Control variables description.
| Symbol | Variable name | Phenomenon | Variables type | Values | Expected impact (sign) |
|---|---|---|---|---|---|
| X4 | Male | Gender | Binary | 0 – no (female), 1- yes (male) | – |
| X5 | Age | Age | Ordinal | 1 - 18-24, 2 – 25-29, 3 – 30-34, 4 – 35-39, 5 – 40-44, 6 – 45-49, 7 – 50-54, 8 – 55-59, 9 – 60-64 | + |
| X6 | Marriage | Being married | Binary | 0 - no, 1- yes | – |
| X7 | Bequest motive | Number of kids | Quantitative (discrete) | Integer value | – |
| X8 | Education | Tertiary education | Binary | 0 - no, 1- yes | + |
| X9 | Economics status | Household’s economic status self-assessment | Ordinal | 1–7 Likert type scale, where 1- very low and 7- very high | + |
| X10 | Real estate | Property ownership | Binary | 0 - no, 1- yes | – |
| X11 | Financial investments | Having financial investments | Binary | 0 - no, 1- yes | +/– |
| X12 | Expected lifetime | Having longevity relative | Binary | 0 - no, 1- yes | + |
| X13 | Time preference | Propensity to wait: nonincentivised experiment | Binary | 0 - no (early reward), 1- yes (late reward) | + |
| X14 | Trust in annuity provider | Trust in the Social Security office | Ordinal | 1-7 Likert type scale, where 1- very low and 7- very high | + |
| X15 | Demand for commitment | Demand for a financial product with restricted liquidity: non-incentivised experiment | Binary | 0 - no, 1- yes | + |
| Symbol | Variable name | Phenomenon | Variables type | Values | Expected impact (sign) |
|---|---|---|---|---|---|
| Male | Gender | Binary | 0 – no (female), 1- yes (male) | – | |
| Age | Age | Ordinal | 1 - 18-24, 2 – 25-29, 3 – 30-34, 4 – 35-39, 5 – 40-44, 6 – 45-49, 7 – 50-54, 8 – 55-59, 9 – 60-64 | + | |
| Marriage | Being married | Binary | 0 - no, 1- yes | – | |
| Bequest motive | Number of kids | Quantitative (discrete) | Integer value | – | |
| Education | Tertiary education | Binary | 0 - no, 1- yes | + | |
| Economics status | Household’s economic status self-assessment | Ordinal | 1–7 Likert type scale, where 1- very low and 7- very high | + | |
| Real estate | Property ownership | Binary | 0 - no, 1- yes | – | |
| Financial investments | Having financial investments | Binary | 0 - no, 1- yes | +/– | |
| Expected lifetime | Having longevity relative | Binary | 0 - no, 1- yes | + | |
| Time preference | Propensity to wait: nonincentivised experiment | Binary | 0 - no (early reward), 1- yes (late reward) | + | |
| Trust in annuity provider | Trust in the Social Security office | Ordinal | 1-7 Likert type scale, where 1- very low and 7- very high | + | |
| Demand for commitment | Demand for a financial product with restricted liquidity: non-incentivised experiment | Binary | 0 - no, 1- yes | + |
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