Swiss Journal of Economics and Statistics

Table 5 Average marginal effects

From: What matters in the annuitization decision?

Variables	This study	GM
Experiment
UP	− 0.021
UP	(0.040)
DOWN	− 0.053
DOWN	(0.040)
TRUST	− 0.041***
TRUST	(0.016)
Motives
Liquidity	− 0.077***	0.004
Liquidity	(0.010)	(0.025)
Family risk pooling	− 0.022**	0.017
Family risk pooling	(0.010)	(0.025)
Bequest	0.008	− 0.058**
Bequest	(0.009)	(0.023)
Investment frame	− 0.072***	− 0.079***
Investment frame	(0.015)	(0.027)
Mortality salience	− 0.015*
Mortality salience	(0.008)
Self-selection	0.03**	− 0.085***
Self-selection	(0.013)	(0.027)
Literacy
Basic annuity literacy	0.105***	0.113***
Basic annuity literacy	(0.020)	(0.028)
Financial literacy	− 0.033**	− 0.106***
Financial literacy	(0.017)	(0.037)
Observations	676	1394

This table presents the average marginal effects of the factors of the regressions in Table 2. Delta-method standard errors in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1

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