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Table 4 Logistic model results

From: What matters in the annuitization decision?

Variables Selected annuity = Yes
(1) (2)
Experiment
UP − 1.589** − 2.272**
(0.745) (0.924)
DOWN − 1.425* − 1.850*
(0.773) (0.972)
TRUST − 0.495*** − 0.554***
(0.134) (0.171)
UP:TRUST 0.415** 0.559**
(0.185) (0.230)
DOWN:TRUST 0.323* 0.402*
(0.192) (0.239)
Motives
Liquidity   − 0.438***
  (0.067)
Family risk pooling   − 0.125**
  (0.061)
Bequest   0.186**
  (0.094)
Bequest:income   − 0.215*
  (0.117)
Investment frame   − 0.413***
  (0.094)
Mortality salience   − 0.087*
  (0.048)
Self-selection   0.172**
  (0.076)
Literacy   
Basic annuity literacy   0.598***
  (0.122)
Financial literacy   − 0.187*
  (0.096)
Controls   
Further controls NO YES
Observations 676 676
Wald-Chi2 15.6*** 116.0***
Pseudo R2 0.019 0.197
  1. This table displays the log-odds effects of all our variables
  2. The dependent variable is whether the individual selected the annuity in the hypothetical scenario question. Robust standard errors in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1