Table A4.

First stage regression – total household expenditures

(1)
Total expenditures
Win_region−0.179*** (−14.54)
Lottery0.391*** (52.71)
Lottery*win_region0.0546*** (3.35)
Log lottery expenditure−1.280*** (−25.15)
log-GDP−1.588*** (−6.59)
Age−0.0292*** (−14.37)
Age20.000243*** (12.16)
Marital_status0.0523*** (14.45)
Education0.0194*** (8.59)
Employed−0.000287 (−0.04)
Retired−0.153*** (−7.51)
_cons12.17*** (18.52)
SpecificationExpenditures in logarithms
N211,096
R-squared0.858

Source: Instituto Nacional de Estadística (INE). This table presents the extended results of Table 5, where we described in detail the specifications and the estimation process. We compute robust standard errors. t-statistics in parentheses: *p < 0.05, **p < 0.01 and ***p < 0.001

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