatory Variables in a Probit Choice Model," Economics Department Working Paper Series n1960908.pdf, Department of Economics, National University of Ireland - Maynooth.
    9. Denis Conniffe & Donal O'Neill, 2011. "Efficient Probit Estimation with Partially Missing Covariates," Advances in Econometrics, in: Missing Data Methods: Cross-sectional Methods and Applications, pages 209-245, Emerald Group Publishing Limited.
    10. Claudia Biancotti, 2006. "A Dual-Regime Utility Model for Poverty Analysis," Temi di discussione (Economic working papers) 603, Bank of Italy, Economic Research and International Relations Area.
    11. Sauro Mocetti, 2012. "Educational choices and the selection process: before and after compulsory schooling," Education Economics, Taylor & Francis Journals, vol. 20(2), pages 189-209, February.
    12. Andrea Neri, 2009. "Measuring wealth mobility," Temi di discussione (Economic working papers) 703, Bank of Italy, Economic Research and International Relations Area.
    13. Romina Gambacorta & Maria Iannario, 2012. "Statistical models for measuring job satisfaction," Temi di discussione (Economic working papers) 852, Bank of Italy, Economic Research and International Relations Area.

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