Table 4.

Probit regressions on the determinants of Return choices

Dep. var.: Return (0, 1)
Restoring probability ($\lambda$)	2.232 (0.981)*
Recipient’s expectation ($\beta$)	0.900 (0.321)**
Restoring probability $\times$ recipient’s expectation	− 0.800 (0.377)*
Subject’s characteristics
Age	0.025 (0.020)
Male	0.108 (0.125)
_cons	− 2.224 (0.971)*
$N$	720

Results from Probit regressions are reported. The unit of observation is the choice of an external spectator. Individual-level clustered robust standard errors are in parentheses. ${}^{\circ }p<0.1$, $\ast p<0.05$, $\ast \ast p<0.01$, $\ast \ast \ast p<0.001$