Survey Estimates of Wealth - Mathematica Policy Research

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CONTENTS (continued) Chapter Page II (continued) D. CHANGE IN ESTIMATES OF WEALTH OVER TIME ................................... 45 1. Change in Assets, Liabilities and Net Worth in the SIPP and the SCF ........ 46 2. SIPP Trends Over the 1990s ......................................................................... 48 3. Change in the Relationship between Assets and Liabilities.......................... 50 4. Growth in Aggregate Assets by Type ........................................................... 52 E. CONCLUSIONS................................................................................................... 53 III SUBPOPULATIONS ................................................................................................... 55 A. DEMOGRAPHIC AND ECONOMIC CHARACTERISTICS ............................ 55 1. Net Worth...................................................................................................... 55 2. Assets and Liabilities .................................................................................... 57 B. POLICY-RELEVANT SUBPOPULATIONS...................................................... 59 C. PERSONS OVER 50 ............................................................................................ 62 IV SOURCES OF ERROR IN MEASURED WEALTH.................................................. 67 A. UNDER-REPRESENTATION OF HIGH-INCOME FAMILIES ....................... 67 B. COVERAGE AND CONTENT............................................................................ 74 1. Unmeasured and Poorly Measured Components .......................................... 75 2. Pension Accounts Captured Elsewhere in the SIPP...................................... 79 3. Other Coverage Issues................................................................................... 82 C. NEGATIVE AND ZERO NET WORTH ............................................................. 84 D. ITEM NONRESPONSE ....................................................................................... 88 1. Imputation ..................................................................................................... 89 2. Response Brackets......................................................................................... 92 3. Correlation Between Assets and Liabilities .................................................. 94 4. Motor Vehicles.............................................................................................. 96 iv
CONTENTS (continued) Chapter V Page USING REWEIGHTING AND ECONOMETRIC MODELS TO ADJUST FOR SIPP-SCF DIFFERENCES IN THE LEVEL AND DISTRIBUTION OF ASSETS.................................................................................................................. 99 A. REWEIGHTING THE SIPP DATABASE......................................................... 100 B. USING ECONOMETRIC MODELS ................................................................. 101 C. APPLYING THE METHODS TO RETIREMENT ASSETS............................ 107 D. APPLYING THE METHODS TO SPECIFIC NON-RETIREMENT ASSETS .............................................................................................................. 108 E. CONCLUSIONS AND IMPLICATIONS.......................................................... 113 VI RECOMMENDATIONS REGARDING SIPP WEALTH DATA ............................ 115 A. WEALTH IN THE SIPP AND OTHER SURVEYS.......................................... 115 B. MAKING EFFECTIVE USE OF SIPP WEALTH DATA................................. 117 C. SIPP DATA COLLECTION AND PROCESSING............................................ 120 1. What Happened to the Wealth Data in the 1996 Panel? ............................. 121 2. Modifications to the Instrument .................................................................. 121 3. Changes to Census Bureau Processing of Wealth Data .............................. 125 4. Methodological Research............................................................................ 127 5. Version Control of Public Use Files ........................................................... 129 REFERENCES ........................................................................................................... 131 TABLES FIGURES APPENDIX A: SURVEY QUESTIONS BY ASSET CLASSIFICATION APPENDIX B: SAS CODE FOR CONSTRUCTING MPR ASSET AND LIABILITY CATEGORIES APPENDIX C: EQUATION COEFFICIENTS FOR CHAPTER V v
Page 1: Contract No.: 0600-01-60121/0440-02
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 and 30: II. COMPARATIVE ESTIMATES OF WEALTH
Page 31 and 32: children) or a parent and child who
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
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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,
Page 83:
exceeds the SIPP median by nearly $
Page 86 and 87:
wealth, and, furthermore, the Censu
Page 88 and 89:
TANF and other forms of welfare or
Page 90 and 91:
We can use the information containe
Page 92 and 93:
B. COVERAGE AND CONTENT In developi
Page 94 and 95:
We constructed an additional measur
Page 96 and 97:
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
Page 104 and 105:
From the marginal distribution of a
Page 106 and 107:
suggests greater error in their wav
Page 108 and 109:
statistics on item nonresponse. Whi
Page 110 and 111:
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
Page 118 and 119:
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
Page 132 and 133:
here are only able to reduce the SI
Page 134 and 135:
assets that are concentrated among
Page 136 and 137:
of this year, and we were able to i
Page 138 and 139:
way to do so is to use a Pareto dis
Page 140 and 141:
insurance as well as annuities and
Page 142 and 143:
The PSID and the HRS have had consi
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imputed values and a change from th
Page 146 and 147:
institutions and in IRA and Keogh a
Page 149 and 150:
REFERENCES Curtin, Richard, F. Thom
Page 151:
TABLES
Page 154 and 155:
TABLE II.1 SIPP ESTIMATES OF THE NE
Page 156 and 157:
TABLE II.3 ESTIMATES OF NET WORTH,
Page 158 and 159:
TABLE II.5 PERCENTILES OF NET WORTH
Page 160 and 161:
TABLE II.6 PERCENTILES OF ASSETS AN
Page 162 and 163:
TABLE II.7 DISTRIBUTION OF NET WORT
Page 164 and 165:
TABLE II.9 CLASSIFICATION OF ASSETS
Page 166 and 167:
TABLE II.11 DECOMPOSITION OF DIFFER
Page 168 and 169:
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
Page 176 and 177:
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
Page 184 and 185:
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,
Page 190 and 191:
TABLE III.10 OWNERSHIP AND CONDITIO
Page 192 and 193:
Table IV.1 Continued Cumulative Rat
Page 194 and 195:
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
Page 216 and 217:
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
Page 266 and 267:
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
Page 272 and 273:
124: MOTOR VEHICLES 1996 SIPP, Wave
Page 274 and 275:
125: BUSINESS EQUITY 1996 SIPP, Wav
Page 276 and 277:
130: OTHER NON-SIPP ASSETS 1996 SIP
Page 278 and 279:
131: SIPP PENSION ASSETS 1996 SIPP,
Page 280 and 281:
211: MARGIN AND BROKER ACCOUNTS Ass
Page 282 and 283:
212: MORTGAGES ON OWN HOME 1996 SIP
Page 284 and 285:
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
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A. CODE FOR 1998 SCF *This program
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*[note, this is the value side of t
Page 299 and 300:
IF EHOWNER3 = EPPPNUM THEN DO; MPR1
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* hmowner not in hhld in this month
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MPR100 = MPR110 + MPR120; /* MPR130
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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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