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The impact of alternative imputation methods on the measurement of income and wealth: Evidence from the Spanish survey of household finances

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Author Info
Cristina Barceló () (Banco de España)

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Abstract

The goal of this paper is to emphasise the importance of the way of handling missing data and its impact on the outcome of empirical studies. Using the 2002 wave of the Spanish Survey of Household Finances (EFF), I study the performance of alternative methods: listwise deletion, non-stochastic, multiple and single imputation based on linear-regression models, and hot-deck procedures. Using descriptive statistics of the marginal and conditional distributions of income and wealth and estimating mean and quantile regressions, listwise deletion brings imprecise and biased estimates, non-stochastic imputation underestimates variance and dispersion and hot deck fails to capture the potential relationships among survey variables.

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File URL: http://www.bde.es/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/08/Fic/dt0829e.pdf
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Publisher Info
Paper provided by Banco de España in its series Banco de España Working Papers with number 0829.

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Length: 63 pages
Date of creation: 2008
Date of revision:
Handle: RePEc:bde:wpaper:0829

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Related research
Keywords: Household wealth surveys; imputation methods;

Find related papers by JEL classification:
D10 - Microeconomics - - Household Behavior - - - General
C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Microeconomic Data

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  1. Martin Browning & Thomas F. Crossley & Guglielmo Weber, 2003. "Asking consumption questions in general purpose surveys," Economic Journal, Royal Economic Society, vol. 113(491), pages F540-F567, November. [Downloadable!] (restricted)
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  2. Carroll, Christopher D, 1994. "How Does Future Income Affect Current Consumption?," The Quarterly Journal of Economics, MIT Press, vol. 109(1), pages 111-47, February. [Downloadable!] (restricted)
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  3. Martin Browning & Annamaria Lusardi, 1996. "Household Saving: Micro Theories and Micro Facts," Discussion Papers 96-01, University of Copenhagen. Department of Economics.
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  4. J. L. Hutton, 2000. "Number needed to treat: properties and problems," Journal Of The Royal Statistical Society Series A, Royal Statistical Society, vol. 163(3), pages 381-402. [Downloadable!] (restricted)
  5. Korinek, Anton & Mistiaen, Johan A. & Ravallion, Martin, 2005. "An econometric method of correcting for unit nonresponse bias in surveys," Policy Research Working Paper Series 3711, The World Bank. [Downloadable!]
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  6. Cristina Barceló, 2006. "Imputation of the 2002 wave of the Spanish survey of household finances (EFF)," Banco de España Occasional Papers 0603, Banco de España. [Downloadable!]
  7. Karen E. Dynan, 1993. "How prudent are consumers?," Working Paper Series / Economic Activity Section 135, Board of Governors of the Federal Reserve System (U.S.).
  8. Paul Kofman & Ian G. Sharpe, 2003. "Using Multiple Imputation in the Analysis of Incomplete Observations in Finance," Journal of Financial Econometrics, Oxford University Press, vol. 1(2), pages 216-249.
  9. Albarran, P., 2000. "Income Uncertainty and Precautionary Saving: Evidence from Household Rotating Panel Data," Papers 0008, Centro de Estudios Monetarios Y Financieros-.
  10. Olympia Bover, 2005. "Wealth effects on consumption: microeconometric estimates from the Spanish survey of household finances," Banco de España Working Papers 0522, Banco de España. [Downloadable!]
  11. Karen E. Dynan & Jonathan Skinner & Stephen P. Zeldes, 2004. "Do the Rich Save More?," Journal of Political Economy, University of Chicago Press, vol. 112(2), pages 397-444, April. [Downloadable!] (restricted)
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  12. Dynan, Karen E, 1993. "How Prudent Are Consumers?," Journal of Political Economy, University of Chicago Press, vol. 101(6), pages 1104-13, December. [Downloadable!] (restricted)
  13. Korinek, Anton & Mistiaen, Johan A. & Ravallion, Martin, 2005. "Survey nonresponse and the distribution of income," Policy Research Working Paper Series 3543, The World Bank. [Downloadable!]
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