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Big Data versus a survey

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  • Whitaker, Stephan D.

Abstract

Economists are shifting resources from work on survey data to work involving “Big Data.” This analysis is an empirical exploration of the trade-offs this substitution requires. Parallel models are estimated using Equifax credit bureau data and Survey of Consumer Finances data. After adjustments to account for different variable definitions and sampled populations, it is possible to arrive at similar models of total household debt. However, the estimates are sensitive to the adjustments. In this example, some external education and income measures are successfully integrated with the big data, but other external aggregates fail to adequately substitute for survey responses.

Suggested Citation

  • Whitaker, Stephan D., 2018. "Big Data versus a survey," The Quarterly Review of Economics and Finance, Elsevier, vol. 67(C), pages 285-296.
    • Handle: RePEc:eee:quaeco:v:67:y:2018:i:c:p:285-296
    DOI: 10.1016/j.qref.2017.07.011
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    Cited by:

    1. Catalina Anampa Castro & Katherine Curtis & Jack DeWaard & Elizabeth Fussell & Kathryn McConnell & Kobie Price & Michael Soto & Stephan D. Whitaker, 2021. "Migration as a Vector of Economic Losses from Disaster-Affected Areas in the United States," Working Papers 21-22, Federal Reserve Bank of Cleveland.
    2. Jack DeWaard & Janna Johnson & Stephan Whitaker, 2019. "Internal migration in the United States: A comprehensive comparative assessment of the Consumer Credit Panel," Demographic Research, Max Planck Institute for Demographic Research, Rostock, Germany, vol. 41(33), pages 953-1006.
    3. Kathryn McConnell & Elizabeth Fussell & Jack DeWaard & Stephan Whitaker & Katherine J. Curtis & Lise Denis & Jennifer Balch & Kobie Price, 2024. "Rare and highly destructive wildfires drive human migration in the U.S," Nature Communications, Nature, vol. 15(1), pages 1-12, December.
    4. Madeleine I. G. Daepp, 2022. "Small-area moving ratios and the spatial connectivity of neighborhoods: Insights from consumer credit data," Environment and Planning B, , vol. 49(3), pages 1129-1146, March.

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    More about this item

    Keywords

    Big Data; Survey data; Household debt;
    All these keywords.

    JEL classification:

    • C55 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Large Data Sets: Modeling and Analysis
    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis

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