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. Author manuscript; available in PMC: 2009 Dec 1.
Published in final edited form as: J Econ Psychol. 2008 Dec;29(6):810–831. doi: 10.1016/j.joep.2008.03.006

Table 5.

HRS: older adults – specification checks

Sample Intensive Margin Ever Drinkers Time Preference
Current Price
Effect		 Current & Lagged
Price Effects		 All Risk
Averse		 Risk
Tolerant
Dependent
Variable		 Log
Drinks		 Log
Drinks		 Chronic
Consumption		 Chronic
Consumption		 Alcohol
Participation		 Alcohol
Participation		 Alcohol
Participation		 Alcohol
Participation		 Alcohol
Participation
Specification 1 2 3 4 5 6 7 8 9
Real Beer Tax -0.6243*
(0.4064)
[ε = -0.086]		 -0.8929**
(0.4281)
[ε =-0.109]		 -0.2023*
(0.1330)
[ε = -0.278]		 -0.1909*
(0.1374)
[ε = -0.265]		 -0.3921**
(0.2040)
[ε = -0.100]		 Pt: -0.3431
(0.4908) Pt-1: -0.0496
(0.4656)		 -0.5717***
(0.1739)
[ε = -0.216]		 -0.5355***
(0.2085)
[ε =-0.215]		 -0.6031**
(0.3094)
[ε = -0.208]
Risk Averse -0.0549***
(0.0193)		 -0.0864***
(0.0337)		 -0.0063
(0.0057)		 -0.0041
(0.0100)		 -0.0212**
(0.0085)		 -0.0212**
(0.0085)		 -0.0322***
(0.0086)		 – –
Beer Tax * Risk Averse – 0.2298
(0.1987)		 – -0.0156
(0.0575)		 – – – – –
Planning Horizon 5-10 years – – – – – – 0.0402**
(0.0094)		 0.0386***
(0.0117)		 0.0425***
(0.0159)
Planning Horizon 10+ years – – – – – – 0.0571**
(0.0156)		 0.0406**
(0.0194)		 0.0822***
(0.0263)
Year Indicators Yes** Yes** Yes*** Yes*** Yes*** Yes*** Yes*** Yes*** Yes***
State Indicators Yes Yes Yes*** Yes*** Yes*** Yes*** Yes*** Yes*** Yes***
R2/Pseudo R2 0.080 0.080 0.083 0.083 0.141 0.141 0.130 0.131 0.135
Percent Correctly Classified – – 61.0 60.9 67.4 67.4 67.5 67.3 67.0
Observations 24,635 24,635 24,612 24,612 46,212 46,212 54,237 35,423 18,796

Notes: See Table 3. Each column represents a separate regression model. All specifications include the extended set of covariates listed in Table 3.