Table 5. Results of multilevel models...

Table 5.

Results of multilevel models for risk-taking attitude

Risk-taking attitude	Model A		Model B		Model C
Estimate	Est (SE)	t-test	Est (SE)	t-test	Est (SE)	t-test
SD residual	0.910		0.814		0.794
SD btw subs	0.951		1.622	Cor. −0.88	1.174	Cor. –0.69 0.13–0.59
SD slope benefit			0.545	Cor. −0.88	0.469
SD slope perception					0.215
Intercept	2.268 (0.337)	6.734***	2.212 (0.373)	5.937***	2.238 (0.330)	6.790***
Risk perception	−0.194 (0.067)	−2.906**	−0.109 (0.062)	−1.751 (.)	−0.111 (0.071)	−1.584
Risk benefit	0.384 (0.067)	5.733***	0.286 (0.106)	2.715**	0.281 (0.097)	2.906**
Domain (F)	−0.387 (0.368)	−1.050	−0.314 (0.340)	−0.923	−0.338 (0.337)	−1.002
Gender (M)	0.307 (0.479)	0.641	0.461 (0.524)	0.880	0.476 (0.466)	1.021
Age	0.026 (0.038)	0.688	0.007 (0.042)	0.180	−0.002 (0.037)	−0.048
Age²	−0.003 (0.004)	−0.736	−0.003 (0.004)	−0.651	−0.003 (0.004)	−0.771
Benefit × domain (F)	0.174 (0.076)	2.305*	0.206 (0.069)	2.989**	0.190 (0.068)	2.795**
Domain (F) × gender (M)	1.483 (0.540)	2.747**	1.232 (0.500)	2.461*	1.108 (0.495)	2.241*
Gender (M) × Age²	0.010 (0.004)	2.352*	0.010 (0.005)	2.167*	0.010 (0.004)	2.309*
Perception × domain (F) × gender (M)	−0.246 (0.113)	−2.177*	−0.176 (0.105)	−1.679 (.)	−0.171 (0.103)	−1.649 (.)
Benefit × Domain (F) × Gender (M)	−0.368 (0.121)	−3.054**	−0.3011 (0.112)	−2.689**	−0.255 (0.110)	−2.308*
Benefit × Domain (F) × Age²	−0.002 (0.001)	−1.934 (.)	−0.0020 (0.0009)	−2.122*	−0.0018 (0.0009)	−1.953 (.)
Perception × gender (M) × Age	0.021 (0.009)	2.436*	0.012 (0.008)	1.509	0.009 (0.009)	1.021
Benefit × Gender (M) × Age²	−0.0031 (0.0010)	−2.890**	−0.0033 (0.0014)	−2.311*	−0.0029 (0.0013)	−2.210*
Domain (F) × Gender (M) × Age²	−0.016 (0.005)	−3.049**	−0.016 (0.005)	−3.437***	−0.016 (0.005)	−3.402***
Perception × Domain (F) × Gender (M) × Age²	0.0023 (0.0011)	2.078*	0.0023 (0.0010)	2.330*	0.0025 (0.0010)	2.483*
Benefit × Domain (F) × Gender (M) × Age²	0.0047 (0.0013)	3.735***	0.0045 (0.0011)	3.927***	0.0041 (0.0011)	3.636***
R-squared	R²_m = 0.147	R²_c = 0.592	R²_m = 0.139	R²_c = 0.666	R²_m = 0.129	R²_c = 0.679
Likelihood ratio test	ModA vs ModB: LRT(2) = 236.04***			ModB vs ModC: LRT(3) = 39.014***

Risk-taking attitude	Model A		Model B		Model C
Estimate	Est (SE)	t-test	Est (SE)	t-test	Est (SE)	t-test
SD residual	0.910		0.814		0.794
SD btw subs	0.951		1.622	Cor. −0.88	1.174	Cor. –0.690.13–0.59
SD slope benefit			0.545	Cor. −0.88	0.469
SD slope perception					0.215
Intercept	2.268 (0.337)	6.734***	2.212 (0.373)	5.937***	2.238 (0.330)	6.790***
Risk perception	−0.194 (0.067)	−2.906**	−0.109 (0.062)	−1.751 (.)	−0.111 (0.071)	−1.584
Risk benefit	0.384 (0.067)	5.733***	0.286 (0.106)	2.715**	0.281 (0.097)	2.906**
Domain (F)	−0.387 (0.368)	−1.050	−0.314 (0.340)	−0.923	−0.338 (0.337)	−1.002
Gender (M)	0.307 (0.479)	0.641	0.461 (0.524)	0.880	0.476 (0.466)	1.021
Age	0.026 (0.038)	0.688	0.007 (0.042)	0.180	−0.002 (0.037)	−0.048
Age²	−0.003 (0.004)	−0.736	−0.003 (0.004)	−0.651	−0.003 (0.004)	−0.771
Benefit × domain (F)	0.174 (0.076)	2.305*	0.206 (0.069)	2.989**	0.190 (0.068)	2.795**
Domain (F) × gender (M)	1.483 (0.540)	2.747**	1.232 (0.500)	2.461*	1.108 (0.495)	2.241*
Gender (M) × Age²	0.010 (0.004)	2.352*	0.010 (0.005)	2.167*	0.010 (0.004)	2.309*
Perception × domain (F) × gender (M)	−0.246 (0.113)	−2.177*	−0.176 (0.105)	−1.679 (.)	−0.171 (0.103)	−1.649 (.)
Benefit × Domain (F) × Gender (M)	−0.368 (0.121)	−3.054**	−0.3011 (0.112)	−2.689**	−0.255 (0.110)	−2.308*
Benefit × Domain (F) × Age²	−0.002 (0.001)	−1.934 (.)	−0.0020 (0.0009)	−2.122*	−0.0018 (0.0009)	−1.953 (.)
Perception × gender (M) × Age	0.021 (0.009)	2.436*	0.012 (0.008)	1.509	0.009 (0.009)	1.021
Benefit × Gender (M) × Age²	−0.0031 (0.0010)	−2.890**	−0.0033 (0.0014)	−2.311*	−0.0029 (0.0013)	−2.210*
Domain (F) × Gender (M) × Age²	−0.016 (0.005)	−3.049**	−0.016 (0.005)	−3.437***	−0.016 (0.005)	−3.402***
Perception × Domain (F) × Gender (M) × Age²	0.0023 (0.0011)	2.078*	0.0023 (0.0010)	2.330*	0.0025 (0.0010)	2.483*
Benefit × Domain (F) × Gender (M) × Age²	0.0047 (0.0013)	3.735***	0.0045 (0.0011)	3.927***	0.0041 (0.0011)	3.636***
R-squared	R²_m = 0.147	R²_c = 0.592	R²_m = 0.139	R²_c = 0.666	R²_m = 0.129	R²_c = 0.679
Likelihood ratio test	ModA vs ModB: LRT(2) = 236.04***			ModB vs ModC: LRT(3) = 39.014***

Notes:

N = 166; Domain (F) = financial domain; gender (M) = Gender male; (.) p < 0.10; *p < 0.05; **p < 0.01; ***p < 0.001

Source: Authors’ own work

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