Department of Economics
University of Michigan
Ann Arbor MI 48109-1220
NBER Working Papers and Publications
|February 2015||The Wealth of Wealthholders|
with John Ameriks, Andrew Caplin, Matthew D. Shapiro, Christopher Tonetti: w20972
This paper introduces the Vanguard Research Initiative (VRI), a new panel survey of wealthholders designed to yield high-quality measurements of a large sample of older Americans who arrive at retirement with significant financial assets. The VRI links survey data with a variety of administrative data from Vanguard. The survey features an account-by-account approach to asset measurement and a real-time feedback and correction mechanism that are shown to be highly successful in eliciting accurate measures of wealth. Specifically, the VRI data reflect unbiased and precise estimates of wealth when compared to administrative account data. The VRI sample has characteristics similar to populations meeting analogous wealth and Internet access eligibility conditions in the Health and Retirement St...