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Illuminate the unknown: Evaluation of imputation procedures based on the SAVE Survey

Author

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  • Ziegelmeyer, Michael

    (Munich Center for the Economics of Aging (MEA))

Abstract

Questions about monetary variables (such as income, wealth or savings) are key components of questionnaires on household finances. However, missing information on such sensitive topics is a well-known phenomenon which can seriously bias any inference based only on complete cases analysis. Many imputation techniques have been developed and implemented in several surveys. Using the German SAVE data, this paper evaluates different techniques for the imputation of monetary variables implementing a simulation study, where a random pattern of missingness is imposed on the observed values of the variables of interest. New estimation techniques are necessary to overcome the upward bias of monetary variables caused by the initially implemented imputation procedure. A Monte-Carlo simulation based on the observed data shows the superiority of the newly implemented smearing estimate to construct the missing data structure. All waves are consistently imputed using the new method.

Suggested Citation

  • Ziegelmeyer, Michael, 2011. "Illuminate the unknown: Evaluation of imputation procedures based on the SAVE Survey," MEA discussion paper series 11235, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    • Handle: RePEc:mea:meawpa:11235
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    Cited by:

    1. Necker, Sarah & Ziegelmeyer, Michael, 2016. "Household risk taking after the financial crisis," The Quarterly Review of Economics and Finance, Elsevier, vol. 59(C), pages 141-160.
    2. Kluth, Sebastian, 2014. "Should I Stay or Should I Go? The Role of Actuarial Reduction Rates in Individual Retirement Planning in Germany," MEA discussion paper series 201409, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    3. Bannier, Christina E. & Schwarz, Milena, 2017. "Skilled but unaware of it: Occurrence and potential long-term effects of females' financial underconfidence," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168188, Verein für Socialpolitik / German Economic Association.
    4. Michael Ziegelmeyer & Julius Nick, 2013. "Backing out of private pension provision: lessons from Germany," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 40(3), pages 505-539, August.
    5. repec:mea:meawpa:12262 is not listed on IDEAS
    6. Bannier, Christina E. & Schwarz, Milena, 2018. "Gender- and education-related effects of financial literacy and confidence on financial wealth," Journal of Economic Psychology, Elsevier, vol. 67(C), pages 66-86.
    7. Neubert, Milena & Bannier, Christina E., 2016. "Actual and perceived financial sophistication and wealth accumulation: The role of education and gender," VfS Annual Conference 2016 (Augsburg): Demographic Change 145593, Verein für Socialpolitik / German Economic Association.
    8. repec:mea:meawpa:14282 is not listed on IDEAS
    9. repec:mea:meawpa:14279 is not listed on IDEAS
    10. Coppola, Michela & Börsch-Supan, Axel, 2011. "The German SAVE Study: Design, selected results and future developments," VfS Annual Conference 2011 (Frankfurt, Main): The Order of the World Economy - Lessons from the Crisis 48733, Verein für Socialpolitik / German Economic Association.
    11. Coppola, Michela & Gasche, Martin, 2011. "Die Riester-Förderung – das unbekannte Wesen," MEA discussion paper series 11244, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    12. Lamla, Bettina & Coppola, Michela, 2013. "Is it all about access? Perceived access to occupational pensions in Germany," MEA discussion paper series 201312, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    13. Bucher-Koenen, Tabea & Koenen, Johannes, 2015. "Do Seemingly Smarter Consumers Get Better Advice?," MEA discussion paper series 201501, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    14. Tabea Bucher†Koenen & Bettina Lamla†Dietrich, 2018. "The Long Shadow of Socialism: Puzzling Evidence on East†West German Differences in Financial Literacy," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 47(2-3), pages 413-438, July.
    15. Bucher-Koenen, Tabea & Lamla, Bettina, 2014. "The Long Shadow of Socialism: On East-West German Differences in Financial Literacy," MEA discussion paper series 201405, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    16. Thomas Y. Mathä & Alessandro Porpiglia & Michael Ziegelmeyer, 2012. "The Luxembourg Household Finance and Consumption Survey (LU-HFCS): Introduction and Results," BCL working papers 73, Central Bank of Luxembourg.
    17. Kluth, Sebastian, 2014. "Should I Stay or Should I Go? The Role of Actuarial Reduction Rates in Individual Retirement Planning in Germany," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100413, Verein für Socialpolitik / German Economic Association.
    18. Bucher-Koenen, Tabea, 2011. "Financial Literacy, Riester Pensions, and Other Private Old Age Provision in Germany," MEA discussion paper series 11250, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.

    More about this item

    JEL classification:

    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • C49 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Other

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