Table 4.
Alcohol participation stratified by risk preference
| PSID: Ages 21 - 54 | HRS: Ages 55 and older | |||
|---|---|---|---|---|
| Sample | Risk Averse | Risk Tolerant | Risk Averse | Risk Tolerant |
| 1 | 2 | 3 | 4 | |
| Real Beer Tax | -0.2157** (0.1094) [ε = -0.056] | -0.1822** (0.0977) [ε = -0.037] | -0.3863** (0.1942) [ε = -0.159] | -0.5987** (0.2902) [ε = -0.205] |
| Male | 0.1988*** (0.0227) | 0.0875*** (0.0203) | 0.1641*** (0.0094) | 0.1729*** (0.0126) |
| Black | -0.1056*** (0.0264) | -0.1918*** (0.0257) | -0.0750*** (0.0126) | -0.0904*** (0.0181) |
| Other Race | -0.1006 (0.0826) | -0.1775*** (0.0671) | -0.1211*** (0.0205) | -0.1367*** (0.0286) |
| Hispanic | -0.0417 (0.1095) | -0.0349 (0.0843) | -0.0613*** (0.0169) | 0.0012 (0.0257) |
| High School | 0.0294 (0.0428) | -0.0054 (0.0455) | 0.0586*** (0.0123) | 0.0575*** (0.0181) |
| Some College | 0.1176*** (0.0402) | -0.0107 (0.0401) | 0.1252*** (0.0151) | 0.1159*** (0.0203) |
| College | 0.1401*** (0.0411) | -0.0029 (0.0404) | 0.1573*** (0.0164) | 0.2200*** (0.0213) |
| Real Income | 0.0013*** (0.0004) | 0.0026*** (0.0004) | 0.0007*** (0.0002) | 0.0007** (0.0003) |
| Married | -0.1390*** (0.0260) | -0.1139*** (0.0219) | 0.0094 (0.0099) | 0.0046 (0.0135) |
| Employed | 0.1146*** (0.0361) | 0.0881*** (0.0323) | 0.0443*** (0.0129) | 0.0365** (0.0178) |
| Unemployed | 0.1549*** (0.0483) | 0.1108*** (0.0372) | 0.0447 (0.0311) | 0.0220 (0.0362) |
| Retired | 0.1927** (0.0696) | 0.0769 (0.0942) | 0.0562*** (0.0124) | 0.0577*** (0.0173) |
| Household Size | -0.0167** (0.0085) | -0.0262*** (0.0075) | -0.0173*** (0.0036) | -0.0193*** (0.0049) |
| Parental Education | 0.0561* (0.0302) | 0.0157 (0.0231) | 0.0316*** (0.0095) | 0.0404*** (0.0135) |
| Functional Difficulties | -0.0466 (0.0343) | -0.0373 (0.0360) | -0.0280*** (0.0032) | -0.0329*** (0.0045) |
| Hypertension | -0.0008 (0.0266) | 0.0210 (0.0235) | -0.0097 (0.0084) | -0.0089 (0.0119) |
| Diabetes | -0.0498 (0.0465) | -0.0002 (0.0461) | -0.1401*** (0.0101) | -0.1278*** (0.0149) |
| Heart Disease | -0.0423 (0.0532) | 0.0002 (0.0491) | -0.0258** (0.0107) | -0.0620*** (0.0149) |
| Stroke | 0.0949 (0.0787) | -0.0924 (0.0836) | -0.0503*** (0.0181) | -0.0990*** (0.0246) |
| Depression | 0.0023 (0.0114) | 0.0180* (0.0096) | -0.0022 (0.0020) | -0.0066*** (0.0028) |
| BAC 08 | -0.0127 (0.0211) | -0.0130 (0.0186) | – | – |
| Percent Dry | -0.3604*** (0.1066) | -0.3651*** (0.1055) | – | – |
| Monopoly State | 0.0585** (0.0228) | 0.0412** (0.0196) | – | – |
| Age Indicators | Yes | Yes** | Yes*** | Yes*** |
| Year Indicators | Yes** | Yes | Yes*** | Yes*** |
| State Indicators | No | No | Yes*** | Yes*** |
| Pseudo R2 | 0.077 | 0.100 | 0.143 | 0.153 |
| Percent Correctly Classified | 63.6 | 66.4 | 67.5 | 68.6 |
| Observations | 4,355 | 5,190 | 43,181 | 23,183 |
Notes: See Table 3.