University of Michigan New York University

Survey 1 - Wealth and Portfolios

Survey 1 is focused on the wealth and portfolios, covering :

  • Demographics and employment
  • Income, social security, pensions and disability benefits
  • Housing assets
  • Financial assets

Survey Instruments

Research papers and documentation

Ameriks, John, Andrew Caplin, M Lee, Matthew D. Shapiro, and Christopher Tonetti. 2014. "The Wealth of Wealthholders." (Vanguard Research Initiative Working Paper).


  1. Account Sequence Example. A sequence of screen shots from the wealth section of the survey using a hypothetical respondent.
  2. Definition of Concepts. Definition of concepts used for the VRI and how we measure them for the HRS and SCF for the comparisons between surveys.
  3. Detailed Comparisons: VRI, HRS and SCF. Comparison of the surveys along various dimensions, including wealth, income and demographics.
  4. Estimating Retirement/Wealth Relationship. Details about estimating the relationship between expected retirement time and annuitizable financial wealth.

Ameriks, John, Andrew Caplin, M Lee, Matthew D. Shapiro, and Christopher Tonetti. 2014. "Vanguard Research Initiative: Survey 1 Documentation and Tabulations"

    Sections of Report:

  1. Survey Development and Testing. Catalogue of steps taken prior to and during the Pilot survey to attain information relevant to Sample Survey 1.
  2. Sample Design. Discussion of the screens and criterion used in selection of the sample, including relevant results tables.
  3. Invitations and Survey Mechanisms. Descriptions of invitations goals, procedures, incentive mechanisms, and survey administration.
  4. Response Analyses. Summaries of response rates analyzed over time, across types, and analysis of break-off during the survey.
  5. Detailed Sample Characteristics. Detailed tabulations on demographics, income, financial wealth, etc.
  6. Survey versus Administrative Data: Analysis by Account-type and Regression Analysis. Detailed comparison of survey and administrative wealth measures for subsets of assets and regression analysis for discrepancies between the two measures.
  7. Use of Correction Mechanism: Regression Analysis. Estimating a linear probability model for making a correction to balances.
  8. Alternative Approaches to Measuring Stock Share: Account-by-account versus Overall. Comparing distribution of stock share conditional on the type of question respondents answered.

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