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Imputation of Pension Accruals and Investment Income in Survey Data

Author

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  • Andrew Aitken

    ()

  • Martin Weale

    ()

Abstract

This paper explores the problem of augmenting the data in the UK's Living Costs and Food Survey in order to address two issues. First we are concerned with broadening the definition of income to include accrual of pension rights and secondly we aim to address the point that investment incomes are materially underrecorded. We draw on the Wealth and Assets Survey to address the first point and the Survey of Personal Incomes for the second. We present an approach to stochastic imputation which largely replicates the distributional properties of the source data and show how it can be adapted to address the issue of covariance between the variables imputed. Our initial results suggest that imputation of pension accruals raises both the Gini coefficient and the geometric mean of equivalised household income materially, while the effects of imputing investment income are more marked on the Gini coefficient than on the geometric mean of household income.

Suggested Citation

  • Andrew Aitken & Martin Weale, 2018. "Imputation of Pension Accruals and Investment Income in Survey Data," Economic Statistics Centre of Excellence (ESCoE) Discussion Papers ESCoE DP-2018-05, Economic Statistics Centre of Excellence (ESCoE).
  • Handle: RePEc:nsr:escoed:escoe-dp-2018-05
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    File URL: https://www.escoe.ac.uk/wp-content/uploads/2018/03/ESCoE-DP-2018-05.pdf
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    References listed on IDEAS

    as
    1. Joseph Stiglitz & Amartya K. Sen & Jean-Paul Fitoussi, 2009. "The measurement of economic performance and social progress revisited: Reflections and Overview," Sciences Po publications 2009-33, Sciences Po.
    2. Thomas Piketty & Emmanuel Saez & Gabriel Zucman, 2018. "Distributional National Accounts: Methods and Estimates for the United States," The Quarterly Journal of Economics, Oxford University Press, vol. 133(2), pages 553-609.
    3. repec:spo:wpecon:info:hdl:2441/5l6uh8ogmqildh09h4687h53k is not listed on IDEAS
    4. repec:wly:econjl:v:127:y:2017:i:605:p:f24-f49 is not listed on IDEAS
    5. Mike Brewer & Ben Etheridge & Cormac O’Dea, 2017. "Why are Households that Report the Lowest Incomes So Well‐off?," Economic Journal, Royal Economic Society, vol. 127(605), pages 24-49, October.
    6. Joseph E. Stiglitz & Amartya Sen & Jean-Paul Fitoussi, 2009. "The measurement of economic performance and social progress revisited," Documents de Travail de l'OFCE 2009-33, Observatoire Francais des Conjonctures Economiques (OFCE).
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    income distribution; inequality aversion; welfare indicator; cost of living;

    JEL classification:

    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)

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