Table 5.
Double-sided Tobit and OLS regressions, by sample (dependent variable = ln(SDR·100)).
| SDR = Exponential Discount Rate Full S ample | SDR = Exponential Discount Rate (with 8 outliers deleted) | SDR = Hyperbolic Discount Parameter (k) Full Sample | ||||
|---|---|---|---|---|---|---|
| 1. Tobit | 2. OLS | 3. Tobit | 4. OLS | 5. Tobit | 6. OLS | |
| AGE | ||||||
| Age | 0.035 [0.042] |
0.025 [0.038] |
0.050 [0.034] |
0.043 [0.032] |
0.040 [0.047] |
0.030 [0.047] |
| Age Squared | 0.000 [0.000] |
0.000 [0.000] |
0.000 [0.000] |
0.000 [0.000] |
0.000 [0.000] |
0.000 [0.0004] |
| HEALTH | ||||||
| Physical health score (PCS12) | −0.160 [0.104] |
−0.115 [0.081] |
−0.155 [0.084]+ |
−0.121 [0.069]+ |
−0.180 [0.116] |
−0.130 [ 0.091] |
| Physical health score squared (PCS12ˆ2) | 0.002 [0.001]+ |
0.002 [0.001]+ |
0.002 [0.001]* |
0.002 [0.001]* |
0.003 [0.001]+ |
0.002 [0.001]+ |
| Mental health score (MCS12) | −0.052 [0.127] |
−0.014 [0.107] |
–0.017 [0.101] |
0.008 [0.089] |
−0.064 [0.138] |
−0.022 [0.116] |
| Mental health score squared (MCS12ˆ2) | 0.001 [0.001] |
0.000 [0.001] |
0.000 [0.001] |
0.000 [0.001] |
0.001 [0.002] |
0.000 [0.001] |
| SURVIVAL | ||||||
| One-year survival probability expectation | −0.135 [0.057]* |
−0.112 [0.046]* |
−0.130 [0.053]* |
−0.115 [0.046]* |
−0.151 [0.064]* |
−0.126 [0.051]* |
| One-year survival probability expectation square | d 0.001 [0.000]* |
0.001 [0.000]* |
0.001 [0.000]** |
0.001 [0.000]** |
0.001 [0.000]* |
0.001 [0.000]* |
| ECONOMY IN NEXT 2 YEARS | ||||||
| Dummy for economy improves a lot(Reference = Economy declines a lot) | 0.782 [0.765] |
0.726 [0.699] |
1.094 [0.613]+ |
1.059 [0.577]+ |
0.858 [0.836] |
0.796 [.761] |
| Dummy for economy improves a little | 1.438 [0.637]* |
1.238 [0.543]* |
1.421 [0.595]* |
1.311 [0.542]* |
1.593 [0.695]* |
1.374 [ 0.589]* |
| Dummy for economy remains the same | 1.136 [0.607]+ |
1.010 [0.503]* |
1.293 [0.584]* |
1.207 [0.525]* |
1.254 [0.664]+ |
1.116 [0.548]* |
| Dummy for economy declines a little | 1.036 [0.632] |
0.831 [0.512] |
0.998 [0.600]+ |
0.890 [0.530]+ |
1.155 [0.694]+ |
0.931 [0.560]+ |
| SOCIODEMOGRAPHICS | ||||||
| Dummy for female gender | 0.134 [0.316] |
0.014 [0.278] |
−0.235 [0.221] |
−0.292 [0.204] |
0.145 [0.347] |
0.014 [0.305] |
| Dummy for married/cohabiting | −0.076 [0.315] |
−0.146 [0.270] |
0.098 [0.252] |
0.038 [0.227] |
−0.056 [0.349] |
−0.132 [0.299] |
| Dummy for no education | 2.880 [0.622]** |
1.996 [0.368]** |
2.382 [0.567]** |
1.840 [0.381]** |
3.195 [0.695]** |
2.234 [0.415]** |
| Dummy for high income area N (Reference = High income area A) | −0.943 [0.485]+ |
−0.860 [0.424]* |
−0.664 [0.396]+ |
−0.624 [0.366]+ |
−1.032 [0.536]+ |
−0.941 [0.468]* |
| Dummy for middle income area J | −1.168 [0.431]** |
−1.005 [0.371]** |
−0.910 [0.344]** |
−0.814 [0.312]* |
−1.289 [0.476]** |
−1.112 [0.410]** |
| Dummy for middle income area K | −0.320 [0.414] |
−0.174 [0.356] |
−0.175 [0.338] |
−0.082 [0.303] |
−0.365 [0.461] |
−0.208 [0.396] |
| Dummy for low income area C | −0.255 [0.475] |
−0.142 [0.394] |
−0.032 [0.408] |
0.025 [0.363] |
−0.261 [0.529] |
−0.139 [0.440] |
| Dummy for Low Income Area G | −1.310 [0.505]* |
−1.127 [0.450]* |
−0.792 [0.347]* |
−0.713 [0.331]* |
−1.432 [0.556]* |
−1.231 [0.496]* |
| INTERCEPT | 6.514 [4.001] |
4.499 [3.105] |
5.556 [3.478] |
4.159 [2.918] |
7.648 [4.416]+ |
5.444 [3.428] |
| Cragg-Uhler R Square | 0.28 | 0.33 | 0.29 | |||
| Adjusted R Square | 0.16 | 0.22 | 0.16 | |||
| Observations | 164 | 164 | 156 | 156 | 164 | 164 |
[Robust standard errors in brackets].
+
significant at 10%;
*
significant at 5%;
**
significant at 1%