Table 3.

Variable description and descriptive statistics.

Variables	Definition	Mean	Standard deviation	Minimum	Maximum
Explained variables
Stock_if	Yes (1), no (0)	0.09	0.29	0.00	1.00
Stock_rate	Stock ratio (%)	2.93	11.77	0.00	100
Core explanatory variables
Medical_if	Yes (1), no (0)	0.94	0.24	0.00	1.00
Personal characteristic variables of householder
Male	Male (1), Female (0)	0.54	0.50	0.00	1.00
Age	Age of householder	50.22	14.17	17.00	91.00
Age2/100	Age2/100	27.23	14.52	2.89	82.81
Married	Yes (1), no (0)	0.88	0.33	0.00	1.00
Edu	Non education (0), primary school (6), junior high school (9), senior high school (12), technical secondary school (13), junior college (15), undergraduate college (16), graduate student (19), and doctoral student (22)	9.81	4.05	0.00	22.00
Attitude	Risk preference (2), risk neutral (1), and risk aversion (0)	0.40	0.67	0.00	2.00
Know	The ability to correctly answer three questions about interest rates, inflation, and investment risks	1.06	0.92	0.00	3.00
Concern	Never concerned (1), Very concerned (5)	2.22	1.09	1.00	5.00
Health	Healthy (1), Unhealthy (0)	0.87	0.34	0.00	1.00
Household characteristic variables
Hpop	Total population of a household	3.40	1.54	1.00	20.00
Old	Percentage of population aged 60 and over in total	0.25	0.36	0.00	1.00
Pincome	Log household income per capita	9.58	1.31	−0.69	15.43
Wealth	Log wealth	12.83	1.48	3.60	16.81
House_if	Yes (1), no (0)	0.93	0.25	0.00	1.00
Social_exp	Log expenses for vocation, wedding, and funeral	7.84	1.14	0.00	10.31
Trust	Very distrustful (1), Very trusting (5)	2.20	0.90	1.00	5.00
Regional characteristic variables
Pgdp	The GDP per capita of the province (unit: ten thousand yuan)	5.13	1.99	2.14	10.12