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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

  • Cristina Barceló

    ()

    (Banco de España)

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/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/08/Fic/dt0829e.pdf
File Function: First version, December 2008
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Paper provided by Banco de España & Working Papers Homepage in its series Working Papers with number 0829.

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Length: 63 pages
Date of creation: 2008
Date of revision:
Handle: RePEc:bde:wpaper:0829
Contact details of provider: Web page: http://www.bde.es/

Web page: http://www.bde.es/bde/en/secciones/informes/Publicaciones_se/docs/
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  1. Dynan, Karen E, 1993. "How Prudent Are Consumers?," Journal of Political Economy, University of Chicago Press, vol. 101(6), pages 1104-13, December.
  2. Martin Browning & Thomas F. Crossley & Gugliemo Weber, 2002. "Asking Consumption Questions in General Purpose Surveys," CAM Working Papers 2002-05, University of Copenhagen. Department of Economics. Centre for Applied Microeconometrics.
  3. Cristina Barceló, 2006. "Imputation of the 2002 wave of the Spanish survey of household finances (EFF)," Occasional Papers 0603, Banco de España;Occasional Papers Homepage.
  4. Karen E. Dynan & Jonathan Skinner & Stephen Zeldes, 2000. "Do the rich save more?," Finance and Economics Discussion Series 2000-52, Board of Governors of the Federal Reserve System (U.S.).
  5. Giuseppe De Luca & Franco Peracchi, 2010. "Estimating Engel curves under unit and item nonresponse," EIEF Working Papers Series 1004, Einaudi Institute for Economics and Finance (EIEF), revised Nov 2010.
  6. 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.
  7. Martin Browning & Annamaria Lusardi, 1996. "Household Saving: Micro Theories and Micro Facts," Journal of Economic Literature, American Economic Association, vol. 34(4), pages 1797-1855, December.
  8. Anton Korinek & Johan Mistiaen & Martin Ravallion, 2006. "Survey nonresponse and the distribution of income," Journal of Economic Inequality, Springer, vol. 4(1), pages 33-55, April.
  9. 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.
  10. Olympia Bover, 2005. "Wealth effects on consumption: microeconometric estimates from the Spanish survey of household finances," Working Papers 0522, Banco de España;Working Papers Homepage.
  11. Christopher D. Carroll, 1994. "How does Future Income Affect Current Consumption?," The Quarterly Journal of Economics, Oxford University Press, vol. 109(1), pages 111-147.
  12. Albarran, P., 2000. "Income Uncertainty and Precautionary Saving: Evidence from Household Rotating Panel Data," Papers 0008, Centro de Estudios Monetarios Y Financieros-.
  13. Cameron,A. Colin & Trivedi,Pravin K., 2005. "Microeconometrics," Cambridge Books, Cambridge University Press, number 9780521848053, June.
  14. 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.).
  15. Paul Kofman & Ian G. Sharpe, 2003. "Using Multiple Imputation in the Analysis of Incomplete Observations in Finance," Journal of Financial Econometrics, Society for Financial Econometrics, vol. 1(2), pages 216-249.
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