Table A3: Binary logistic regressions...

Table A3:

Binary logistic regressions for three specifications. Subsample B.

	Variable	Model 1		Model 2		Model 3
	Variable	Estimate	p-value	Estimate	p-value	Estimate	p-value
X₁	General risk propensity	–0.181	0.016	–	–	–	–
X₂	Financial risk propensity	–	–	0.013	0.850	–	–
X₃	Relative risk propensity	–	–	–	–	0.326	0.001
X₄	Male	0.042	0.859	–0.040	0.865	–0.064	0.785
X₅	Age	0.117	0.183	0.129	0.138	0.119	0.177
X₆	Marriage	0.676	0.022	0.562	0.053	0.583	0.046
X₇	Bequest motive (number of kids)	–0.232	0.048	–0.230	0.045	–0.226	0.054
X₈	Education	0.194	0.485	0.201	0.464	0.229	0.415
X₉	Economics status	0.137	0.090	0.093	0.236	0.121	0.126
X₁₀	Real estate	–0.137	0.658	–0.096	0.755	–0.105	0.733
X₁₁	Financial investments	0.353	0.232	0.323	0.269	0.333	0.264
X₁₂	Expected lifetime	0.489	0.036	0.455	0.049	0.416	0.076
X₁₃	Time preference	0.514	0.031	0.458	0.052	0.611	0.012
X₁₄	Trust in annuity provider	0.235	< 0.001	0.201	0.003	0.200	0.003
X₁₅	Demand for commitment	0.576	0.018	0.515	0.032	0.520	0.032
	Constant	–2.488	0.002	–2.803	< 0.001	–2.797	< 0.001
	Hosmer-Lemeshow	3.740	0.880	10.343	0.242	2.715	0.951
	R-Nagelkerke	0.145		0.126		0.163
	Confusion matrix in %	64.8 (72.0; 56.7)		60.9 (67.7;53.4)		64.8 (69.8; 59.2)

	Variable	Model 1		Model 2		Model 3
	Variable	Estimate	p-value	Estimate	p-value	Estimate	p-value
X₁	General risk propensity	–0.181	0.016	–	–	–	–
X₂	Financial risk propensity	–	–	0.013	0.850	–	–
X₃	Relative risk propensity	–	–	–	–	0.326	0.001
X₄	Male	0.042	0.859	–0.040	0.865	–0.064	0.785
X₅	Age	0.117	0.183	0.129	0.138	0.119	0.177
X₆	Marriage	0.676	0.022	0.562	0.053	0.583	0.046
X₇	Bequest motive (number of kids)	–0.232	0.048	–0.230	0.045	–0.226	0.054
X₈	Education	0.194	0.485	0.201	0.464	0.229	0.415
X₉	Economics status	0.137	0.090	0.093	0.236	0.121	0.126
X₁₀	Real estate	–0.137	0.658	–0.096	0.755	–0.105	0.733
X₁₁	Financial investments	0.353	0.232	0.323	0.269	0.333	0.264
X₁₂	Expected lifetime	0.489	0.036	0.455	0.049	0.416	0.076
X₁₃	Time preference	0.514	0.031	0.458	0.052	0.611	0.012
X₁₄	Trust in annuity provider	0.235	< 0.001	0.201	0.003	0.200	0.003
X₁₅	Demand for commitment	0.576	0.018	0.515	0.032	0.520	0.032
	Constant	–2.488	0.002	–2.803	< 0.001	–2.797	< 0.001
	Hosmer-Lemeshow	3.740	0.880	10.343	0.242	2.715	0.951
	R-Nagelkerke	0.145		0.126		0.163
	Confusion matrix in %	64.8 (72.0; 56.7)		60.9 (67.7;53.4)		64.8 (69.8; 59.2)

Source: own elaboration.

Note: For the confusion matrix, the first value denotes the proportion of all correctly classified observations. This includes the share of correctly classified annuity certain choices (the first value in bracket) and the share of correctly classified lifetime annuity choices (the second value in bracket).

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