Journal of Economic and Social Measurement - Volume 41, issue 2

Authors: Pfeffer, Fabian T. | Schoeni, Robert F. | Kennickell, Arthur | Andreski, Patricia

Article Type: Research Article

Abstract: Household wealth and its distribution are topics of broad public debate and increasing scholarly interest. We compare the relative strength of two of the main data sources used in research on the wealth holdings of U.S. households, the Survey of Consumer Finances (SCF) and the Panel Study of Income Dynamics (PSID), by providing a description and explanation of differences in the level and distribution of wealth captured in these two surveys. We identify the factors that account for differences in average net worth but also show that estimates of net worth are similar throughout most of the distribution. Median net …worth in the SCF is 6% higher than in the PSID and the largest differences between the two surveys are concentrated in the 1-2 percent wealthiest households, leading to a different view of wealth concentration at the very top but similar results for wealth inequality across most of the distribution. Show more

Keywords: Wealth, inequality, measurement

DOI: 10.3233/JEM-160421

Citation: Journal of Economic and Social Measurement, vol. 41, no. 2, pp. 103-120, 2016

Authors: Tayman, Jeff | Swanson, David A.

Article Type: Research Article

Abstract: In this study we examine the regression-based ratio-correlation method and suggest some new tools for assessing the magnitude and impact of coefficient instability on population estimation errors. We use a robust sample of 904 counties from 11 states and find that: (1) coefficient instability is not a universal source of error in regression models for population estimation and its impact is less than commonly assumed; (2) coefficient instability is not related to bias, but it does decrease precision and increase the allocation error of population estimates; and (3) unstable coefficients have the greatest impact on counties under 20,000 in population …size. Our findings suggest that information about the conditions that affect coefficient instability and its impact on estimation error might lead to more targeted and efficient approaches for improving population estimates developed from regression models. Show more

Keywords: Population estimation, ratio-correlation method, coefficient instability

DOI: 10.3233/JEM-160422

Citation: Journal of Economic and Social Measurement, vol. 41, no. 2, pp. 121-143, 2016

Authors: Lee, Hyojung | Painter, Gary D.

Article Type: Research Article

Abstract: While the majority of inequality research focuses on income metrics to measure changes in inequality, a growing number of scholars argue that consumption is a better metric for measuring disparities in an individual's contemporaneous well-being. This study adds to a growing literature on consumption inequality by testing how consumption inequality varies across consumption categories and changes overtime. We find that overall consumption inequality declined since the mid-2000s before a recent uptick, which can be mostly explained by decreasing gaps in transportation expenditures on vehicle purchases. At the same time, the recent decline in overall consumption inequality disguises growing inequalities in …health and education expenditures (human capital investments). The rising inequality in human capital investments is of particular concern as it can predict future increases in inequality. Show more

Keywords: Consumption inequality, economic well-being, Theil index decomposition

DOI: 10.3233/JEM-160424

Citation: Journal of Economic and Social Measurement, vol. 41, no. 2, pp. 145-166, 2016

Authors: Cohen, Steven B.

Article Type: Research Article

Abstract: Estimates of health care expenses for the U.S. population are critical to policymakers and others concerned with access to medical care and the cost and sources of payment for that care. Medical care expenses, however, are highly concentrated among a relatively small proportion of individuals in the community population. Using information from the Household Component of the Medical Expenditure Panel Survey (MEPS-HC), this study provides detailed estimates of the concentration and persistence in the level of health care expenditures in the United States. Attention is given to identifying the characteristics of individuals with the highest levels of medical expenditures, in …addition to those factors that are associated with low medical expense profiles. Analyses are included to discern the most salient factors that serve to predict the likelihood of experiencing high levels of medical expenditures in a subsequent year, in addition to the factors operational in predictions of experiencing low levels of medical expenditures in a subsequent year. Show more

Keywords: Medical expenditures, concentration of healthcare expenditures, MEPS

DOI: 10.3233/JEM-160427

Citation: Journal of Economic and Social Measurement, vol. 41, no. 2, pp. 167-189, 2016

Authors: Phillips, Keith R. | Wang, Jianguo

Article Type: Research Article

Abstract: Hybrid time series data often require special care in estimating seasonal factors. Series such as the state and metro area Current Employment Statistics produced by the U.S. Bureau of Labor Statistics (BLS) are composed of two different source series that often have two different seasonal patterns. In this paper we address the process to test for differing seasonal patterns within the hybrid series. We also discuss how to apply differing seasonal factors to the separate parts of the hybrid series. Currently, for state employment data, the BLS simply juxtaposes the two different sets of seasonal factors at the transition point …between the benchmark part of the data and the survey part. We argue that the seasonal factors should be extrapolated at the transition point or that an adjustment should be made to the level of the unadjusted data to correct for a bias in the survey part of the data caused by differing seasonal factors at the transition month. Show more

Keywords: Current employment statistics, seasonal adjustment, hybrid time series

DOI: 10.3233/JEM-160428

Citation: Journal of Economic and Social Measurement, vol. 41, no. 2, pp. 191-202, 2016