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680 Annals Am. Acad. Pol. & Soc. Sci. 7 (2018)

handle is hein.cow/anamacp0680 and id is 1 raw text is: Preface By KAREN PENCE Individuals routinely have incomplete infor- mation about the consequences of major life decisions. What are the long-term implications for health, wealth, and well-being, for example, of choices about education, labor force partici- pation, marriage, or childbearing? Policy- makers face similar information gaps when deciding which policy interventions will be the best use of scarce public dollars. One route to remedying these information gaps is studying the life trajectories of other individuals. To draw robust and reliable conclu- sions from these life trajectories, however, these data must be collected and analyzed in a careful, methodological, and systematic way. And the data designers must have both fore- sight and patience: the foresight to design a survey that will work, and the patience to watch that survey design play out over time. Fifty years ago, Jim Morgan, an economist at the Institute for Social Research at the University of Michigan, had that vision. He was asked by the Office of Economic Opportunity to take on a survey to evaluate the effectiveness of the War on Poverty. He realized that such a survey would need to sample the entire U.S. population to fully capture the dynamics of how households enter and leave poverty. He also realized that the survey would remain repre- sentative over time of the U.S. population if it included the children, grandchildren, and fur- ther descendants of the original sample mem- bers. These two insights are the underpinnings of the Panel Study of Income Dynamics (PSID). Karen Pence is an assistant director in the Division of Research and Statistics at the Board of Governors of the Federal Reserve System. She has served as chair of the Board of Overseers of the PSID since 2017 and as a member of the Board since 2014. Her research focuses on household financial decisions and on the instilulions that extend credit to consumers. Correspondence: Karen. Pence@FRB.GOV DOI: 10.1177/0002716218802752 ANNALS, AAPSS, 680, November 2018

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