Financial Crisis: A Longitudinal Study of Public Response (ICPSR 36341)

Version Date: Jan 25, 2016

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Principal Investigator(s):
William Burns, Decision Research

https://doi.org/10.3886/ICPSR36341.v1

Version V1

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Summary

This collection, A Longitudinal Study of Public Response, was conducted to understand the trajectory of risk perception amidst an ongoing economic crisis. A nation-wide panel responded to eight surveys beginning in late September 2008 at the peak of the crisis and concluded in August 2011. At least 600 respondents participated in each survey, with 325 completing all eight surveys. The online survey focused on perceptions of risk (savings, investments, retirement, job), negative emotions toward the financial crisis (sadness, anxiety, fear, anger, worry, stress), confidence in national leaders to manage the crisis (President Obama, Congress, Treasury Secretary, business leaders), and belief in one's ability to realize personal objectives despite the crisis. Latent growth curve modeling was conducted to analyze change in risk perception throughout the crisis. Demographic information includes ethnic origin, sex, age, marital status, income, political affiliation and education.

Citation

Burns, William. Financial Crisis: A Longitudinal Study of Public Response. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2016-01-25. https://doi.org/10.3886/ICPSR36341.v1

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Funding

National Science Foundation (SES-0901036)

Subject Terms

Geographic Coverage

Smallest Geographic Unit

None

Distributor(s)

Inter-university Consortium for Political and Social Research
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Time Period(s)

2008-09 -- 2011-08

Date of Collection

2008-09 -- 2011-08
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Study Design

This longitudinal panel study was launched on September 29, 2008, the day the Dow experienced its largest one-day point drop. The first of seven waves of data collection was dedicated almost exclusively to public response to the financial crisis. Further data collection followed on October 8, 2008, November 5, 2008, December 6, 2008, March 21, 2009, June 30, 2009, October 6, 2009, and August 9, 2011. The surveys were spaced closer together in the beginning of the study believing that the most change would occur early in the crisis and, of course, not knowing how long the crisis would last. Collecting the first seven waves of data over a year's period allowed time for the public to respond to different phases of the crisis. A panel of over 800 individuals participated in the study. This ongoing Internet panel was developed by Decision Research through word-of-mouth and Internet recruiting (e.g., paying for Google search words). Nonrespondents (panelists invited to participate but who chose not to) did not differ significantly from respondents in terms of age, gender, or education. Surveys were left open for completion for four to six days, although most panelists responded in the first 24 hours. These online panelists were paid at the rate of $15 per hour with a typical payment of $6 and an incentive if they completed all surveys. Any panelist who appeared to rush through the survey was eliminated and not invited to participate again.

Sample

Convenience sample of Decision Research web-panel participation located throughout the United States.

Time Method

Longitudinal

Unit(s) of Observation

Individual

Data Type(s)

Mode of Data Collection

Response Rates

Wave 1: 81 percent; Wave 2: 89 percent; Wave 2a:80 percent; Wave 3: 87 percent; Wave 4: 85 percent; Wave 5: 91 percent; Wave 6: 76 percent; Wave 7: 74 percent; Wave 8: 79 percent

Presence of Common Scales

Lipkus Numeracy Score, Hierarchy-Egalitarianism Scale, Individualism-Communitarianism

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Original Release Date

2016-01-25

Version History

2018-02-15 The citation of this study may have changed due to the new version control system that has been implemented. The previous citation was:
  • Burns, William. Financial Crisis: A Longitudinal Study of Public Response. ICPSR36341-v1. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2016-01-25. http://doi.org/10.3886/ICPSR36341.v1

2016-01-25 ICPSR data undergo a confidentiality review and are altered when necessary to limit the risk of disclosure. ICPSR also routinely creates ready-to-go data files along with setups in the major statistical software formats as well as standard codebooks to accompany the data. In addition to these procedures, ICPSR performed the following processing steps for this data collection:

  • Created variable labels and/or value labels.
  • Created online analysis version with question text.
  • Checked for undocumented or out-of-range codes.
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Weight

N/A

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Notes