Table 2:
Probit regression results of the role oftime and risk preferences on smoking
| Variable | Marginal effects | Std. Err. | P>|z| |
|---|---|---|---|
| Time preferences | |||
| Discount rate | .04471 | .01171 | 0.011 |
| Hyperbolic discounting (Present bias) | .05710 | .02880 | 0.047 |
| Risk preferences | |||
| Willingness to take risk | .01569 | .00620 | 0.030 |
| Sex | |||
| Male | .06385 | .10079 | 0.000 |
| Age group (yr) | |||
| 45–54 | .08399 | .02866 | 0.003 |
| 55–65 | .19066 | .05057 | 0.000 |
| Marital status | |||
| Married | .18584 | .14409 | 0.197 |
| Education | |||
| Intermediate | −.25401 | .04409 | 0.000 |
| Academic | −.35737 | .04925 | 0.000 |
| Employment status | |||
| Employed | .14209 | .06516 | 0.029 |
| Self-employer | .11795 | .05949 | 0.047 |
| Wealth status | |||
| Middle | .02908 | .03339 | 0.384 |
| High | .01285 | .04530 | 0.777 |
Obs. 792, Log likelihood = −344.1490, Prob> chi2= 0.0000, Pseudo R2=0.2605