Table 10. Ambiguity aversion and reactions to the financial crisis.

This table shows results for a probit regression in which the dependent variable equals one if the respondent actively sold equities during the financial crisis (2008–2009). The sample includes only those who owned equities prior to the crisis. The model includes a constant term and controls for age, age-squared, male, white, Hispanic, married, (ln) number of children (plus one), health, education, employment status, (ln) family income, wealth, participation in defined contribution or defined benefit plans, financial literacy, trust, risk aversion, question order, check question score, and missing data dummies. The independent variables are standardized to facilitate interpretation. The table reports marginal effects. Standard errors are clustered by household and appear in brackets. ^*, ^**, and ^*** denote significance at the 10%, 5%, and 1% level, respectively.

Model	(1)
Ambiguity Aversion	0.045*** [0.01]
Controls and Constant	Yes
N	524