Table 8.

Effects of recipients’ absolute endowments on their reward/punishment behavior

	Dependent variable: Reward
	(1) Give to me	(2) Give to other	(3) Randomize
Poor	0.01	− 0.36***	− 0.49***
	(0.11)	(0.13)	(0.16)
Rich	− 0.03	0.34**	− 0.25**
	(0.13)	(0.16)	(0.12)
High endowment	− 0.21**	0.02	− 0.03
	(0.08)	(0.08)	(0.08)
Poor × high endowment	0.13	0.14	0.04
	(0.12)	(0.12)	(0.15)
Rich × high endowment	0.27	0.09	−0.01
	(0.17)	(0.10)	(0.16)
Constant	1.01***	− 0.69***	0.27***
	(0.07)	(0.08)	(0.08)
Mean of dep. variable	0.96	− 0.65	0.01
F stat: high endowment	2.64	1.85	0.12
p value	0.06*	0.15	0.95
Observations	840	840	840

Effects of recipients’ absolute endowments on their reward/punishment behavior. The constant term captures recipients’ average reward/punishment behavior in the equal wealth condition with low endowments. Regressions control for individual level fixed effects; standard errors are heteroskedasticity-robust and clustered at the participant level. F statistics and corresponding p values from a Wald test of joint significance of β₃, β₄ and β₅ for each regression are reported below the table.

^*Significant at the 10% confidence level,

^**significant at the 5% confidence level,

^***significant at the 1% confidence level