Seeing Volatility
Abstract
Graphs and regressions to measures how consumption responds to different draws
CDFs of Consumption
Note
Graphs here residualize out baseline consumption.
Note
Graphs here also residualize out period effects in addition baseline consumption.
Histograms
Broken down by Category and Draw
Regressions
Risky / Predictable Arm Regressions
Food
| Dependent variable: log_food_consumption | ||||||
| Risky | no el | w/ Lag | Predictable | no el | w/ Lag | |
| (1) | (2) | (3) | (4) | (5) | (6) | |
| C(draw)[T.H] | -0.024* | -0.021 | -0.022 | 0.002 | 0.014 | -0.020 |
| (0.014) | (0.015) | (0.015) | (0.022) | (0.024) | (0.024) | |
| C(draw_lag1)[T.H] | -0.027* | -0.041* | ||||
| (0.015) | (0.024) | |||||
| C(period)[T.2] | -0.272*** | -0.272*** | -0.240*** | -0.240*** | ||
| (0.025) | (0.025) | (0.040) | (0.039) | |||
| C(period)[T.3] | -0.383*** | -0.383*** | -0.109*** | -0.360*** | -0.360*** | -0.120*** |
| (0.024) | (0.024) | (0.024) | (0.039) | (0.039) | (0.038) | |
| C(period)[T.4] | -0.439*** | -0.439*** | -0.169*** | -0.441*** | -0.441*** | -0.202*** |
| (0.025) | (0.024) | (0.024) | (0.039) | (0.038) | (0.038) | |
| C(period)[T.5] | -0.468*** | -0.468*** | -0.195*** | -0.486*** | -0.486*** | -0.247*** |
| (0.025) | (0.024) | (0.024) | (0.039) | (0.039) | (0.038) | |
| C(period)[T.6] | -0.198*** | 0.068*** | -0.177*** | 0.063* | ||
| (0.024) | (0.024) | (0.039) | (0.038) | |||
| Intercept | 5.006*** | 5.058*** | 4.757*** | 4.943*** | 4.980*** | 4.758*** |
| (0.076) | (0.083) | (0.083) | (0.114) | (0.123) | (0.122) | |
| bl_log_food_consumption | 0.235*** | 0.227*** | 0.233*** | 0.247*** | 0.240*** | 0.243*** |
| (0.011) | (0.012) | (0.012) | (0.017) | (0.018) | (0.018) | |
| Control Mean | 6.19 | 6.19 | 6.19 | 6.19 | 6.19 | 6.19 |
| Observations | 5487 | 4529 | 4579 | 2246 | 1850 | 1907 |
| Note: | *p<0.1; **p<0.05; ***p<0.01 | |||||
| Dependent variable: food_purchase_total_99 | ||||||
| Risky | no el | w/ Lag | Predictable | no el | w/ Lag | |
| (1) | (2) | (3) | (4) | (5) | (6) | |
| C(draw)[T.H] | -17.898** | -16.643* | -17.995** | 9.135 | 18.619 | 0.713 |
| (8.969) | (9.348) | (9.144) | (14.627) | (15.064) | (15.539) | |
| C(draw_lag1)[T.H] | -5.067 | -20.304 | ||||
| (9.141) | (15.540) | |||||
| C(period)[T.2] | -143.120*** | -143.564*** | -144.068*** | -144.343*** | ||
| (15.989) | (15.136) | (26.126) | (24.421) | |||
| C(period)[T.3] | -208.969*** | -209.320*** | -64.617*** | -199.553*** | -199.700*** | -55.599** |
| (15.812) | (14.967) | (14.471) | (25.861) | (24.173) | (24.279) | |
| C(period)[T.4] | -251.515*** | -251.786*** | -108.471*** | -239.326*** | -239.546*** | -95.337*** |
| (15.841) | (14.996) | (14.441) | (25.767) | (24.085) | (24.187) | |
| C(period)[T.5] | -265.858*** | -265.971*** | -121.907*** | -281.908*** | -282.192*** | -138.292*** |
| (15.934) | (15.083) | (14.596) | (25.975) | (24.280) | (24.391) | |
| C(period)[T.6] | -73.097*** | 63.762*** | -57.281** | 86.563*** | ||
| (15.777) | (14.456) | (25.645) | (24.069) | |||
| Intercept | 547.430*** | 559.236*** | 410.656*** | 541.674*** | 552.639*** | 417.566*** |
| (14.577) | (14.333) | (14.551) | (23.339) | (22.640) | (24.349) | |
| bl_food_purchase_total_99 | 0.144*** | 0.131*** | 0.140*** | 0.145*** | 0.128*** | 0.139*** |
| (0.008) | (0.009) | (0.008) | (0.013) | (0.013) | (0.013) | |
| Control Mean | 459.47 | 459.47 | 459.47 | 459.47 | 459.47 | 459.47 |
| Observations | 5487 | 4529 | 4579 | 2246 | 1850 | 1907 |
| Note: | *p<0.1; **p<0.05; ***p<0.01 | |||||
| Dependent variable: expenditure_total_food_99 | ||||||
| Risky | no el | w/ Lag | Predictable | no el | w/ Lag | |
| (1) | (2) | (3) | (4) | (5) | (6) | |
| C(draw)[T.H] | -10.370** | -9.821* | -6.479 | 7.081 | 8.206 | 0.327 |
| (5.250) | (5.754) | (5.341) | (8.013) | (8.715) | (8.102) | |
| C(draw_lag1)[T.H] | 5.454 | -5.809 | ||||
| (5.340) | (8.102) | |||||
| C(period)[T.2] | -39.244*** | -39.243*** | -45.173*** | -45.144*** | ||
| (9.364) | (9.319) | (14.317) | (14.131) | |||
| C(period)[T.3] | -67.012*** | -66.999*** | -27.688*** | -59.750*** | -59.752*** | -14.597 |
| (9.260) | (9.214) | (8.458) | (14.181) | (13.996) | (12.653) | |
| C(period)[T.4] | -70.424*** | -70.426*** | -29.561*** | -95.977*** | -96.036*** | -50.760*** |
| (9.272) | (9.228) | (8.435) | (14.130) | (13.946) | (12.606) | |
| C(period)[T.5] | -76.526*** | -76.511*** | -37.432*** | -73.312*** | -73.373*** | -28.223** |
| (9.330) | (9.285) | (8.529) | (14.244) | (14.058) | (12.713) | |
| C(period)[T.6] | -51.576*** | -11.820 | -47.951*** | -2.781 | ||
| (9.235) | (8.443) | (14.055) | (12.536) | |||
| Intercept | 314.989*** | 313.513*** | 272.069*** | 306.302*** | 308.463*** | 266.725*** |
| (8.131) | (8.363) | (8.139) | (12.219) | (12.449) | (12.199) | |
| bl_expenditure_total_food_99 | 0.084*** | 0.087*** | 0.080*** | 0.088*** | 0.081*** | 0.090*** |
| (0.009) | (0.010) | (0.009) | (0.013) | (0.014) | (0.013) | |
| Control Mean | 266.25 | 266.25 | 266.25 | 266.25 | 266.25 | 266.25 |
| Observations | 5456 | 4502 | 4555 | 2241 | 1845 | 1904 |
| Note: | *p<0.1; **p<0.05; ***p<0.01 | |||||
Non-food Expenditure
High / Low Draw Regressions
Savings (Flow and Stock)
| Dependent variable: svg_savings_flow_99 | ||||||
| Risky | no el | w/ Lag | Predictable | no el | w/ Lag | |
| (1) | (2) | (3) | (4) | (5) | (6) | |
| C(draw)[T.H] | 5.891 | -1.680 | 5.678 | 23.015 | 23.973 | 21.835 |
| (12.700) | (14.145) | (13.010) | (19.874) | (22.265) | (20.033) | |
| C(draw_lag1)[T.H] | 20.620 | -15.285 | ||||
| (13.007) | (20.028) | |||||
| C(period)[T.2] | -5.511 | -4.915 | -21.004 | -21.042 | ||
| (22.891) | (23.148) | (35.952) | (36.567) | |||
| C(period)[T.3] | -38.028* | -37.997* | -30.693 | -52.853 | -53.123 | -31.000 |
| (22.100) | (22.346) | (21.106) | (34.741) | (35.336) | (32.112) | |
| C(period)[T.4] | 5.609 | 5.726 | 13.326 | -34.382 | -34.541 | -12.998 |
| (21.974) | (22.221) | (20.920) | (34.284) | (34.870) | (31.706) | |
| C(period)[T.5] | -1.554 | -2.014 | -0.388 | -19.033 | -19.371 | 3.199 |
| (22.044) | (22.290) | (21.064) | (34.448) | (35.037) | (31.850) | |
| C(period)[T.6] | 55.275** | 65.703*** | 13.973 | 36.852 | ||
| (21.972) | (21.011) | (34.357) | (31.771) | |||
| Intercept | 28.377 | 40.217** | -25.258 | 43.613 | 49.716* | 0.876 |
| (17.688) | (18.239) | (18.840) | (27.558) | (28.548) | (28.831) | |
| bl_svg_savings_flow_99 | -0.138*** | -0.165*** | -0.012 | -0.129*** | -0.151*** | -0.028 |
| (0.014) | (0.015) | (0.014) | (0.022) | (0.025) | (0.022) | |
| Control Mean | -1.79 | -1.79 | -1.79 | -1.79 | -1.79 | -1.79 |
| Observations | 4857 | 4007 | 4011 | 2016 | 1662 | 1694 |
| Note: | *p<0.1; **p<0.05; ***p<0.01 | |||||
| Dependent variable: svg_current_savings_99 | ||||||
| Risky | no el | w/ Lag | Predictable | no el | w/ Lag | |
| (1) | (2) | (3) | (4) | (5) | (6) | |
| C(draw)[T.H] | -12.763 | -25.977** | -15.538 | 3.081 | 11.147 | 4.389 |
| (11.486) | (12.588) | (12.350) | (18.477) | (20.638) | (18.861) | |
| C(draw_lag1)[T.H] | -8.243 | 6.504 | ||||
| (12.344) | (18.860) | |||||
| C(period)[T.2] | 4.557 | 5.135 | -29.133 | -28.918 | ||
| (20.474) | (20.380) | (33.004) | (33.454) | |||
| C(period)[T.3] | -32.035 | -32.025 | -38.354** | -58.858* | -58.766* | -29.584 |
| (20.247) | (20.153) | (19.544) | (32.668) | (33.114) | (29.466) | |
| C(period)[T.4] | -38.834* | -38.109* | -41.430** | -80.623** | -80.536** | -51.391* |
| (20.286) | (20.193) | (19.503) | (32.550) | (32.994) | (29.354) | |
| C(period)[T.5] | -62.636*** | -62.757*** | -66.802*** | -93.131*** | -92.930*** | -63.849** |
| (20.407) | (20.312) | (19.713) | (32.812) | (33.261) | (29.602) | |
| C(period)[T.6] | -11.109 | -15.197 | -60.172* | -30.912 | ||
| (20.204) | (19.524) | (32.396) | (29.211) | |||
| Intercept | 246.169*** | 251.659*** | 255.320*** | 264.034*** | 257.305*** | 233.443*** |
| (16.328) | (16.550) | (17.204) | (26.111) | (26.932) | (26.218) | |
| bl_svg_current_savings_99 | 0.162*** | 0.166*** | 0.164*** | 0.178*** | 0.187*** | 0.170*** |
| (0.011) | (0.012) | (0.012) | (0.019) | (0.021) | (0.019) | |
| Control Mean | 270.66 | 270.66 | 270.66 | 270.66 | 270.66 | 270.66 |
| Observations | 5487 | 4529 | 4579 | 2246 | 1850 | 1907 |
| Note: | *p<0.1; **p<0.05; ***p<0.01 | |||||
Total Asset Purchases and Sales
| Dependent variable: expenditure_total_nonfood_99 | ||||||
| Risky | no el | w/ Lag | Predictable | no el | w/ Lag | |
| (1) | (2) | (3) | (4) | (5) | (6) | |
| C(draw)[T.H] | 1.417 | 1.961 | 2.181 | 1.093 | 6.404 | -0.150 |
| (5.532) | (4.868) | (5.991) | (8.920) | (7.665) | (9.769) | |
| C(draw_lag1)[T.H] | 5.362 | -2.436 | ||||
| (5.988) | (9.770) | |||||
| C(period)[T.2] | -62.543*** | -62.919*** | -73.912*** | -74.019*** | ||
| (9.883) | (7.894) | (15.980) | (12.442) | |||
| C(period)[T.3] | -83.731*** | -83.919*** | -21.882** | -91.776*** | -91.910*** | -17.872 |
| (9.763) | (7.797) | (9.493) | (15.797) | (12.299) | (15.314) | |
| C(period)[T.4] | -93.180*** | -93.376*** | -30.797*** | -113.425*** | -113.548*** | -39.501*** |
| (9.782) | (7.813) | (9.473) | (15.730) | (12.247) | (15.247) | |
| C(period)[T.5] | -104.607*** | -104.715*** | -41.351*** | -115.313*** | -115.503*** | -41.496*** |
| (9.837) | (7.856) | (9.572) | (15.856) | (12.345) | (15.375) | |
| C(period)[T.6] | 123.562*** | 185.413*** | 110.061*** | 183.883*** | ||
| (9.730) | (9.471) | (15.602) | (15.118) | |||
| Intercept | 186.956*** | 197.821*** | 122.413*** | 193.421*** | 198.249*** | 125.567*** |
| (8.142) | (6.651) | (8.659) | (12.952) | (10.304) | (13.975) | |
| bl_expenditure_total_nonfood_99 | 0.084*** | 0.049*** | 0.081*** | 0.115*** | 0.091*** | 0.101*** |
| (0.008) | (0.007) | (0.009) | (0.012) | (0.011) | (0.013) | |
| Control Mean | 172.19 | 172.19 | 172.19 | 172.19 | 172.19 | 172.19 |
| Observations | 5473 | 4512 | 4571 | 2247 | 1845 | 1909 |
| Note: | *p<0.1; **p<0.05; ***p<0.01 | |||||
Note
Durable assets include: livestock, land, durable goods and agricultural equipment.
| Dependent variable: asset_purchases_99 | ||||||
| Risky | no el | w/ Lag | Predictable | no el | w/ Lag | |
| (1) | (2) | (3) | (4) | (5) | (6) | |
| C(draw)[T.H] | 1.966 | -3.307 | 4.542 | -8.790 | -4.777 | -3.442 |
| (3.740) | (3.125) | (4.010) | (6.526) | (6.038) | (7.270) | |
| C(draw_lag1)[T.H] | 1.522 | -0.183 | ||||
| (4.008) | (7.271) | |||||
| C(period)[T.2] | -26.358*** | -26.126*** | -9.640 | -9.605 | ||
| (6.666) | (5.059) | (11.655) | (9.787) | |||
| C(period)[T.3] | -31.322*** | -31.292*** | -5.813 | -26.185** | -26.204*** | -16.551 |
| (6.592) | (5.003) | (6.345) | (11.537) | (9.687) | (11.356) | |
| C(period)[T.4] | -37.571*** | -37.247*** | -11.232* | -36.786*** | -36.818*** | -27.186** |
| (6.605) | (5.013) | (6.332) | (11.495) | (9.652) | (11.314) | |
| C(period)[T.5] | -38.509*** | -38.536*** | -12.180* | -30.795*** | -30.787*** | -21.149* |
| (6.644) | (5.042) | (6.400) | (11.588) | (9.730) | (11.409) | |
| C(period)[T.6] | 58.803*** | 83.927*** | 59.027*** | 68.625*** | ||
| (6.578) | (6.339) | (11.441) | (11.259) | |||
| Intercept | 56.817*** | 60.701*** | 28.110*** | 59.608*** | 58.539*** | 46.672*** |
| (5.232) | (4.032) | (5.508) | (9.068) | (7.736) | (9.982) | |
| bl_asset_purchases_99 | 0.029** | 0.003 | 0.032** | 0.110*** | 0.093*** | 0.123*** |
| (0.012) | (0.010) | (0.013) | (0.018) | (0.016) | (0.020) | |
| Control Mean | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 |
| Observations | 5487 | 4529 | 4579 | 2246 | 1850 | 1907 |
| Note: | *p<0.1; **p<0.05; ***p<0.01 | |||||
Note
Durable assets include: livestock, land, durable goods and agricultural equipment.
| Dependent variable: asset_sales_99 | ||||||
| Risky | no el | w/ Lag | Predictable | no el | w/ Lag | |
| (1) | (2) | (3) | (4) | (5) | (6) | |
| C(draw)[T.H] | 0.098 | 0.275 | -0.231 | -3.298 | -1.895 | -3.401 |
| (1.613) | (1.365) | (1.755) | (2.757) | (2.148) | (3.140) | |
| C(draw_lag1)[T.H] | -2.022 | -2.093 | ||||
| (1.755) | (3.140) | |||||
| C(period)[T.2] | -1.967 | -1.960 | -0.598 | -0.598 | ||
| (2.876) | (2.211) | (4.925) | (3.481) | |||
| C(period)[T.3] | -7.246** | -7.201*** | -5.302* | -2.073 | -2.066 | -1.506 |
| (2.844) | (2.186) | (2.778) | (4.875) | (3.446) | (4.905) | |
| C(period)[T.4] | -5.837** | -5.812*** | -3.962 | -1.968 | -1.972 | -1.398 |
| (2.850) | (2.190) | (2.772) | (4.857) | (3.433) | (4.887) | |
| C(period)[T.5] | -5.564* | -5.525** | -3.541 | -3.185 | -3.176 | -2.640 |
| (2.867) | (2.203) | (2.802) | (4.896) | (3.461) | (4.928) | |
| C(period)[T.6] | 17.472*** | 19.930*** | 27.779*** | 28.334*** | ||
| (2.838) | (2.775) | (4.834) | (4.863) | |||
| Intercept | 8.525*** | 8.872*** | 7.979*** | 6.487* | 6.011** | 6.902 |
| (2.255) | (1.761) | (2.406) | (3.841) | (2.758) | (4.309) | |
| bl_asset_sales_99 | 0.012* | -0.001 | 0.010 | 0.028*** | 0.023*** | 0.030** |
| (0.007) | (0.006) | (0.007) | (0.011) | (0.008) | (0.012) | |
| Control Mean | 10.42 | 10.42 | 10.42 | 10.42 | 10.42 | 10.42 |
| Observations | 5487 | 4529 | 4579 | 2246 | 1850 | 1907 |
| Note: | *p<0.1; **p<0.05; ***p<0.01 | |||||
Loan Payments
| Dependent variable: loan_total_payment | ||||||
| Risky | no el | w/ Lag | Predictable | no el | w/ Lag | |
| (1) | (2) | (3) | (4) | (5) | (6) | |
| C(draw)[T.H] | 3.738 | 2.616 | 4.705 | -7.486 | -6.223 | -4.734 |
| (3.375) | (3.843) | (3.856) | (6.400) | (7.063) | (5.472) | |
| C(draw_lag1)[T.H] | 0.799 | -1.798 | ||||
| (3.855) | (5.472) | |||||
| C(period)[T.2] | 11.057* | 11.114* | -26.214** | -26.191** | ||
| (6.016) | (6.219) | (11.431) | (11.448) | |||
| C(period)[T.3] | -4.122 | -4.107 | -15.355** | -35.716*** | -35.690*** | -9.545 |
| (5.949) | (6.150) | (6.102) | (11.316) | (11.332) | (8.548) | |
| C(period)[T.4] | -3.682 | -3.611 | -14.843** | -32.542*** | -32.519*** | -6.388 |
| (5.960) | (6.162) | (6.089) | (11.274) | (11.291) | (8.516) | |
| C(period)[T.5] | -7.627 | -7.618 | -18.473*** | -34.486*** | -34.459*** | -8.322 |
| (5.996) | (6.199) | (6.154) | (11.365) | (11.382) | (8.588) | |
| C(period)[T.6] | -6.106 | -16.755*** | -23.025** | 3.104 | ||
| (5.936) | (6.096) | (11.221) | (8.474) | |||
| Intercept | 17.863*** | 18.259*** | 28.110*** | 53.378*** | 52.497*** | 26.923*** |
| (4.697) | (4.927) | (5.262) | (8.853) | (8.995) | (7.465) | |
| bl_loan_total_payment | 0.035*** | 0.043*** | 0.030*** | 0.065** | 0.078*** | 0.055** |
| (0.007) | (0.008) | (0.008) | (0.026) | (0.028) | (0.022) | |
| Control Mean | 15.35 | 15.35 | 15.35 | 15.35 | 15.35 | 15.35 |
| Observations | 5487 | 4529 | 4579 | 2246 | 1850 | 1907 |
| Note: | *p<0.1; **p<0.05; ***p<0.01 | |||||
Appendix
Mental Health
| Dependent variable: gad2_z | ||||||
| Risky | no el | w/ Lag | Predictable | no el | w/ Lag | |
| (1) | (2) | (3) | (4) | (5) | (6) | |
| C(draw)[T.H] | -0.057** | -0.062** | -0.054* | -0.052 | -0.053 | -0.015 |
| (0.027) | (0.028) | (0.029) | (0.042) | (0.044) | (0.046) | |
| C(draw_lag1)[T.H] | -0.020 | 0.058 | ||||
| (0.029) | (0.046) | |||||
| C(period)[T.2] | -0.156*** | -0.156*** | -0.099 | -0.099 | ||
| (0.048) | (0.046) | (0.075) | (0.072) | |||
| C(period)[T.3] | -0.210*** | -0.210*** | -0.042 | -0.211*** | -0.211*** | -0.111 |
| (0.047) | (0.046) | (0.046) | (0.074) | (0.071) | (0.072) | |
| C(period)[T.4] | -0.289*** | -0.289*** | -0.138*** | -0.261*** | -0.261*** | -0.161** |
| (0.047) | (0.046) | (0.046) | (0.074) | (0.071) | (0.072) | |
| C(period)[T.5] | -0.314*** | -0.314*** | -0.167*** | -0.446*** | -0.446*** | -0.346*** |
| (0.048) | (0.046) | (0.047) | (0.074) | (0.071) | (0.073) | |
| C(period)[T.6] | 0.197*** | 0.344*** | 0.258*** | 0.358*** | ||
| (0.047) | (0.046) | (0.073) | (0.072) | |||
| Intercept | -0.034 | -0.032 | -0.181*** | 0.017 | 0.016 | -0.130** |
| (0.037) | (0.036) | (0.040) | (0.058) | (0.056) | (0.063) | |
| bl_gad2_z | 0.099*** | 0.098*** | 0.086*** | 0.123*** | 0.106*** | 0.123*** |
| (0.014) | (0.015) | (0.015) | (0.020) | (0.021) | (0.022) | |
| Control Mean | -0.12 | -0.12 | -0.12 | -0.12 | -0.12 | -0.12 |
| Observations | 5474 | 4529 | 4567 | 2239 | 1850 | 1900 |
| Note: | *p<0.1; **p<0.05; ***p<0.01 | |||||
| Dependent variable: phq2_z | ||||||
| Risky | no el | w/ Lag | Predictable | no el | w/ Lag | |
| (1) | (2) | (3) | (4) | (5) | (6) | |
| C(draw)[T.H] | -0.038 | -0.053** | -0.034 | -0.013 | -0.026 | 0.022 |
| (0.024) | (0.026) | (0.026) | (0.039) | (0.042) | (0.043) | |
| C(draw_lag1)[T.H] | -0.013 | 0.084* | ||||
| (0.026) | (0.043) | |||||
| C(period)[T.2] | -0.095** | -0.095** | -0.073 | -0.073 | ||
| (0.043) | (0.042) | (0.070) | (0.068) | |||
| C(period)[T.3] | -0.086** | -0.087** | 0.016 | -0.141** | -0.141** | -0.068 |
| (0.043) | (0.042) | (0.042) | (0.069) | (0.067) | (0.068) | |
| C(period)[T.4] | -0.126*** | -0.125*** | -0.034 | -0.146** | -0.146** | -0.073 |
| (0.043) | (0.042) | (0.042) | (0.069) | (0.067) | (0.067) | |
| C(period)[T.5] | -0.146*** | -0.147*** | -0.055 | -0.255*** | -0.255*** | -0.180*** |
| (0.043) | (0.042) | (0.042) | (0.069) | (0.068) | (0.068) | |
| C(period)[T.6] | 0.238*** | 0.325*** | 0.261*** | 0.335*** | ||
| (0.043) | (0.042) | (0.069) | (0.067) | |||
| Intercept | -0.201*** | -0.192*** | -0.288*** | -0.126** | -0.119** | -0.259*** |
| (0.034) | (0.033) | (0.036) | (0.054) | (0.053) | (0.059) | |
| bl_phq2_z | 0.084*** | 0.070*** | 0.077*** | 0.094*** | 0.083*** | 0.096*** |
| (0.012) | (0.013) | (0.013) | (0.019) | (0.021) | (0.021) | |
| Control Mean | -0.15 | -0.15 | -0.15 | -0.15 | -0.15 | -0.15 |
| Observations | 5474 | 4529 | 4567 | 2239 | 1850 | 1900 |
| Note: | *p<0.1; **p<0.05; ***p<0.01 | |||||