Enhancing the Quality of Data on the Measurement of Income and Wealth
Over the last decade or so, a substantial effort has gone into the design of a series of methodological investigations aimed at enhancing the quality of survey data on income and wealth. These investigations have largely been conducted at the Survey Research Center at the University of Michigan, and have mainly involved two longitudinal surveys: the Health and Retirement Study (HRS), with a first wave beginning in 1992 and continued thereafter every other year through 2004; and the Assets and Health Dynamics Among the Oldest Old (AHEAD) Study, begun in 1993 and continued in 1995 and 1998, then in every other year through 2006. This paper provides an overview of the main studies and summarizes what has been learned so far. The studies include; a paper by Juster and Smith (Improving the Quality of Economic Data: Lessons from the HRS and AHEAD, JASA, 1997); a paper by Juster, Cao, Perry and Couper (The Effect of Unfolding Brackets on the Quality of Wealth Data in HRS, MRRC Working Paper, WP 2006-113, January 2006); a paper by Hurd, Juster and Smith (Enhancing the Quality of Data on Income: Recent Innovations from the HRS, Journal of Human Resources, Summer 2003); a paper by Juster, Lupton and Cao (Ensuring Time-Series Consistency in Estimates of Income and Wealth, MRRC Working Paper, WP 2002-030, July 2002); a paper by Cao and Juster (Correcting Second-Home Equity in HRS/AHEAD: MRRC Working Paper WP 2004-081, June 2004); and a paper by Rohwedder, Haider and Hurd (RAND Working Paper, 2004).
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- Michael Hurd & F. Thomas Juster & James P. Smith, 2003. "Enhancing the Quality of Data on Income: Recent Innovations from the HRS," Journal of Human Resources, University of Wisconsin Press, vol. 38(3).
- F. Thomas Juster & James P. Smith, 2004. "Improving the Quality of Economic Data: Lessons from the HRS and AHEAD," Labor and Demography 0402010, EconWPA.
- Tversky, Amos & Kahneman, Daniel, 1986. "Rational Choice and the Framing of Decisions," The Journal of Business, University of Chicago Press, vol. 59(4), pages 251-278, October.
- 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.
- F. Thomas Juster & Kathleen A. Kuester, 1990. "Differences in the measurement of wealth, wealth inequality, and wealth composition obtained from alternative U.S. wealth surveys," Finance and Economics Discussion Series 116, Board of Governors of the Federal Reserve System (U.S.).
- Hurd, M., 1999.
"Anchoring and Acquiescence Bias in Measuring Assets in Households Surveys,"
99-02, RAND - Labor and Population Program.
- Hurd, Michael D, 1999. "Anchoring and Acquiescence Bias in Measuring Assets in Household Surveys," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 111-136, December.
- Michael D. Hurd, 1999. "Anchoring and Acquiescence Bias in Measuring Assets in Households Surveys," Working Papers 99-02, RAND Corporation.
- Lee Lillard & James P. Smith & Finis Welch, 2004.
"What Do We Really Know About Wages: The Importance of Nonreporting and Census Imputation,"
Labor and Demography
- Lillard, Lee & Smith, James P & Welch, Finis, 1986. "What Do We Really Know about Wages? The Importance of Nonreporting and Census Imputation," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 489-506, June.
- James M. Poterba, 1994. "International Comparisons of Household Saving," NBER Books, National Bureau of Economic Research, Inc, number pote94-1, September.
- F. Thomas Juster & Joseph P. Lupton & James P. Smith & Frank Stafford, 2004.
"The decline in household saving and the wealth effect,"
Finance and Economics Discussion Series
2004-32, Board of Governors of the Federal Reserve System (U.S.).
- F. Thomas Juster & Joseph P. Lupton & James P. Smith & Frank Stafford, 2006. "The Decline in Household Saving and the Wealth Effect," The Review of Economics and Statistics, MIT Press, vol. 88(1), pages 20-27, February.
- Hurd, Michael D, 1990. "Research on the Elderly: Economic Status, Retirement, and Consumption and Saving," Journal of Economic Literature, American Economic Association, vol. 28(2), pages 565-637, June.
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