PROJECT 1: Modeling and Estimating Anchoring in Economic Data Unfolding brackets are used to reduce the rat of item non-response to questions about wealth holdings and other quantities in many household surveys. Yet the entry point into a bracketing sequencing probably acts as an anchor or reference point, affecting the estimated distribution of wealth, income and other economic variables. This proposed research will develop models of anchoring in economic data, and estimate and refine them using experimental data from the Health and Retire Study (HRS) and the Asset and Health Dynamics STUDY (AHEAD). The models as well as data descriptive models will be then be fit to data from three future waves of HRS/AHEAD with the objective of learning about anchoring in economic data in the population. The models will be applied to uncover the true distributions of economic variables in the waves of HRS and AHEAD that have already been fielded. In an exploratory phase the research will develop and estimate models of an individual propensity to anchor to unfolding brackets and use them to find evidence about individual-level anchoring in panel data.
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