Differences in the measurement of wealth, wealth inequality, and wealth composition obtained from alternative U.S. wealth surveys
AbstractSince household wealth surveys have been widely used to study saving and other issues, it is important to examine the reliability of the various survey estimates of wealth. In this paper, the authors assess the quality characteristics of the National Longitudinal Survey of Mature Men and the Retirement History Survey, as compared to the 1983 Survey of Consumer Finances. They find that the NLS and especially the RHS underreport wealth and wealth concentration. The underestimates of wealth held in the form of common stock, business equity, and investment real estate equity are substantial. The principal problem lies in underrepresentation of both tails of the wealth and income distributions, with the consequences of underrepresenting the upper tail being especially serious for wealth measurement. Several potential reasons for the underrepresentation are examined. Copyright 1991 by The International Association for Research in Income and Wealth.
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Bibliographic InfoPaper provided by Board of Governors of the Federal Reserve System (U.S.) in its series Finance and Economics Discussion Series with number 116.
Date of creation: 1990
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Other versions of this item:
- Juster, F Thomas & Kuester, Kathleen A, 1991. "Differences in the Measurement of Wealth, Wealth Inequality and Wealth Composition Obtained from Alternative U.S. Wealth Surveys," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 37(1), pages 33-62, March.
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- Bauer, Thomas K. & Cobb-Clark, Deborah A. & Hildebrand, Vincent A. & Sinning, Mathias, 2007.
"A Comparative Analysis of the Nativity Wealth Gap,"
IZA Discussion Papers
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- Thomas K. Bauer, & Deborah A. Cobb-Clark & Vincent Hildebrand & Mathias Sinning, 2007. "A Comparative Analysis of the Nativity Wealth Gap," Ruhr Economic Papers 0006, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
- Thomas K. Bauer & Deborah A. Cobb-Clark & Vincent Hildebrand & Mathias Sinning, 2007. "A Comparative Analysis of the Nativity Wealth Gap," Social and Economic Dimensions of an Aging Population Research Papers 184, McMaster University.
- Thomas Juster & Honggao Cao & Mick Couper & Daniel Hill & Michael Hurd & Joseph Lupton & Michael Perry & James Smith, 2007. "Enhancing the Quality of Data on the Measurement of Income and Wealth," Working Papers wp151, University of Michigan, Michigan Retirement Research Center.
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- Deborah A. Cobb-Clark & Vincent Hildebrand, 2003. "The Wealth and Asset Holdings of U.S.-Born and Foreign-Born Households: Evidence from SIPP Data," Social and Economic Dimensions of an Aging Population Research Papers 89, McMaster University.
- Karen M. Pence, 2002. "401(k)s and household saving: new evidence from the Survey of Consumer Finances," Finance and Economics Discussion Series 2002-6, Board of Governors of the Federal Reserve System (U.S.).
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