Household consumption expenditures
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
|---|---|---|---|---|---|---|---|---|
| Panel A | Food at home | Alcohol | Clothes | House rent | House investments | Health | Car value | Transport |
| Win_region | −0.148*** (−14.92) | 0.0398 (1.84) | −0.0367 (−1.88) | −0.168*** (−15.60) | −0.166*** (−11.99) | 0.0448* (2.05) | 0.253*** (13.66) | −0.0316 (−1.81) |
| Lottery | 0.165*** (27.75) | 1.052*** (80.55) | 0.842*** (71.66) | 0.0610*** (9.40) | 0.303*** (36.32) | 1.194*** (90.63) | 1.449*** (129.78) | 0.702*** (66.75) |
| Lottery × win_region | 0.0900*** (6.88) | −0.341*** (−11.90) | −0.206*** (−7.98) | 0.0333* (2.34) | 0.000498 (0.03) | −0.332*** (−11.48) | −0.460*** (−18.74) | −0.159*** (−6.90) |
| _cons | 8.476*** (16.06) | 10.03*** (8.67) | 4.043*** (3.88) | 10.80*** (18.78) | 11.90*** (16.12) | 1.982(1.70) | 1.711 (1.73) | 6.927*** (7.44) |
| F-test | 31.26 | 178.29 | 142.62 | 144.28 | 131.88 | 159.10 | 144.01 | 110.38 |
| p-value | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| N | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 |
| R-squared | 0.831 | 0.518 | 0.612 | 0.874 | 0.802 | 0.507 | 0.212 | 0.693 |
| Panel B | (9) | (10) | (11) | (12) | (13) | (14) | (15) | (16) |
| Communication | Leisure | Education | Food out home | Holidays | Savings | Durables | Nondurables | |
| Win_region | −0.172*** (−12.51) | −0.116*** (−6.16) | 0.0903*** (3.45) | −0.0652*** (−3.61) | 0.102*** (4.47) | 0.174*** (7.68) | −0.201*** (−15.62) | −0.164*** (−13.95) |
| Lottery | −1.006*** (23.22) | 0.164*** (83.49) | 0.742*** (109.84) | 0.291*** (74.72) | 0.906*** (98.07) | 0.856*** (73.22) | −0.486*** (49.70) | −0.275*** (54.87) |
| Lottery × win_region | −0.0114 (−0.63) | −0.129*** (−5.18) | −0.438*** (−12.64) | −0.209*** (−8.74) | −0.355*** (−11.77) | −0.359*** (−11.99) | 0.0487** (2.87) | 0.0445** (2.87) |
| _cons | 6.625*** (9.03) | 3.009** (3.00) | 2.440*** (6.15) | −1.738(−1.80) | −10.16*** (−8.35) | 32.24*** (26.73) | 12.54*** (18.31) | 10.81*** (17.28) |
| F-test | 164.27 | 156.11 | 164.14 | 212.50 | 113.62 | 61.82 | 129.03 | 95.19 |
| p-value | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| N | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 |
| R-squared | 0.814 | 0.633 | 0.308 | 0.675 | 0.347 | 0.391 | 0.867 | 0.855 |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
|---|---|---|---|---|---|---|---|---|
| Food at home | Alcohol | Clothes | House rent | House investments | Health | Car value | Transport | |
| Win_region | −0.148 | 0.0398 (1.84) | −0.0367 (−1.88) | −0.168 | −0.166 | 0.0448 | 0.253 | −0.0316 (−1.81) |
| Lottery | 0.165 | 1.052 | 0.842 | 0.0610 | 0.303 | 1.194 | 1.449 | 0.702 |
| Lottery × win_region | 0.0900 | −0.341 | −0.206 | 0.0333 | 0.000498 (0.03) | −0.332 | −0.460 | −0.159 |
| _cons | 8.476 | 10.03 | 4.043 | 10.80 | 11.90 | 1.982(1.70) | 1.711 (1.73) | 6.927 |
| | 31.26 | 178.29 | 142.62 | 144.28 | 131.88 | 159.10 | 144.01 | 110.38 |
| | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | |
| 0.831 | 0.518 | 0.612 | 0.874 | 0.802 | 0.507 | 0.212 | 0.693 | |
| (9) | (10) | (11) | (12) | (13) | (14) | (15) | (16) | |
| Communication | Leisure | Education | Food out home | Holidays | Savings | Durables | Nondurables | |
| Win_region | −0.172 | −0.116 | 0.0903 | −0.0652 | 0.102 | 0.174 | −0.201 | −0.164 |
| Lottery | −1.006 | 0.164 | 0.742 | 0.291 | 0.906 | 0.856 | −0.486 | −0.275 |
| Lottery × win_region | −0.0114 (−0.63) | −0.129 | −0.438 | −0.209 | −0.355 | −0.359 | 0.0487 | 0.0445 |
| _cons | 6.625 | 3.009 | 2.440 | −1.738(−1.80) | −10.16 | 32.24 | 12.54 | 10.81 |
| | 164.27 | 156.11 | 164.14 | 212.50 | 113.62 | 61.82 | 129.03 | 95.19 |
| | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | |
| 0.814 | 0.633 | 0.308 | 0.675 | 0.347 | 0.391 | 0.867 | 0.855 |
Notes:
The F-test performs a joint significant test of the lottery income shock variables (win_region and lottery × win_region), which later will be used as instrumental variables for total expenditures, on household consumption expenditures. The null hypothesis of the F-test is that living in the winning region of the Spanish Christmas Lottery has no effect on household consumption behavior. In other words, this test is testing the validity of the PIH
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