Rank correction: a new approach to differential nonresponse in wealth survey data
Rafael Wildauer () and
Jakob Kapeller ()
No PKWP1921, Working Papers from Post Keynesian Economics Society (PKES)
This paper is concerned with the problem of modelling the tail of the wealth distribution with survey data in the context of differential nonresponse. In order to deal with the problem post data collection, it is standard practice to combine wealth survey data with observations from rich lists and then fit a Pareto tail. In contrast, our approach does not require information about individual wealth holdings from rich lists and is thus applicable in situations where such information is not available. Applying the procedure to wealth survey data (HFCS, SCF, WAS) yields estimates of top wealth shares, which are closely in line with estimates from the World Inequality Database and thus represent a likely improvement over the raw survey data.
Keywords: differential nonresponse; Pareto tail; post data collection; survey data; wealth distribution (search for similar items in EconPapers)
JEL-codes: C46 C81 D31 (search for similar items in EconPapers)
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Working Paper: Rank Correction: A New Approach to Differential Nonresponse in Wealth Survey Data (2019)
Working Paper: Rank Correction: A New Approach to Differential Non-Response in Wealth Survey Data (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:pke:wpaper:pkwp1921
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