Table 5 Open in new tab Estimation...

	(1)Joint estimation of HORA	(2)Risk question à la Dohmen etal. (2011)
During COVID	0.571***	0.249	0.142	0.389**
	(0.175)	(0.173)	(0.177)	(0.182)
During COVID * Female	−0.272*	−0.006	−0.063	0.111
	(0.140)	(0.138)	(0.141)	(0.136)
During COVID * Low income	−0.053**	−0.025	0.002	−0.076***
	(0.022)	(0.021)	(0.022)	(0.025)
During COVID * Health	−0.272*	−0.182	−0.189	−0.174
	(0.140)	(0.139)	(0.142)	(0.143)
During COVID * Black	−0.249	−0.221	−0.093	−0.066
	(0.221)	(0.219)	(0.224)	(0.231)
During COVID * Hispanic	−0.382*	−0.039	0.027	−0.263
	(0.202)	(0.200)	(0.205)	(0.229)
Atanrho risk aversion/prudence	0.647**
	(0.031)
Atanrho risk aversion/temperance	0.419**
	(0.031)
Atanrho prudence/temperance	0.710**
	(0.031)

Socioeconomic controls	Yes	Yes	Yes	Yes

Likelihood ratio test	102.70			160.23

N	1,410			1,408

(1)Joint estimation of HORA

(2)Risk question à la Dohmen etal. (2011)

Number of risk averse choices

Number of prudent choices

Number of temperate choices

Willingness to take risks

During COVID

0.571***

0.249

0.142

0.389**

(0.175)

(0.173)

(0.177)

(0.182)

During COVID * Female

−0.272*

−0.006

−0.063

0.111

(0.140)

(0.138)

(0.141)

(0.136)

During COVID * Low income

−0.053**

−0.025

0.002

−0.076***

(0.022)

(0.021)

(0.022)

(0.025)

During COVID * Health

−0.272*

−0.182

−0.189

−0.174

(0.140)

(0.139)

(0.142)

(0.143)

During COVID * Black

−0.249

−0.221

−0.093

−0.066

(0.221)

(0.219)

(0.224)

(0.231)

During COVID * Hispanic

−0.382*

−0.039

0.027

−0.263

(0.202)

(0.200)

(0.205)

(0.229)

Atanrho risk aversion/prudence

0.647**

(0.031)

Atanrho risk aversion/temperance

0.419**

(0.031)

Atanrho prudence/temperance

0.710**

(0.031)

Socioeconomic controls

Yes

Likelihood ratio test

102.70

160.23

1,410

1,408

	(1)Joint estimation of HORA	(2)Risk question à la Dohmen etal. (2011)
During COVID	0.571***	0.249	0.142	0.389**
	(0.175)	(0.173)	(0.177)	(0.182)
During COVID * Female	−0.272*	−0.006	−0.063	0.111
	(0.140)	(0.138)	(0.141)	(0.136)
During COVID * Low income	−0.053**	−0.025	0.002	−0.076***
	(0.022)	(0.021)	(0.022)	(0.025)
During COVID * Health	−0.272*	−0.182	−0.189	−0.174
	(0.140)	(0.139)	(0.142)	(0.143)
During COVID * Black	−0.249	−0.221	−0.093	−0.066
	(0.221)	(0.219)	(0.224)	(0.231)
During COVID * Hispanic	−0.382*	−0.039	0.027	−0.263
	(0.202)	(0.200)	(0.205)	(0.229)
Atanrho risk aversion/prudence	0.647**
	(0.031)
Atanrho risk aversion/temperance	0.419**
	(0.031)
Atanrho prudence/temperance	0.710**
	(0.031)

Socioeconomic controls	Yes	Yes	Yes	Yes

Likelihood ratio test	102.70			160.23

N	1,410			1,408

Table 5

Open in new tab

Estimation results of HORA and non-incentivized risk question

	(1)Joint estimation of HORA			(2)Risk question à la Dohmen etal. (2011)
	Number of risk averse choices	Number of prudent choices	Number of temperate choices	Willingness to take risks
During COVID	0.571***	0.249	0.142	0.389**
	(0.175)	(0.173)	(0.177)	(0.182)
During COVID * Female	−0.272*	−0.006	−0.063	0.111
	(0.140)	(0.138)	(0.141)	(0.136)
During COVID * Low income	−0.053**	−0.025	0.002	−0.076***
	(0.022)	(0.021)	(0.022)	(0.025)
During COVID * Health	−0.272*	−0.182	−0.189	−0.174
	(0.140)	(0.139)	(0.142)	(0.143)
During COVID * Black	−0.249	−0.221	−0.093	−0.066
	(0.221)	(0.219)	(0.224)	(0.231)
During COVID * Hispanic	−0.382*	−0.039	0.027	−0.263
	(0.202)	(0.200)	(0.205)	(0.229)
Atanrho risk aversion/prudence	0.647**
	(0.031)
Atanrho risk aversion/temperance	0.419**
	(0.031)
Atanrho prudence/temperance	0.710**
	(0.031)

Socioeconomic controls	Yes	Yes	Yes	Yes

Likelihood ratio test	102.70			160.23

N	1,410			1,408

	(1)Joint estimation of HORA			(2)Risk question à la Dohmen etal. (2011)
	Number of risk averse choices	Number of prudent choices	Number of temperate choices	Willingness to take risks
During COVID	0.571***	0.249	0.142	0.389**
	(0.175)	(0.173)	(0.177)	(0.182)
During COVID * Female	−0.272*	−0.006	−0.063	0.111
	(0.140)	(0.138)	(0.141)	(0.136)
During COVID * Low income	−0.053**	−0.025	0.002	−0.076***
	(0.022)	(0.021)	(0.022)	(0.025)
During COVID * Health	−0.272*	−0.182	−0.189	−0.174
	(0.140)	(0.139)	(0.142)	(0.143)
During COVID * Black	−0.249	−0.221	−0.093	−0.066
	(0.221)	(0.219)	(0.224)	(0.231)
During COVID * Hispanic	−0.382*	−0.039	0.027	−0.263
	(0.202)	(0.200)	(0.205)	(0.229)
Atanrho risk aversion/prudence	0.647**
	(0.031)
Atanrho risk aversion/temperance	0.419**
	(0.031)
Atanrho prudence/temperance	0.710**
	(0.031)

Socioeconomic controls	Yes	Yes	Yes	Yes

Likelihood ratio test	102.70			160.23

N	1,410			1,408

Notes: Specification (1): joint estimation of HORA, SURE model. ***p < 0.01, **p < 0.05, *p < 0.1. Atanrho coefficients represent the transformed (arc-tangent), unbounded correlation coefficient of a pair of equations (Roodman, 2011). Specification (2): ordered probit estimation of the individual response to the risk taking variable ‘How do you see yourself: are you generally a person who is fully prepared to take risks or do you try to avoid taking risks?’. Takes the value 1 if ‘very willing to take risks’ and the value 10 if ‘not at all willing to take risks’. Coefficients are presented as log-odds. Robust standard errors in parentheses. Socioeconomic controls include the variables Table 3: (low) income, education, health, marital status, age, regions in the USA, gender, race and ethnicity, children in the household, home ownership, and credit card ownership.

Source: Authors’ calculations.

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