Survey Estimates of Wealth - Mathematica Policy Research

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CONTENTS Chapter Page ACKNOWLEDGMENTS ............................................................................................vii EXECUTIVE SUMMARY ........................................................................................... ix I INTRODUCTION .......................................................................................................... 1 A. VALUE OF SIPP DATA ........................................................................................ 2 B. OTHER SURVEYS OF WEALTH ........................................................................ 4 C. ACCOUNTING FOR DIFFERENCES IN SURVEY ESTIMATES OF WEALTH................................................................................................................ 7 D. EARLIER EVIDENCE ON THE QUALITY OF SIPP WEALTH DATA............ 8 E. ORGANIZATION OF THIS REPORT .................................................................. 9 II. COMPARATIVE ESTIMATES OF WEALTH .......................................................... 11 A. SURVEY UNIVERSES AND UNITS OF OBSERVATION .............................. 11 1. SCF Families ................................................................................................. 11 2. SIPP Families ................................................................................................ 12 3. PSID Families ............................................................................................... 18 4. Family Characteristics................................................................................... 21 B. OVERALL WEALTH IN LATE 1998 AND EARLY 1999................................ 23 1. Net Worth...................................................................................................... 24 2. Assets and Liabilities .................................................................................... 25 3. The Distribution of Net Worth...................................................................... 27 4. Differential Measurement of the Wealthy..................................................... 28 C. COMPONENTS OF WEALTH............................................................................ 33 1. A Typology of Wealth................................................................................... 33 2. Assets ............................................................................................................ 35 3. Liabilities....................................................................................................... 37 4. Comparison with PSID Components ............................................................ 39 5. Ownership ..................................................................................................... 42 iii
Page 1: Contract No.: 0600-01-60121/0440-02
Page 5: CONTENTS (continued) Chapter V Page
Page 9 and 10: EXECUTIVE SUMMARY The Office of Res
Page 11 and 12: The PSID as a Benchmark. Comparing
Page 13 and 14: Demographic and Economic Differenti
Page 15 and 16: versa, could explain the 1996 panel
Page 17: • Moving the pension module to th
Page 20 and 21: most relevant subpopulations, and p
Page 22 and 23: Many of the ways in which ORES uses
Page 24 and 25: holdings. The PSID has also realize
Page 26 and 27: eported in public use files and may
Page 28 and 29: last day of November 1998 through t
Page 30 and 31: limited data on the collective rema
Page 32 and 33: instead, to rely exclusively on dem
Page 34 and 35: only temporarily away from their us
Page 36 and 37: 3. PSID Families The PSID follows a
Page 38 and 39: in households with two other famili
Page 40 and 41: of SIPP married couple families to
Page 42 and 43: period. With or without adjustment,
Page 44 and 45: the asset column as equity, with no
Page 46 and 47: The SIPP distribution lags the PSID
Page 48 and 49: Questionnaire design and interviewe
Page 50 and 51: Table II.8 provides estimates of ag
Page 52 and 53:
module of the survey and not includ
Page 54 and 55:
estimate is only 59 percent of the
Page 56 and 57:
are made stronger as well, with the
Page 58 and 59:
least for assets. For a more approp
Page 60 and 61:
family-owned vehicles and assign bl
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the table, but the reported ownersh
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capture the trends in wealth holdin
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experienced the greatest percentage
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But the 2001 surveys followed the l
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in both SIPP panels. Second, the ta
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A decomposition of the difference b
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Age of Head. The mean and median we
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assets or net worth, and they do so
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and defined in Table III.4. Estimat
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income subpopulation and the nonage
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year, make and model by vehicle. We
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IV. SOURCES OF ERROR IN MEASURED WE
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suggests that the under-representat
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epresentation of very high-income f
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With the reweighted SIPP sample we
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PSID estimates, so our empirical an
Page 95 and 96:
percentile, where the reduction in
Page 97 and 98:
higher income families (without imp
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language used to identify 401(k) an
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not neither. Similarly, if the fami
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families in each cell, with the SCF
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A cross-tabulation of broad categor
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Their work in this area has advance
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But the value of the first vehicle
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is slightly below the mean reported
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slightly higher than the correlatio
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value to these older vehicles. All
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V. USING REWEIGHTING AND ECONOMETRI
Page 119 and 120:
heads, to include heads living with
Page 121 and 122:
• an equation to predict the natu
Page 123 and 124:
esidual to generate a prediction of
Page 125 and 126:
In all instances of recoding asset
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assets: owner-occupied housing, che
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that basic differences in the kinds
Page 131 and 132:
Reweighting the SIPP database, reco
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VI. RECOMMENDATIONS REGARDING SIPP
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The evident deterioration in the qu
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eweighting based on annual family i
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instrument. A number of changes in
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But the residual other non-SIPP ass
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3. Changes to Census Bureau Process
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and varied and would support better
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to improve the nonresponse adjustme
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Kennickell, Arthur B., Martha Starr
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TABLE I.1 ESTIMATES OF MEDIAN HOUSE
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TABLE II.2 CHARACTERISTICS OF SURVE
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TABLE II.4 ESTIMATES OF ASSETS AND
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Table II.5 continued SIPP as Percen
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Table II.6 continued Assets Liabili
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TABLE II.8 ESTIMATES OF ASSETS, LIA
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TABLE II.10 DECOMPOSITION OF DIFFER
Page 167 and 168:
Page 169 and 170:
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TABLE II.16 AGGREGATE ESTIMATES OF
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TABLE II.18 CHANGE IN SELECTED PERC
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TABLE II.20 CHANGE IN SELECTED PERC
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TABLE II.22 SELECTED PERCENTILE VAL
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TABLE II.24 CORRELATION BETWEEN ASS
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TABLE III.1 DISTRIBUTION OF NET WOR
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TABLE III.3 DISTRIBUTION OF LIABILI
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TABLE III.5 ESTIMATED NUMBER AND SA
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TABLE III.7 EXCLUSION OF NON-SIPP A
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TABLE III.9 AGGREGATE AND MEAN ESTI
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TABLE IV.1 DISTRIBUTION OF FAMILY A
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TABLE IV.2 SAMPLE COUNTS AND AVERAG
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TABLE IV.3 DISTRIBUTION OF 1998 SCF
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TABLE IV.5 SELECTED PERCENTILES AND
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TABLE IV.7 SIPP WAVE 7 PENSION VARI
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TABLE IV.9 PERCENTAGE DISTRIBUTION
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TABLE IV.11 ASSET AND LIABILITY ITE
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TABLE IV.13 COMPARISON OF REPORTED
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TABLE IV.15 SELECTED RESPONSE BRACK
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TABLE IV.17 VALUE OF THE FIRST VEHI
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TABLE V.1 FACTORS FOR REWEIGHTING M
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TABLE V.2 (continued) MEANS OF INDE
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TABLE V.3 LEVEL AND DISTRIBUTION OF
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Page 219 and 220:
Page 221 and 222:
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TABLE V.11 LEVEL AND DISTRIBUTION O
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FIGURES
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FIGURE V.2 DISTRIBUTION OF TOTAL RE
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FIGURE V.4 DISTRIBUTION OF OWN HOUS
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FIGURE V.6 DISTRIBUTION OF CHECKING
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FIGURE V.8 DISTRIBUTION OF MOTOR VE
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FIGURE V.10 DISTRIBUTION OF LIFE IN
Page 238 and 239:
FIGURE V.12 DISTRIBUTION OF OTHER N
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FIGURE V.14 DISTRIBUTION OF TOTAL N
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FIGURE V.16 DISTRIBUTION OF TOTAL A
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FIGURE V.18 DISTRIBUTION OF TOTAL L
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CLASSIFICATION OF ASSETS AND LIABIL
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111: ASSETS HELD AT FINANCIAL INSTI
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112: OTHER INTEREST EARNING ASSETS
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113: STOCKS AND MUTUAL FUNDS 1996 S
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115: OTHER FINANCIAL ASSETS Assets
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116: IRA AND KEOGH ACCOUNTS Assets
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117: 401(k) AND THRIFT ACCOUNTS Ass
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117: 401(k) AND THRIFT ACCOUNTS 199
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118: OTHER, QUASI-LIQUID PENSION AS
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119: LIFE INSURANCE Assets Explicit
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121: HOME OWNERSHIP 1996 SIPP, Wave
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123: ALL OTHER REAL ESTATE 1996 SIP
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Assets Explicitly Covered 124: MOTO
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Assets Explicitly Covered 125: BUSI
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130: OTHER NON-SIPP ASSETS Assets E
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131: SIPP PENSION ASSETS Assets Exp
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131: SIPP PENSION ASSETS 1996 SIPP,
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Assets Explicitly Covered 212: MORT
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213: MORTGAGES ON RENTAL PROPERTY A
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Assets Explicitly Covered 215: VEHI
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216: OTHER SECURED DEBT Assets Expl
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Assets Explicitly Covered 222: LOAN
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Assets Explicitly Covered 223: OTHE
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APPENDIX B SAS CODE FOR CONSTRUCTIN
Page 296 and 297:
** Preparing for Code 123 **/ /*Cal
Page 298 and 299:
CODE220 = SUM(OF CODE221-CODE223);
Page 300 and 301:
* !!!!!!!!!!!!! IMPORTANT !!!!!!!!!
Page 302 and 303:
MPR124 = MPR124 + CAR3SHARE * TCARV
Page 304 and 305:
C. CODE FOR 1999 PSID /*** changes
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* LIABILITIES; MPR212 = F2773X + F2
Page 309 and 310:
APPENDIX TABLE C.1 COEFFICIENTS OF
Page 311 and 312:
Page 313 and 314:
Page 315 and 316:
Page 317:
APPENDIX TABLE C.7 (continued) COEF
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