Table 2.

Logit estimation: treatment effect on default propensity (Study 1).

Independent Var.	Dependent Var.: DE
	Model (1)	Model (2)
Chance	− 0.981**	− 0.982**
(1 = 75%, 0 = 25%)	(0.307)	(0.307)
Frame	− 0.927**	− 0.927**
(1 = Gain, 0 = Loss)	(0.290)	(0.289)
Chance Frame	0.845*	0.846*
	(0.395)	(0.394)
Round	− 0.033***	− 0.033***
	(0.009)	(0.009)
Gender	0.274	0.274
(1 = Male, 0 = Female)	(0.287)	(0.287)
Age	− 0.014	− 0.014
	(0.066)	(0.066)
Decision Time	− 2.085	− 2.085
	(1.302)	(1.302)
Constant	0.922	0.922
	(1.378)	(1.377)
Constant(id)		1.289***
		(0.264)
Observations	3339	3339
Number of individuals	159	159
	1.135
	0.281

This table reports the panel Logit estimation results for two different model specifications, Model (1) using a random-effect model, and Model (2) using a mixed-effect model. Both models assume individual-clustered standard errors. The estimation is based on 3339 (159*21) individual-round level independent observations. is the standard deviation of inter-individual difference. is the intra-class correlation coefficient which captures the fraction of the variance of the dependent variable that is due to inter-individual differences. Constant(id) is a special output of mixed-effect model estimation, and it indicates the variance of random intercepts across individuals. Standard errors are in parentheses. Statistical significance is reported such that *, ** and *** denote significance levels of p < 0.05 and p < 0.01 and p < 0.001 respectively.