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. Author manuscript; available in PMC: 2015 Nov 1.
Published in final edited form as: Eur Econ Rev. 2014 Nov 1;72:197–220. doi: 10.1016/j.euroecorev.2014.10.003

Table 4.

Estimates of the effect of inheritance receipt – HRS

Outcome FE Inheritance FE Log Amount
Inherited
Full sample (panel 1)
Log Food Expenditures 0.0487* 0.0051**
  N = 77,720 (0.0256) (0.0025)
Smoking 0.0095*** 0.0009***
  N = 118,604 (0.0029) (0.0003)
  – Among Smokers 0.0232 0.0021
  N = 18,693 (0.0157) (0.0015)
  – Among Non-Smokers 0.0021 0.0002
  N = 99,600 (0.0016) (0.0001)
Log Number of Cigarettes 0.1044* 0.0094*
  N = 16,034 (0.0533) (0.0051)
Drinking 0.0137*** 0.0012**
  N = 118,604 (0.0052) (0.0005)
Log Number of Drinks 0.0107 0.0006
  N = 54,126 (0.0148) (0.0013)
Heavy Drinking 0.0054 0.0006
  N = 54,126 (0.0058) (0.0005)
Physical Activity 0.0016 − 0.0003
  N = 57,633 (0.0191) (0.0017)
Most Healthy and Most Wealthy (panel 2)
Log Food Expenditures 0.0105 0.0023
  N = 20,554 (0.0385) (0.0036)
Smoking 0.0105*** 0.0009***
  N = 31,278 (0.0038) (0.0003)
  – Among Smokers 0.0199 0.0016
  N = 3,395 (0.0281) (0.0026)
  – Among Non-Smokers 0.0039* 0.0004**
  N = 27,789 (0.0021) (0.0002)
Log Number of Cigarettes 0.0498 0.0049
  N = 2,901 (0.0890) (0.0080)
Drinking 0.0179** 0.0014**
  N = 31,278 (0.0075) (0.0007)
Log Number of Drinks 0.0167 0.0006
  N = 19,073 (0.0188) (0.0017)
Heavy Drinking 0.0065 0.0005
  N = 19,073 (0.0079) (0.0007)
Physical Activity − 0.0356 − 0.0035
  N = 15,498 (0.0265) (0.0024)
Most Healthy and Least Wealthy (panel 3)
Log Food Expenditures 0.0458 0.0042
  N = 19,295 (0.0453) (0.0043)
Smoking 0.0225*** 0.0021***
  N = 29,215 (0.0069) (0.0006)
  – Among Smokers 0.0689** 0.0061**
  N = 5,152 (0.0304) (0.0030)
  – Among Non-Smokers 0.0012 0.0001
  N = 24,004 (0.0034) (0.0003)
Log Number of Cigarettes 0.2429** 0.0225**
  N = 4,423 (0.1033) (0.0101)
Drinking 0.0285*** 0.0030***
  N = 29,215 (0.0108) (0.0010)
Log Number of Drinks 0.0272 0.0028
  N = 13,587 (0.0311) (0.0030)
Heavy Drinking − 0.0045 − 0.0003
  N = 13,587 (0.0118) (0.0012)
Physical Activity − 0.0361 − 0.0034
  N = 14,319 (0.0390) (0.0037)
Least Healthy and Most Wealthy (panel 4)
Log Food Expenditures 0.0979** 0.0096**
  N = 20,475 (0.0471) (0.0045)
Smoking − 0.0015 − 0.0000
  N = 31,058 (0.0055) (0.0005)
  – Among Smokers 0.0008 0.0008
  N = 4,379 (0.0311) (0.0030)
  – Among Non-Smokers 0.0001 0.0001
  N = 26,586 (0.0032) (0.0003)
Log Number of Cigarettes 0.1246 0.0122
  N = 3,737 (0.1066) (0.0101)
Drinking − 0.0001 − 0.0002
  N = 31,058 (0.0102) (0.0009)
Log Number of Drinks − 0.0161 − 0.0014
  N = 13,836 (0.0304) (0.0027)
Heavy Drinking 0.0010 0.0003
  N = 13,836 (0.0125) (0.0011)
Physical Activity 0.1198*** 0.0102***
  N = 15,012 (0.0399) (0.0036)
Least Healthy and Least Wealthy (panel 5)
Log Food Expenditures 0.1035 0.0096
  N = 17,396 (0.0750) (0.0073)
Smoking 0.0045 0.0002
  N = 27,053 (0.0107) (0.0011)
  – Among Smokers 0.0072 0.0002
  N = 5,767 (0.0387) (0.0041)
  – Among Non-Smokers 0.0021 0.0002
  N = 21,221 (0.0065) (0.0006)
Log Number of Cigarettes 0.0421 0.0020
  N = 4,973 (0.1331) (0.0135)
Drinking − 0.0029 − 0.0003
  N = 27,053 (0.0174) (0.0016)
Log Number of Drinks − 0.0149 − 0.0014
  N = 7,630 (0.0647) (0.0063)
Heavy Drinking 0.0464 0.0051*
  N = 7,630 (0.0285) (0.0027)
Physical Activity − 0.0294 − 0.0045
  N = 12,804 (0.0799) (0.0076)
*

p-value < 0.1,

**

p-value < 0.05,

***

p-value < 0.01

Notes: Author’s calculations on basis of the 1992–2010 HRS. “FE Inheritance” refers to model (17), and “FE Log Amount Inherited” to model (18). Note that all models include the same set of control variables as in Table 8. “Most Healthy” are those in “Excellent” or “Very Good” self-reported health at first observation in the panel, and “Least Healthy” are those in “Good”, “Fair”, or “Poor” self-reported health at first observation. “Most Wealthy” and “Least Wealthy” include individuals that at first observation are, respectively, above and below the age-wave-specific median household wealth.