Swiss Journal of Economics and Statistics

Table 8 Comparison of average marginal effects between logit model and LPM

From: What matters in the annuitization decision?

Variables	Logit	LPM
Experiment
UP	− 0.021	− 0.020
UP	(0.040)	(0.041)
DOWN	− 0.053	− 0.054
DOWN	(0.040)	(0.041)
TRUST	− 0.041***	− 0.034**
TRUST	(0.016)	(0.016)
Motives
Liquidity	− 0.077***	− 0.080***
Liquidity	(0.010)	(0.011)
Family risk pooling	− 0.022**	− 0.021**
Family risk pooling	(0.010)	(0.011)
Bequest	0.008	0.006
Bequest	(0.009)	(0.010)
Investment frame	− 0.072***	− 0.072***
Investment frame	(0.015)	(0.016)
Mortality salience	− 0.015*	− 0.011
Mortality salience	(0.008)	(0.008)
Self-selection	0.030**	0.032**
Self-selection	(0.013)	(0.013)
Literacy
Basic annuity literacy	0.105***	0.098***
Basic annuity literacy	(0.020)	(0.018)
Financial literacy	− 0.033**	− 0.029*
Financial literacy	(0.017)	(0.017)
Observations	676	676
Pseudo R²	0.197
R²		0.192

This table presents the average marginal effects of the factors of the regressions in Table 2 alongside the average marginal effects estimates from a linear probability model. Standard errors in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1

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