First, the collection of data must rely heavily on administrative data. Survey response
rates are declining, and administrative data is increasingly detailed, already computerized, and
has low rates of error. Even cooperating households with good intensions are likely not to know
the details of their financial contracts or holdings. This happens in two ways. The household
may simply not know the details of the asset or liability that are available to them, like a
household not knowing the aggregate and idiosyncratic risks of the returns on a stock they own,
or whether their mortgage gives the lender recourse or not, or the covenants and seniority of a
bond they own. Or the household may not have access to this information, as would be the case
for a household holding a mutual fund or hedge fund, or having its investment advisor allocating
its assets.