Table 4. How Framing Effects Vary with Individual Characteristics.
(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