Table 4 Panel regression analysis on the...

Table 4

Panel regression analysis on the whole sample

north	0.550*
	(0.319)
unmarried_male	1.005***
	(0.380)
unmarried_female	−0.600
	(0.447)
married_male	0.644**
	(0.328)
age	−0.474***
	(0.0665)
age²	0.0039***
	(0.0005)
low_edu	0.216
	(0.279)
high_edu	−0.0096
	(0.230)
self-employed	0.335*
	(0.181)
retired	−0.490**
	(0.231)
low_wealth	1.028***
	(0.241)
mid_wealth	0.819***
	(0.159)
2003	1.769***
	(0.194)
2004	2.085***
	(0.189)
2005	2.422***
	(0.181)
2006	2.470***
	(0.175)
2007	2.420***
	(0.169)
2008	1.969***
	(0.167)
2009	2.319***
	(0.163)
2010	0.023
	(0.086)
2011	−0.0468
	(0.0859)
2012	−0.102
	(0.078)
2013	−0.0797
	(0.0720)
2014	−0.126**
	(0.0597)
2015	−0.0661
	(0.0500)
2016	−0.115**
	(0.0431)
Observations	18,675
Number of individuals	1,245

Note(s): Ordered logistic regression. Dependent variable: Risk tolerance. Time span under scrutiny: 15 years (2003–2017). Robust standard errors in parentheses. Significance codes: ***indicate statistical significance at 1%, **at 5% and *at 10%

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north	0.550*
	(0.319)
unmarried_male	1.005***
	(0.380)
unmarried_female	−0.600
	(0.447)
married_male	0.644**
	(0.328)
age	−0.474***
	(0.0665)
age²	0.0039***
	(0.0005)
low_edu	0.216
	(0.279)
high_edu	−0.0096
	(0.230)
self-employed	0.335*
	(0.181)
retired	−0.490**
	(0.231)
low_wealth	1.028***
	(0.241)
mid_wealth	0.819***
	(0.159)
2003	1.769***
	(0.194)
2004	2.085***
	(0.189)
2005	2.422***
	(0.181)
2006	2.470***
	(0.175)
2007	2.420***
	(0.169)
2008	1.969***
	(0.167)
2009	2.319***
	(0.163)
2010	0.023
	(0.086)
2011	−0.0468
	(0.0859)
2012	−0.102
	(0.078)
2013	−0.0797
	(0.0720)
2014	−0.126**
	(0.0597)
2015	−0.0661
	(0.0500)
2016	−0.115**
	(0.0431)
Observations	18,675
Number of individuals	1,245

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