The "F Words": Why Surveying Businesses About Intangibles is so Hard

Understanding of the value and economic contribution of intangible assets is hampered by measurement challenges, which stem from the characteristics of intangibles and weaknesses in survey design. We characterize these challenges with four "F words"-forgotten, fuzzy, framing, and frequency. We establish these characteristics theoretically, with reference to the survey design literature. We then provide a summary of a range of official business surveys that capture data on intangible assets in the UK. Using these sources, we test the (in)consistency and quality of data on intangibles collected through business surveys in the UK, using a range of data sources and microdata linkage. We draw on this research to propose modifications to surveys on intangible investment that might yield superior data in future.