I was interested in a different presentation of the income estimate data, so I plotted it against the approximate actual income brackets:
I would love to see a deeper version of this graph that includes more of the raw data & has better error bars. I feel like this presentation is much more insightful!
Hi Huw, we considered doing something in this vein for the report but ultimately decided against due to needing to make a number of approximations. We can create this approximated graph that shows how people were very likely underestimating their relative wealth. However, there are reasons to take this with a pinch of salt, as it represents a very rough estimate—as we noted in the report, GWWC uses post-tax income and also uses information on family size. We don’t have information about family structure and we only get pre-tax income info, and in brackets. Therefore, the post-tax income numbers are generated with a very rough approximation to what they might be.
I was interested in a different presentation of the income estimate data, so I plotted it against the approximate actual income brackets:
I would love to see a deeper version of this graph that includes more of the raw data & has better error bars. I feel like this presentation is much more insightful!
Hi Huw, we considered doing something in this vein for the report but ultimately decided against due to needing to make a number of approximations. We can create this approximated graph that shows how people were very likely underestimating their relative wealth. However, there are reasons to take this with a pinch of salt, as it represents a very rough estimate—as we noted in the report, GWWC uses post-tax income and also uses information on family size. We don’t have information about family structure and we only get pre-tax income info, and in brackets. Therefore, the post-tax income numbers are generated with a very rough approximation to what they might be.