Table 3.
Risk Protection and Portfolio Choice
| Panel A: Risk Protection
| ||||
|---|---|---|---|---|
| Outcome | Individual Inpatient Medical Spending | Individual Outpatient Medical Spending | Variability of Individual Inpatient Medical Spending | Variability of Individual Outpatient Medical Spending |
| 2SLS Estimate, Subsidized Regime Enrollment | −58,870* [33,263] | 3,562 [2,702] | −67,499.38** [32,906] | 167.57 [2,417] |
| Intent to Treat Estimate | −15,108* [8,888] | 918.23 [821] | −17322.90* [9,120] | 43.20 [626] |
|
| ||||
| First Stage Estimate, Below Eligibility Threshold | 0.26*** [0.07] | 0.26*** [0.07] | 0.26*** [0.07] | 0.26*** [0.07] |
| First Stage F-Statistic | 13.91 | 14.01 | 13.91 | 14.01 |
| OLS Estimate | −5,655 [3,898] | −1,204*** [342] | −13,888*** [3,893] | −4,387*** [357] |
|
| ||||
| Mean for those Not Enrolled in the Subsidized Regime | 11,359.86 | 2,512.98 | 26338.40 | 7342.59 |
| Observations | 4,219 | 4,218 | 4,219 | 4,218 |
| Data Source | ECV | ECV | ECV | ECV |
| Panel B: Portfolio Choice
| ||||||
|---|---|---|---|---|---|---|
| Outcome | Individual Education Spending | Household Education Spending | Total Spending on Food | Total Monthly Expenditure | Has Car | Has Radio |
| 2SLS Estimate, Subsidized Regime Enrollment | −341.68 [3,781] | 30,366 [25,055] | 32,136 [103,540] | −33,826 [278,060] | 0.01 [0.04] | 0.17 [0.11] |
| Intent to Treat Estimate | −84.72 [945] | 7,815 [4,880] | 8,709 [28,491] | −14,036 [115,736] | 0.01 [0.01] | 0.07 [0.05] |
| First Stage Estimate, Below Eligibility Threshold | 0.25*** [0.06] | 0.26*** [0.07] | 0.27*** [0.06] | 0.41*** [0.12] | 0.40*** [0.04] | 0.40*** [0.04] |
| First Stage F-Statistic | 19.28 | 14.08 | 18.80 | 12.18 | 125.75 | 125.75 |
|
| ||||||
| OLS Estimate | 122.82 [231] | 2,952.32*** [902] | −12,036 [10,330] | −39,273 [58,730] | −0.01 [0.01] | 0.03 [0.02] |
| Mean for those Not Enrolled in the Subsidized Regime | 7,501 | 34,089 | 279,128 | 688,065 | 0.03 | 0.60 |
| Observations | 3,567 | 4,222 | 4,096 | 966 | 3,334 | 3,334 |
| Data Source | ECV | ECV | ECV | ECV | DHS | DHS |
Notes: Individual-level “urban” data for those within two SISBEN index points of county-specific eligibility thresholds from the 2003 ECV and 2005 DHS. Dependent variables are shown at the top of each column. The first row shows 2SLSestimates for enrollment in the Subsidized Regime (SR), instrumenting for SR enrollment using simulated eligibility. The second row shows reduced-form intent-to-treat estimates for simulated SISBEN score falling below the county-specific eligibility threshold. The third row shows first stage estimates from OLS regressions of Subsidized Regime enrollment on an indicator for falling below the county-specific eligibility threshold. All specifications also include SISBEN score, distance from the county-specific threshold, estrato dummy variables, and county fixed effects. Standard errors (clustered by county) are shown in brackets below each estimate.
Significant at the 1 percent level.
Significant at the 5 percent level.
Significant at the 10 percent level.