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Asset Record Use and Measurement Error
Asset Record Use and Measurement Error
Working Paper Number SEHSD-WP2015-20 / SIPP-WP-272
Introduction
In household surveys, encouraging respondents to look at financial records has the potential to improve data quality. In this paper, I look at how record use affects the asset data in the Survey of Income and Program Participation (SIPP). I find that record users are more likely to give precise, non-rounded values, suggesting more accurate reporting. My regression analysis shows that, holding other factors constant, record users on average report higher values for assets and less credit card debt. This possibly suggests that responses for non-record users may be subject to a pessimism bias in which respondents believe they have less net worth than they actually have, although other confounding factors could explain this result. In future work, I will look at changes made to the SIPP in the 2011 and 2014 Panels that increased the number of respondents who used financial records for answering asset questions. This will help me further separate out the effects of records use on data quality from others confounding factors.
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Page Last Revised - October 8, 2021
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