Table 4. How Framing Effects Vary with Individual Characteristics.

Fixed Effect Models with Interactions, All Waves, controlling for prior frames.

Note: Dependent variable is expressed as the difference between baseline and expected claiming age in number of months (unweighted data). Reference frame is Age 66, neutral (see text).

	(1)	(2)	(3)	(4)
Breakeven	−18.77*** (1.423)	−32.60*** (3.204)	−19.86*** (1.396)	−28.39*** (3.311)
Symmetric	−3.863*** (1.181)	−3.872*** (1.181)	−3.903*** (1.182)	−3.942*** (1.185)
Consumption	0.687 (0.633)	0.689 (0.633)	0.707 (0.634)	0.568 (0.637)
Loss	−1.791** (0.893)	−1.823** (0.893)	−1.869** (0.893)	−1.874** (0.896)
Age 62	−3.042*** (0.890)	−3.065*** (0.890)	−3.101*** (0.890)	−3.044*** (0.893)
Age 70	0.727 (0.898)	0.754 (0.898)	0.756 (0.898)	0.568 (0.902)
Female * breakeven	−5.957*** (1.531)
SS Benefit * breakeven		0.00821*** (0.00230)
Credit card debt * breakeven			−4.161*** (1.527)
Fin. Lit. Index * breakeven				0.0809** (0.0394)
Constant	19.16*** (0.824)	19.09*** (0.825)	19.11*** (0.825)	19.42*** (0.831)
Observations	6,818	6,818	6,818	6,722
R-squared	0.113	0.112	0.111	0.110
Number of id	1,442	1,442	1,442	1,405

Note: Standard errors in parentheses. Fixed effects included in all models. See also Table 2.

^***p<0.01,

^**p<0.05,

^*p<0.1