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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. Copyright 2008 The Authors. Journal compilation 2008 International Association for Research in Income and Wealth Published.

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Bibliographic Info

Article provided by International Association for Research in Income and Wealth in its journal Review of Income and Wealth.

Volume (Year): 54 (2008)
Issue (Month): 3 (09)
Pages: 466-493

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Handle: RePEc:bla:revinw:v:54:y:2008:i:3:p:466-493

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Cited by:
  1. 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.
  2. Michael Ehrmann & Michael Ziegelmeyer, 2014. "Household Risk Management and Actual Mortgage Choice in the Euro Area," BCL working papers 84, Central Bank of Luxembourg.
  3. Denis Conniffe & Donal O’Neill, 2008. "An Efficient Estimator for Dealing with Missing Data on Explanatory Variables in a Probit Choice Model," Economics, Finance and Accounting Department Working Paper Series n1960908.pdf, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth.
  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. 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.
  6. 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.
  7. Conniffe, Denis & O'Neill, Donal, 2009. "Efficient Probit Estimation with Partially Missing Covariates," IZA Discussion Papers 4081, Institute for the Study of Labor (IZA).
  8. Andrea Neri, 2009. "Measuring wealth mobility," Temi di discussione (Economic working papers) 703, Bank of Italy, Economic Research and International Relations Area.
  9. Kirstine Hansen & Dylan Kneale, 2013. "Does How You Measure Income Make a Difference to Measuring Poverty? Evidence from the UK," Social Indicators Research, Springer, vol. 110(3), pages 1119-1140, February.

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