Second stage estimation – household consumption behavior
| Panel A | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
|---|---|---|---|---|---|---|---|---|
| Food at home | Alcohol | Clothes | House rent | House durable | Health | Car value | Transport | |
| Log expenditures | 0.725*** (14.75) | 0.505*** (4.68) | 0.684*** (7.06) | 0.979*** (18.27) | 1.037*** (15.09) | 0.453*** (4.17) | −0.571*** (−6.19) | 0.549*** (6.34) |
| Lottery | −0.108*** (14.75) | 0.780*** (4.68) | 0.525*** (7.06) | −0.326*** (18.27) | −0.114*** (15.09) | 0.945*** (4.17) | 1.586*** (−6.19) | 0.449*** (6.34) |
| Log lottery expenditures | 0.0968 (1.33) | −0.781*** (−4.90) | −0.428** (−2.98) | −0.120 (−1.52) | −0.0846(−0.83) | −0.687*** (−4.27) | −1.199*** (−8.80) | −0.539*** (−4.21) |
| Log GDP | 0.104 (0.51) | −0.672 (−1.51) | 1.557*** (3.89) | −0.0302 (−0.14) | −0.362(−1.28) | 1.713*** (3.82) | −0.889* (−2.34) | 0.134 (0.37) |
| Age | −0.0132*** (−6.04) | 0.0966*** (20.21) | 0.0621*** (14.44) | −0.0148*** (−6.25) | 0.0112*** (3.66) | 0.0527*** (10.93) | 0.000892 (0.22) | 0.138*** (35.81) |
| Age2 | 0.000140*** (6.94) | −0.000890*** (−20.18) | −0.000835*** (−21.04) | 0.000162*** (7.37) | −0.000106*** (−3.78) | −0.000383*** (−8.61) | −0.0000932* (−2.47) | −0.00162*** (−45.73) |
| Marital | 0.0138*** (3.56) | −0.0613*** (−7.21) | −0.0600*** (−7.84) | −0.00317 (−0.75) | −0.0172** (−3.18) | −0.0724*** (−8.44) | −0.0315*** (−4.33) | −0.0920*** (−13.43) |
| Education | −0.00160 (−0.78) | 0.00410 (0.91) | 0.0296*** (7.29) | −0.00856*** (−3.81) | 0.000268 (0.09) | 0.0461*** (10.11) | 0.0113** (2.92) | 0.0523*** (14.37) |
| Employed | −0.0142* (−2.30) | −0.0339* (−2.50) | 0.0675*** (5.53) | −0.00483 (−0.72) | −0.00389 (−0.45) | 0.0410** (2.99) | 0.0127 (1.10) | 0.100*** (9.16) |
| Retired | −0.00144 (−0.08) | −0.439*** (−11.12) | 0.122*** (3.44) | −0.00799 (−0.41) | 0.0339 (1.35) | −0.260*** (−6.51) | −0.483*** (−14.30) | 0.151*** (4.76) |
| _cons | −0.302 (−0.40) | 3.573* (2.17) | −4.492** (−3.03) | −1.126 (−1.37) | −0.768 (−0.73) | −3.836* (−2.31) | 8.294*** (5.88) | 0.0774 (0.06) |
| N | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 |
| R-squared | 0.831 | 0.517 | 0.612 | 0.874 | 0.802 | 0.506 | 0.211 | 0.693 |
| Panel B | (9) | (10) | (11) | (12) | (13) | (14) | (15) | (16) |
| Communication | Leisure | Education | Food out home | Holidays | Savings | Durables | Nondurables | |
| Log expenditures | 1.101*** (16.13) | 1.009*** (10.80) | 0.406*** (3.85) | 0.870*** (9.69) | 0.146 (1.29) | −0.294** (−2.62) | 1.147*** (17.99) | 0.926*** (15.89) |
| Lottery | −0.253*** (16.13) | 0.514*** (10.80) | 1.233*** (3.85) | 0.421*** (9.69) | 1.215*** (1.29) | 1.042*** (−2.62) | −0.0672* (17.99) | 0.0244 (15.89) |
| Log lottery expenditures | 0.0939 (0.93) | 0.215 (1.56) | −0.505** (−3.24) | 0.0705 (0.53) | −1.449*** (−8.66) | −0.954*** (−5.75) | −0.0403 (−0.43) | −0.00506 (−0.06) |
| Log GDP | 1.371*** (4.87) | 2.024*** (5.25) | 3.753*** (8.62) | 3.418*** (9.23) | 5.733*** (12.28) | −10.75*** (−23.20) | −0.0751 (−0.29) | 0.171 (0.71) |
| Age | 0.00656* (2.16) | 0.0910*** (21.95) | 0.0983*** (20.99) | 0.0922*** (23.15) | 0.0856*** (17.02) | 0.118*** (23.61) | 0.00337 (1.19) | 0.00139 (0.54) |
| Age2 | −0.0000240 (−0.86) | −0.00108*** (−28.32) | −0.00116*** (−26.88) | −0.00113*** (−30.84) | −0.00107*** (−23.16) | −0.000521*** (−11.33) | −0.00000599 (−0.23) | −0.0000315 (−1.32) |
| Marital | −0.0274*** (−5.08) | −0.105*** (−14.29) | −0.173*** (−20.80) | −0.100*** (−14.12) | −0.0609*** (−6.81) | 0.0334*** (3.76) | −0.0106* (−2.11) | −0.000621 (−0.13) |
| Education | 0.0172*** (6.00) | 0.0656*** (16.76) | 0.0484*** (10.95) | 0.0610*** (16.20) | 0.0982*** (20.69) | −0.0923*** (−19.60) | −0.00467 (−1.75) | 0.00351 (1.44) |
| Employed | 0.0511*** (5.94) | 0.0767*** (6.52) | −0.0197(−1.48) | 0.169*** (14.95) | 0.154*** (10.83) | −0.136*** (−9.59) | −0.00105 (−0.13) | 0.00517 (0.70) |
| Retired | −0.00470 (−0.19) | 0.0798* (2.33) | −0.821*** (−21.21) | 0.0819* (2.49) | 0.316*** (7.62) | −0.384*** (−9.34) | −0.0129 (−0.55) | 0.0163 (0.76) |
| _cons | −6.844*** (−6.56) | −9.427*** (−6.60) | −10.62*** (−6.58) | −12.54*** (−9.14) | −12.24*** (−7.07) | 35.53*** (20.69) | −1.433 (−1.47) | −0.460 (−0.52) |
| N | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 |
| R-squared | 0.814 | 0.633 | 0.331 | 0.675 | 0.346 | 0.390 | 0.867 | 0.855 |
| Panel A | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
|---|---|---|---|---|---|---|---|---|
| Food at home | Alcohol | Clothes | House rent | House durable | Health | Car value | Transport | |
| Log expenditures | 0.725 | 0.505 | 0.684 | 0.979 | 1.037 | 0.453 | −0.571 | 0.549 |
| Lottery | −0.108 | 0.780 | 0.525 | −0.326 | −0.114 | 0.945 | 1.586 | 0.449 |
| Log lottery expenditures | 0.0968 (1.33) | −0.781 | −0.428 | −0.120 (−1.52) | −0.0846(−0.83) | −0.687 | −1.199 | −0.539 |
| Log GDP | 0.104 (0.51) | −0.672 (−1.51) | 1.557 | −0.0302 (−0.14) | −0.362(−1.28) | 1.713 | −0.889 | 0.134 (0.37) |
| Age | −0.0132 | 0.0966 | 0.0621 | −0.0148 | 0.0112 | 0.0527 | 0.000892 (0.22) | 0.138 |
| Age2 | 0.000140 | −0.000890 | −0.000835 | 0.000162 | −0.000106 | −0.000383 | −0.0000932 | −0.00162 |
| Marital | 0.0138 | −0.0613 | −0.0600 | −0.00317 (−0.75) | −0.0172 | −0.0724 | −0.0315 | −0.0920 |
| Education | −0.00160 (−0.78) | 0.00410 (0.91) | 0.0296 | −0.00856 | 0.000268 (0.09) | 0.0461 | 0.0113 | 0.0523 |
| Employed | −0.0142 | −0.0339 | 0.0675 | −0.00483 (−0.72) | −0.00389 (−0.45) | 0.0410 | 0.0127 (1.10) | 0.100 |
| Retired | −0.00144 (−0.08) | −0.439 | 0.122 | −0.00799 (−0.41) | 0.0339 (1.35) | −0.260 | −0.483 | 0.151 |
| _cons | −0.302 (−0.40) | 3.573 | −4.492 | −1.126 (−1.37) | −0.768 (−0.73) | −3.836 | 8.294 | 0.0774 (0.06) |
| 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | |
| 0.831 | 0.517 | 0.612 | 0.874 | 0.802 | 0.506 | 0.211 | 0.693 | |
| Panel B | (9) | (10) | (11) | (12) | (13) | (14) | (15) | (16) |
| Communication | Leisure | Education | Food out home | Holidays | Savings | Durables | Nondurables | |
| Log expenditures | 1.101 | 1.009 | 0.406 | 0.870 | 0.146 (1.29) | −0.294 | 1.147 | 0.926 |
| Lottery | −0.253 | 0.514 | 1.233 | 0.421 | 1.215 | 1.042 | −0.0672 | 0.0244 (15.89) |
| Log lottery expenditures | 0.0939 (0.93) | 0.215 (1.56) | −0.505 | 0.0705 (0.53) | −1.449 | −0.954 | −0.0403 (−0.43) | −0.00506 (−0.06) |
| Log GDP | 1.371 | 2.024 | 3.753 | 3.418 | 5.733 | −10.75 | −0.0751 (−0.29) | 0.171 (0.71) |
| Age | 0.00656 | 0.0910 | 0.0983 | 0.0922 | 0.0856 | 0.118 | 0.00337 (1.19) | 0.00139 (0.54) |
| Age2 | −0.0000240 (−0.86) | −0.00108 | −0.00116 | −0.00113 | −0.00107 | −0.000521 | −0.00000599 (−0.23) | −0.0000315 (−1.32) |
| Marital | −0.0274 | −0.105 | −0.173 | −0.100 | −0.0609 | 0.0334 | −0.0106 | −0.000621 (−0.13) |
| Education | 0.0172 | 0.0656 | 0.0484 | 0.0610 | 0.0982 | −0.0923 | −0.00467 (−1.75) | 0.00351 (1.44) |
| Employed | 0.0511 | 0.0767 | −0.0197(−1.48) | 0.169 | 0.154 | −0.136 | −0.00105 (−0.13) | 0.00517 (0.70) |
| Retired | −0.00470 (−0.19) | 0.0798 | −0.821 | 0.0819 | 0.316 | −0.384 | −0.0129 (−0.55) | 0.0163 (0.76) |
| _cons | −6.844 | −9.427 | −10.62 | −12.54 | −12.24 | 35.53 | −1.433 (−1.47) | −0.460 (−0.52) |
| 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | 211,096 | |
| 0.814 | 0.633 | 0.331 | 0.675 | 0.346 | 0.390 | 0.867 | 0.855 |
Source: Instituto Nacional de Estadística (INE). This table presents the extended results of Table 6, 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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