Survey Estimates of Wealth - Mathematica Policy Research

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limited data on the collective remaining individuals in the household. Research findings from the SCF, whether written by SCF staff or other investigators, generally present estimates of wealth holdings for primary economic units and do not take account of the remaining household members. 2. SIPP Families The SIPP collects wealth data from each adult member (15 and older) of the sample household. With these data it is possible to construct alternative units of analysis. For example, wealth can be estimated for the entire household or for individual families or persons within the household. Before describing how we constructed family units for the purpose of estimating family wealth from the SIPP, it is helpful to review Census Bureau household and family terminology. The Census Bureau defines a “family” as two or more persons living together who are related by blood, marriage, or adoption. For data collection purposes, one person in each family is designated the family reference person, and relationships are recorded relative to this person. A “primary family” includes the householder—that is, the person who owns the housing unit or in whose name the unit is rented. The householder becomes the household reference person as well as the family reference person for his or her family. 3 A subset of the members of the primary family may be identified as a “subfamily,” consisting of a married couple (with or without 3 For married couples, in most cases, either partner is eligible to be identified as the householder, and the designation of one partner versus the other as householder holds no economic or demographic significance. Only one partner is designated as householder, however, so that the relationships of all other household members to this one person can be recorded. 12
children) or a parent and child who do not include the householder as a member. 4 Every other family within a household is identified as a “secondary family,” which consists of persons who are related to each other but includes no one who is related to the householder. Householders who live with no other relatives are identified as “primary individuals.” Other individuals who are not related to anyone in the household are identified as “secondary individuals.” A point on which the Census Bureau’s family concept differs from those of the SCF and PSID is in the treatment of unmarried partners. An unmarried partner of the householder is counted as a secondary individual or, if he or she has children in the householder, the reference person of a secondary family. The Census Bureau began identifying unmarried partners fairly recently and has not yet incorporated them into its family concepts. 5 Furthermore, while unmarried partners of the householder are identified, unmarried partners of other household members are not identified. To improve comparability between the SIPP and the SCF, we wanted to replicate the SCF’s primary economic unit with the SIPP data. We were limited in doing so, however, by the manner in which the SCF defines financial dependence. Financial dependence is determined by the respondent rather than a test applied by the interviewer. Consequently, financial dependence is a subjective concept and may be interpreted differently across households. Our examination of the characteristics of SCF household members who were or were not included in the primary economic unit persuaded us that we could not reliably use the economic characteristics of SIPP household members to replicate the SCF’s concept of economic dependence. We decided, 4 A subfamily is defined more narrowly than a family generally in order that the members of a subfamily may be distinguished from the rest of the primary family to which they belong. 5 The 1996 SIPP panel was the first SIPP panel in which unmarried partners were identified. 13
Page 1: Contract No.: 0600-01-60121/0440-02
Page 4 and 5: CONTENTS (continued) Chapter Page I
Page 7: ACKNOWLEDGMENTS The authors would l
Page 10 and 11: Wealthy Families. Wealth is highly
Page 12 and 13: Growth in Aggregate Assets. The SIP
Page 14 and 15: SIPP estimate of aggregate or mean
Page 16 and 17: difference between SIPP and SCF est
Page 19 and 20: I. INTRODUCTION The Office of Resea
Page 21 and 22: At the same time, however, evidence
Page 23 and 24: sample included about 4,300 househo
Page 25 and 26: C. ACCOUNTING FOR DIFFERENCES IN SU
Page 27 and 28: either the 1984 SIPP or the PSID. T
Page 29: II. COMPARATIVE ESTIMATES OF WEALTH
Page 33 and 34: identification of unmarried partner
Page 35 and 36: to make comparisons with earlier SI
Page 37 and 38: from the March 1997 CPS, and the pe
Page 39 and 40: weights, which is reasonably close
Page 41 and 42: Rates of home ownership are nearly
Page 43 and 44: the marginally greater PSID populat
Page 45 and 46: 3. The Distribution of Net Worth Ta
Page 47 and 48: families and a little over 84 perce
Page 49 and 50: which members of our expert panel r
Page 51 and 52: and 96 to 105 percent of the aggreg
Page 53 and 54: ut we imposed a floor of zero. This
Page 55 and 56: 3. Liabilities Table II.12 provides
Page 57 and 58: 2. Assets and liabilities not measu
Page 59 and 60: y only one percent, which provides
Page 61 and 62: underreporting of amounts. Conditio
Page 63 and 64: ownership rates across the three su
Page 65 and 66: more slowly than the SCF estimates
Page 67 and 68: What is immediately evident is an a
Page 69 and 70: donors to cases with missing values
Page 71 and 72: SIPP shows 81 percent growth in fin
Page 73 and 74: III. SUBPOPULATIONS Each of SSA’s
Page 75 and 76: differences by gender are smaller t
Page 77 and 78: somewhat more pronounced than in th
Page 79 and 80: Comparisons of SIPP and PSID median
Page 81 and 82:
65.0 percent of the HRS aggregate,
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exceeds the SIPP median by nearly $
Page 86 and 87:
wealth, and, furthermore, the Censu
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TANF and other forms of welfare or
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We can use the information containe
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B. COVERAGE AND CONTENT In developi
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We constructed an additional measur
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Table IV.6 summarizes the effects o
Page 98 and 99:
generated under earlier jobs. The w
Page 100 and 101:
Because of the growing importance o
Page 102 and 103:
tax payment if the money is used fo
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From the marginal distribution of a
Page 106 and 107:
suggests greater error in their wav
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statistics on item nonresponse. Whi
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2. Response Brackets One device for
Page 112 and 113:
of the second bracket. The same is
Page 114 and 115:
4. Motor Vehicles One area where th
Page 116 and 117:
The deficiencies in the Census Bure
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A. REWEIGHTING THE SIPP DATABASE As
Page 120 and 121:
levels in the public use version of
Page 122 and 123:
the cash value of life insurance, a
Page 124 and 125:
To adjust for the topcoding in the
Page 126 and 127:
the disparity between the surveys w
Page 128 and 129:
Checking/Savings Accounts. Only 77
Page 130 and 131:
V.8, the fully adjusted SIPP distri
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here are only able to reduce the SI
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assets that are concentrated among
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of this year, and we were able to i
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way to do so is to use a Pareto dis
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insurance as well as annuities and
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The PSID and the HRS have had consi
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imputed values and a change from th
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institutions and in IRA and Keogh a
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REFERENCES Curtin, Richard, F. Thom
Page 151:
TABLES
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TABLE II.1 SIPP ESTIMATES OF THE NE
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TABLE II.3 ESTIMATES OF NET WORTH,
Page 158 and 159:
TABLE II.5 PERCENTILES OF NET WORTH
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TABLE II.6 PERCENTILES OF ASSETS AN
Page 162 and 163:
TABLE II.7 DISTRIBUTION OF NET WORT
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TABLE II.9 CLASSIFICATION OF ASSETS
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TABLE II.11 DECOMPOSITION OF DIFFER
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TABLE II.13 DECOMPOSITION OF DIFFER
Page 170 and 171:
TABLE II.15 AGGREGATE ESTIMATES OF
Page 172 and 173:
TABLE II.17 OWNERSHIP AND CONDITION
Page 174 and 175:
TABLE II.19 CHANGE IN SELECTED PERC
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TABLE II.21 SELECTED PERCENTILE VAL
Page 178 and 179:
TABLE II.23 SELECTED PERCENTILE VAL
Page 180 and 181:
TABLE II.25 CONSTANT DOLLAR GROWTH
Page 182 and 183:
TABLE III.2 DISTRIBUTION OF ASSETS
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TABLE III.4 OPERATIONAL DEFINITIONS
Page 186 and 187:
TABLE III.6 ESTIMATES OF MEAN AND M
Page 188 and 189:
TABLE III.8 ESTIMATES OF NET WORTH,
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TABLE III.10 OWNERSHIP AND CONDITIO
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Table IV.1 Continued Cumulative Rat
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Table IV.2 Continued Ratio of Ratio
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TABLE IV.4 SELECTED PERCENTILES AND
Page 198 and 199:
TABLE IV.6 COMPARISON OF SIPP AND S
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TABLE IV.8 PERCENTAGE DISTRIBUTION
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TABLE IV.10 NET WORTH OF SIPP FAMIL
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TABLE IV.12 COMPARISON OF SIPP AND
Page 206 and 207:
TABLE IV.14 DISTRIBUTION OF FAMILIE
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TABLE IV.16 WEIGHTED CORRELATION BE
Page 210 and 211:
TABLE IV.18 MEAN VALUE OF FIRST THR
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TABLE V.2 MEANS OF INDEPENDENT VARI
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TABLE V.2 (continued) MEANS OF INDE
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TABLE V.4 LEVEL AND DISTRIBUTION OF
Page 218 and 219:
Page 220 and 221:
Page 222 and 223:
TABLE V.10 LEVEL AND DISTRIBUTION O
Page 224 and 225:
TABLE VI.1 SIPP 1996 PANEL FILES US
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FIGURE V.1 DISTRIBUTION OF TOTAL RE
Page 229 and 230:
FIGURE V.3 DISTRIBUTION OF OWN HOUS
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FIGURE V.5 DISTRIBUTION OF CHECKING
Page 233 and 234:
FIGURE V.7 DISTRIBUTION OF MOTOR VE
Page 235 and 236:
FIGURE V.9 DISTRIBUTION OF LIFE INS
Page 237 and 238:
FIGURE V.11 DISTRIBUTION OF OTHER N
Page 239 and 240:
FIGURE V.13 DISTRIBUTION OF TOTAL N
Page 241 and 242:
FIGURE V.15 DISTRIBUTION OF TOTAL A
Page 243 and 244:
FIGURE V.17 DISTRIBUTION OF TOTAL L
Page 245:
APPENDIX A SURVEY QUESTIONS BY ASSE
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Assets Explicitly Covered 1996 SIPP
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Assets Explicitly Covered 1996 SIPP
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113: STOCKS AND MUTUAL FUNDS Assets
Page 254 and 255:
114: US SAVINGS BONDS Assets Explic
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115: OTHER FINANCIAL ASSETS 1996 SI
Page 258 and 259:
116: IRA AND KEOGH ACCOUNTS 1996 SI
Page 260 and 261:
117: 401(k) AND THRIFT ACCOUNTS 199
Page 262 and 263:
118: OTHER, QUASI-LIQUID PENSION AS
Page 264 and 265:
118: OTHER, QUASI-LIQUID PENSION AS
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Assets Explicitly Covered 121: HOME
Page 268 and 269:
Assets Explicitly Covered 123: ALL
Page 270 and 271:
123: ALL OTHER REAL ESTATE Key Vari
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124: MOTOR VEHICLES 1996 SIPP, Wave
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125: BUSINESS EQUITY 1996 SIPP, Wav
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130: OTHER NON-SIPP ASSETS 1996 SIP
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131: SIPP PENSION ASSETS 1996 SIPP,
Page 280 and 281:
211: MARGIN AND BROKER ACCOUNTS Ass
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212: MORTGAGES ON OWN HOME 1996 SIP
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214: PERSONAL BUSINESS DEBT Assets
Page 286 and 287:
215: VEHICLE LOANS 1996 SIPP, Wave
Page 288 and 289:
221: CREDIT CARD OR STORE DEBT Asse
Page 290 and 291:
222: LOANS FROM FINANCIAL INSTITUTI
Page 292 and 293:
223: OTHER UNSECURED LIABILITIES 19
Page 295 and 296:
A. CODE FOR 1998 SCF *This program
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*[note, this is the value side of t
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IF EHOWNER3 = EPPPNUM THEN DO; MPR1
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* hmowner not in hhld in this month
Page 303 and 304:
MPR100 = MPR110 + MPR120; /* MPR130
Page 305 and 306:
IF ER15222 = 3 AND ER15223 = . THEN
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APPENDIX C EQUATION COEFFICIENTS FO
Page 310 and 311:
APPENDIX TABLE C.2 COEFFICIENTS OF
Page 312 and 313:
Page 314 and 315:
APPENDIX TABLE C.5 (continued) COEF
Page 316 and 317:
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