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