Variables | Tobit 1 | Tobit 2 | Tobit 3 |
Risk attitude | −0.838*** |
| −0.818*** |
| (−3.40) |
| (−3.33) |
Financial knowledge |
| 2.014*** | 2.000*** |
|
| (6.49) | (6.45) |
Total depend | −2.649*** | −2.701*** | −2.645*** |
| (−3.06) | (−3.11) | (−3.05) |
Child depend | 8.723*** | 8.685*** | 8.531*** |
| (5.95) | (5.92) | (5.82) |
Size | 0.012 | 0.036 | 0.039 |
| (0.09) | (0.26) | (0.28) |
Edu | 0.382*** | 0.365*** | 0.350*** |
| (6.80) | (6.48) | (6.22) |
Age | 0.811*** | 0.795*** | 0.812*** |
| (7.96) | (7.81) | (7.97) |
Age_2 | −0.008*** | −0.008*** | −0.008*** |
| (−7.88) | (−7.74) | (−7.84) |
Gender | −1.158*** | −1.062*** | −1.122*** |
| (−2.86) | (−2.63) | (−2.78) |
Married | 0.325 | 0.084 | 0.229 |
| (0.51) | (0.13) | (0.36) |
Ln_income | 0.614*** | 0.630*** | 0.596*** |
| (4.49) | (4.61) | (4.36) |
Ln_net_asset | 2.193*** | 2.163*** | 2.106*** |
| (14.46) | (14.28) | (13.87) |
Finance | 0.000*** | 0.000*** | 0.000*** |
| (10.39) | (10.07) | (9.70) |
Rural | −0.951** | −0.571 | −0.588 |
| (−1.99) | (−1.18) | (−1.22) |
Family | −1.443*** | −1.441*** | −1.442*** |
| (−4.60) | (−4.58) | (−4.59) |
Pension | −0.007 | −0.010 | −0.010 |
| (−0.52) | (−0.69) | (−0.71) |
Medicine | 4.057*** | 4.302*** | 4.262*** |
| (2.97) | (3.13) | (3.10) |
Constant | −79.000*** | −80.765*** | −77.891*** |
| (−20.95) | (−21.82) | (−20.67) |
Observations | 22,411 | 22,411 | 22,411 |
Pseudo R2 | 0.0586 | 0.0599 | 0.0603 |