Binary logistic regressions for three model specifications. Subsample A.
| Variable | Model 1 | Model 2 | Model 3 | ||||
|---|---|---|---|---|---|---|---|
| Estimate | p-value | Estimate | p-value | Estimate | p-value | ||
| X1 | General risk propensity | –0.080 | 0.420 | – | – | – | – |
| X2 | Financial risk propensity | – | – | 0.030 | 0.758 | – | – |
| X3 | Relative risk propensity | – | – | – | 0.264 | 0.090 | |
| X4 | Male | 0.212 | 0.542 | 0.116 | 0.739 | 0.122 | 0.719 |
| X5 | Age | –0.148 | 0.479 | –0.150 | 0.471 | –0.124 | 0.560 |
| X6 | Marriage | 1.150 | 0.007 | 1.114 | 0.009 | 1.133 | 0.008 |
| X7 | Bequest motive (number of kids) | –0.316 | 0.037 | –0.328 | 0.028 | –0.293 | 0.053 |
| X8 | Education | 0.873 | 0.066 | 0.853 | 0.070 | 0.995 | 0.040 |
| X9 | Economics status | –0.140 | 0.218 | –0.164 | 0.144 | –0.138 | 0.221 |
| X10 | Real estate | 0.197 | 0.644 | 0.198 | 0.643 | 0.129 | 0.764 |
| X11 | Financial investments | 0.812 | 0.062 | 0.770 | 0.078 | 0.707 | 0.106 |
| X12 | Expected lifetime | 0.274 | 0.429 | 0.266 | 0.442 | 0.274 | 0.432 |
| X13 | Time preference | 0.425 | 0.222 | 0.396 | 0.251 | 0.521 | 0.143 |
| X14 | Trust in annuity provider | 0.339 | <0.001 | 0.323 | 0.001 | 0.323 | 0.001 |
| X15 | Demand for commitment | 0.737 | 0.038 | 0.715 | 0.044 | 0.676 | 0.059 |
| Constant | –0.719 | 0.678 | –0.782 | 0.652 | –1.041 | 0.554 | |
| Hosmer-Lemeshow | 8.076 | 0.426 | 7.800 | 0.453 | 8.896 | 0.351 | |
| R-Nagelkerke | 0.232 | 0.229 | 0.245 | ||||
| Confusion matrix in % | 69.6 (70.2; 66.9) | 64.9 (68.3;61.4) | 69.0 (72.2;65.9) | ||||
| Variable | Model 1 | Model 2 | Model 3 | ||||
|---|---|---|---|---|---|---|---|
| Estimate | Estimate | Estimate | |||||
| General risk propensity | –0.080 | – | – | – | – | ||
| Financial risk propensity | – | – | 0.030 | – | – | ||
| Relative risk propensity | – | – | – | 0.264 | |||
| Male | 0.212 | 0.116 | 0.122 | ||||
| Age | –0.148 | –0.150 | –0.124 | ||||
| Marriage | 1.150 | 1.114 | 1.133 | ||||
| Bequest motive (number of kids) | –0.316 | –0.328 | –0.293 | ||||
| Education | 0.873 | 0.853 | 0.995 | ||||
| Economics status | –0.140 | –0.164 | –0.138 | ||||
| X10 | Real estate | 0.197 | 0.198 | 0.129 | |||
| Financial investments | 0.812 | 0.770 | 0.707 | ||||
| Expected lifetime | 0.274 | 0.266 | 0.274 | ||||
| Time preference | 0.425 | 0.396 | 0.521 | ||||
| Trust in annuity provider | 0.339 | 0.323 | 0.323 | ||||
| Demand for commitment | 0.737 | 0.715 | 0.676 | ||||
| Constant | –0.719 | –0.782 | –1.041 | ||||
| 8.076 | 7.800 | 8.896 | |||||
| 0.232 | 0.229 | 0.245 | |||||
| 69.6 (70.2; 66.9) | 64.9 (68.3;61.4) | 69.0 (72.2;65.9) | |||||
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