Imputation of Pension Accruals and Investment Income in Survey Data

Andrew Aitken () and Martin Weale ()

Economic Statistics Centre of Excellence (ESCoE) Discussion Papers from Economic Statistics Centre of Excellence (ESCoE)

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.

Keywords: income distribution; inequality aversion; welfare indicator; cost of living (search for similar items in EconPapers)
JEL-codes: C83 D12 E20 E21 I31 (search for similar items in EconPapers)
Date: 2018-03
New Economics Papers: this item is included in nep-eur and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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