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Retrospective Reporting of Household Wealth: Evidence from the 1983-1989 Survey of Consumer Finances

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  • Kennickell, Arthur B
  • Starr-McCluer, Martha

Abstract

One way to obtain panel-like information on household wealth is to ask households about changes in their asset holdings. Yet the reliability of retrospective data is unclear, considering the potential for recall error. This article examines the reliability of retrospective reporting using data from the 1983-89 Survey of Consumer Finances. The authors find substantial inconsistencies between reported net investments in assets with measured changes in holdings. Inconsistencies are less severe for salient transactions like home sales and more severe for aggregated items like financial assets.

Suggested Citation

  • Kennickell, Arthur B & Starr-McCluer, Martha, 1997. "Retrospective Reporting of Household Wealth: Evidence from the 1983-1989 Survey of Consumer Finances," Journal of Business & Economic Statistics, American Statistical Association, vol. 15(4), pages 452-463, October.
  • Handle: RePEc:bes:jnlbes:v:15:y:1997:i:4:p:452-63
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    Cited by:

    1. Benítez-Silva, Hugo & Eren, Selçuk & Heiland, Frank & Jiménez-Martín, Sergi, 2015. "How well do individuals predict the selling prices of their homes?," Journal of Housing Economics, Elsevier, vol. 29(C), pages 12-25.
    2. John Gibson & Bonggeun Kim, 2010. "Non‐Classical Measurement Error in Long‐Term Retrospective Recall Surveys," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 72(5), pages 687-695, October.
    3. Rob Alessie & Stefan Hochguertel & Arthur van Soest, 2004. "Ownership of Stocks and Mutual Funds: A Panel Data Analysis," The Review of Economics and Statistics, MIT Press, vol. 86(3), pages 783-796, August.
    4. Ricardo M. Sousa, 2009. "Wealth Effetcs on Consumption: Evidence from the euro area," NIPE Working Papers 12/2009, NIPE - Universidade do Minho.
    5. Case, Karl E. & Quigley, John M. & Shiller, Robert J., 2013. "Wealth Effects Revisited 1975-2012," Critical Finance Review, now publishers, vol. 2(1), pages 101-128, July.
    6. Brady Ryan R & Stimel Derek S, 2011. "How the Housing and Financial Wealth Effects Have Changed over Time," The B.E. Journal of Macroeconomics, De Gruyter, vol. 11(1), pages 1-45, August.
    7. Edward N. Wolff, "undated". "Racial Wealth Disparities Is the Gap Closing?," Economics Public Policy Brief Archive ppb_66, Levy Economics Institute.
    8. de Nicola, Francesca & Giné, Xavier, 2014. "How accurate are recall data? Evidence from coastal India," Journal of Development Economics, Elsevier, vol. 106(C), pages 52-65.
    9. Karl E. Case & John M. Quigley & Robert J. Shiller, 2011. "Wealth Effects Revisited 1978-2009," Cowles Foundation Discussion Papers 1784, Cowles Foundation for Research in Economics, Yale University.
    10. Dang, Hai-Anh H. & Hoang, Trung X. & Nguyen, Ha, 2018. "The Long-Run and Gender-Equalizing Impacts of School Access: Evidence from the First Indochina War," GLO Discussion Paper Series 223, Global Labor Organization (GLO).
    11. Tur-Sinai, Aviad & Fleishman, Larisa & Romanov, Dmitri, 2020. "The accuracy of self-reported dwelling valuation," Journal of Housing Economics, Elsevier, vol. 48(C).
    12. Yuki Higuchi & Nobuhiko Fuwa & Kei Kajisa & Takahiro Sato & Yasuyuki Sawada, 2019. "Disaster Aid Targeting and Self-Reporting Bias: Natural Experimental Evidence from the Philippines," Sustainability, MDPI, Open Access Journal, vol. 11(3), pages 1-1, February.
    13. Peter Skott, 2013. "Increasing Inequality and Financial Instability," Review of Radical Political Economics, Union for Radical Political Economics, vol. 45(4), pages 478-488, December.
    14. Peltonen, Tuomas A. & Sousa, Ricardo M. & Vansteenkiste, Isabel S., 2012. "Wealth effects in emerging market economies," International Review of Economics & Finance, Elsevier, vol. 24(C), pages 155-166.
    15. Yener Coskun & Burak Sencer Atasoy & Giacomo Morri & Esra Alp, 2018. "Wealth Effects on Household Final Consumption: Stock and Housing Market Channels," International Journal of Financial Studies, MDPI, Open Access Journal, vol. 6(2), pages 1-1, June.
    16. Sun, Ang & Yao, Yang, 2010. "Health shocks and children's school attainments in rural China," Economics of Education Review, Elsevier, vol. 29(3), pages 375-382, June.
    17. Alessie, R.J.M. & Hochgürtel, S. & van Soest, A.H.O., 2001. "Ownership of Stocks and Mutual Funds : A Panel Data Analysis," Other publications TiSEM 42505008-c00c-40b8-90f6-a, Tilburg University, School of Economics and Management.
    18. Yener Coskun & Christos Bouras & Rangan Gupta & Mark E. Wohar, 2019. "Multi-Horizon Financial and Housing Wealth Effects across the U.S. States," Working Papers 201958, University of Pretoria, Department of Economics.

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