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Increases in Wealth Among the Elderly in the Early 1990s: How Much is Due to Survey Design?

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Author Info
Susann Rohwedder
Steven J. Haider
Michael D. Hurd

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Abstract

The Asset and Health Dynamics Among the Oldest Old (AHEAD) study shows a large increase in reported total wealth between 1993 and 1995. Such an increase is not found in other US household surveys around that period. This paper examines one source of this difference. The authors find that in AHEAD 1993 ownership rates of stocks, CDs, bonds, and checking and saving accounts were under-reported, resulting in under-measurement of wealth in 1993, and a substantial increase in wealth from 1993 to 1995. The explanation for the under-reporting is a combination of question sequence and wording in the AHEAD survey instrument.

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Paper provided by RAND Corporation Publications Department in its series Working Papers with number 195.

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Length: 24 pages
Date of creation: Oct 2004
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Handle: RePEc:ran:wpaper:195

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Find related papers by JEL classification:
J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped
C42 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Survey Methods
D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving

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  1. Arthur B. Kennickell & Martha Starr-McCluer & Annika E. Sunden, 1997. "Family finances in the U.S.: recent evidence from the Survey of Consumer Finances," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jan, pages 1-24. [Downloadable!]
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  1. Li Gan & Guan Gong & Michael Hurd & Daniel McFadden, 2004. "Subjective Mortality Risk and Bequests," NBER Working Papers 10789, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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