The Database Core will continue its effort to improve the wealth estimates of HRS.
The specific aims of the DataBase Core include the following: (1) to continue the study of unfolding brackets as a method for eliciting estimates of income and asset values. Preliminary works show """"""""anchoring"""""""" effects are substantial and require further investigation; (2) to investigate the phrasing of the questions on the responses. Seemingly innocuous changes in the wording of HRS wealth questions have significant effects on the estimates; (3) to examine what impact the order of the questions has on the replies; and (4) to compare estimates of the consumption based on expenditure flows with those implied by income flows and changes in assets. Both the flow and stock measures have different sources of error. With three waves of HRS soon available, these sources of error can be explored systematically. These issues relating to survey design (unfolding brackets, anchoring, wording choice) also impinge on the questions concerning preference parameters and expectations. The database core will therefore support the design and implementation of the survey questions in the projects. The earning expectations project will make methodological advances in the use of computers for administering surveys. The database core will assist the preference parameter projects use of these techniques.
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