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] | -0.026* | -0.041* | ||||
| (0.015) | (0.024) | |||||
| C(period)[T.2] | -0.272*** | -0.273*** | -0.240*** | -0.240*** | ||
| (0.025) | (0.025) | (0.039) | (0.039) | |||
| C(period)[T.3] | -0.380*** | -0.380*** | -0.107*** | -0.358*** | -0.358*** | -0.119*** |
| (0.024) | (0.024) | (0.024) | (0.039) | (0.039) | (0.038) | |
| C(period)[T.4] | -0.433*** | -0.433*** | -0.163*** | -0.436*** | -0.436*** | -0.196*** |
| (0.025) | (0.024) | (0.024) | (0.039) | (0.038) | (0.038) | |
| C(period)[T.5] | -0.463*** | -0.463*** | -0.190*** | -0.480*** | -0.480*** | -0.242*** |
| (0.025) | (0.024) | (0.024) | (0.039) | (0.039) | (0.038) | |
| C(period)[T.6] | -0.196*** | 0.070*** | -0.176*** | 0.063* | ||
| (0.024) | (0.024) | (0.039) | (0.037) | |||
| Intercept | 4.981*** | 5.033*** | 4.731*** | 4.923*** | 4.960*** | 4.741*** |
| (0.077) | (0.084) | (0.083) | (0.114) | (0.123) | (0.123) | |
| bl_log_food_consumption | 0.238*** | 0.230*** | 0.236*** | 0.249*** | 0.243*** | 0.245*** |
| (0.011) | (0.012) | (0.012) | (0.017) | (0.018) | (0.018) | |
| Control Mean | 6.17 | 6.17 | 6.17 | 6.17 | 6.17 | 6.17 |
| Observations | 5479 | 4521 | 4574 | 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] | -17.446* | -16.158* | -18.051** | 9.180 | 18.567 | 0.824 |
| (8.945) | (9.324) | (9.126) | (14.571) | (15.018) | (15.479) | |
| C(draw_lag1)[T.H] | -4.777 | -20.335 | ||||
| (9.123) | (15.480) | |||||
| C(period)[T.2] | -144.291*** | -144.714*** | -143.888*** | -144.154*** | ||
| (15.977) | (15.123) | (26.026) | (24.347) | |||
| C(period)[T.3] | -209.823*** | -210.156*** | -64.589*** | -199.089*** | -199.234*** | -55.319** |
| (15.801) | (14.955) | (14.456) | (25.761) | (24.099) | (24.185) | |
| C(period)[T.4] | -252.362*** | -252.617*** | -108.383*** | -239.024*** | -239.238*** | -95.219*** |
| (15.830) | (14.984) | (14.426) | (25.668) | (24.011) | (24.094) | |
| C(period)[T.5] | -266.723*** | -266.818*** | -121.891*** | -281.619*** | -281.896*** | -138.185*** |
| (15.922) | (15.071) | (14.581) | (25.875) | (24.206) | (24.297) | |
| C(period)[T.6] | -74.306*** | 63.525*** | -57.569** | 86.092*** | ||
| (15.766) | (14.441) | (25.547) | (23.976) | |||
| Intercept | 547.898*** | 559.703*** | 410.678*** | 540.240*** | 551.155*** | 416.202*** |
| (14.599) | (14.354) | (14.564) | (23.304) | (22.630) | (24.311) | |
| bl_food_purchase_total_99 | 0.145*** | 0.131*** | 0.140*** | 0.146*** | 0.129*** | 0.141*** |
| (0.008) | (0.009) | (0.009) | (0.013) | (0.013) | (0.014) | |
| Control Mean | 430.79 | 430.79 | 430.79 | 430.79 | 430.79 | 430.79 |
| Observations | 5479 | 4521 | 4574 | 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] | -9.926* | -9.316 | -6.161 | 7.194 | 8.310 | 0.501 |
| (5.174) | (5.667) | (5.294) | (7.883) | (8.563) | (7.986) | |
| C(draw_lag1)[T.H] | 5.593 | -5.499 | ||||
| (5.293) | (7.986) | |||||
| C(period)[T.2] | -38.293*** | -38.291*** | -43.638*** | -43.611*** | ||
| (9.246) | (9.194) | (14.085) | (13.884) | |||
| C(period)[T.3] | -65.372*** | -65.356*** | -27.017*** | -58.727*** | -58.732*** | -15.107 |
| (9.143) | (9.091) | (8.391) | (13.952) | (13.752) | (12.472) | |
| C(period)[T.4] | -68.706*** | -68.707*** | -28.781*** | -94.449*** | -94.506*** | -50.763*** |
| (9.156) | (9.104) | (8.369) | (13.901) | (13.702) | (12.426) | |
| C(period)[T.5] | -74.769*** | -74.751*** | -36.640*** | -72.037*** | -72.098*** | -28.475** |
| (9.213) | (9.160) | (8.462) | (14.013) | (13.813) | (12.531) | |
| C(period)[T.6] | -50.218*** | -11.427 | -46.640*** | -2.999 | ||
| (9.119) | (8.377) | (13.827) | (12.357) | |||
| Intercept | 311.213*** | 309.486*** | 269.550*** | 302.999*** | 305.194*** | 264.663*** |
| (8.083) | (8.311) | (8.125) | (12.084) | (12.304) | (12.083) | |
| bl_expenditure_total_food_99 | 0.089*** | 0.093*** | 0.084*** | 0.093*** | 0.086*** | 0.095*** |
| (0.009) | (0.010) | (0.009) | (0.014) | (0.015) | (0.013) | |
| Control Mean | 261.56 | 261.56 | 261.56 | 261.56 | 261.56 | 261.56 |
| Observations | 5448 | 4494 | 4550 | 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] | 6.486 | -0.934 | 6.252 | 23.553 | 24.428 | 22.104 |
| (12.645) | (14.093) | (12.946) | (19.723) | (22.104) | (19.914) | |
| C(draw_lag1)[T.H] | 20.500 | -15.418 | ||||
| (12.944) | (19.909) | |||||
| C(period)[T.2] | -5.400 | -4.819 | -19.660 | -19.705 | ||
| (22.826) | (23.095) | (35.679) | (36.303) | |||
| C(period)[T.3] | -36.803* | -36.783* | -31.294 | -51.181 | -51.459 | -30.674 |
| (22.040) | (22.298) | (21.024) | (34.477) | (35.081) | (31.921) | |
| C(period)[T.4] | 6.745 | 6.843 | 12.645 | -32.159 | -32.320 | -12.145 |
| (21.916) | (22.174) | (20.839) | (34.024) | (34.619) | (31.518) | |
| C(period)[T.5] | -0.107 | -0.579 | -0.775 | -16.807 | -17.155 | 4.065 |
| (21.985) | (22.242) | (20.982) | (34.186) | (34.784) | (31.661) | |
| C(period)[T.6] | 56.163** | 64.736*** | 15.456 | 36.988 | ||
| (21.913) | (20.930) | (34.095) | (31.582) | |||
| Intercept | 27.067 | 38.972** | -24.927 | 41.619 | 48.034* | 0.039 |
| (17.676) | (18.236) | (18.786) | (27.364) | (28.361) | (28.674) | |
| bl_svg_savings_flow_99 | -0.142*** | -0.169*** | -0.013 | -0.132*** | -0.155*** | -0.029 |
| (0.014) | (0.016) | (0.014) | (0.023) | (0.025) | (0.022) | |
| Control Mean | -14.55 | -14.55 | -14.55 | -14.55 | -14.55 | -14.55 |
| Observations | 4850 | 4000 | 4007 | 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] | -12.777 | -25.684** | -16.151 | 3.847 | 11.707 | 4.968 |
| (11.208) | (12.275) | (12.064) | (17.963) | (20.076) | (18.406) | |
| C(draw_lag1)[T.H] | -8.081 | 6.311 | ||||
| (12.059) | (18.406) | |||||
| C(period)[T.2] | 3.546 | 4.131 | -26.491 | -26.290 | ||
| (20.017) | (19.908) | (32.085) | (32.544) | |||
| C(period)[T.3] | -30.749 | -30.721 | -36.675* | -55.381* | -55.298* | -28.754 |
| (19.797) | (19.687) | (19.109) | (31.759) | (32.213) | (28.756) | |
| C(period)[T.4] | -37.653* | -36.924* | -39.836** | -75.816** | -75.739** | -49.228* |
| (19.834) | (19.726) | (19.069) | (31.643) | (32.096) | (28.647) | |
| C(period)[T.5] | -60.726*** | -60.825*** | -64.499*** | -87.500*** | -87.314*** | -60.863** |
| (19.952) | (19.842) | (19.273) | (31.899) | (32.355) | (28.889) | |
| C(period)[T.6] | -10.152 | -13.906 | -56.615* | -29.997 | ||
| (19.754) | (19.089) | (31.494) | (28.508) | |||
| Intercept | 242.547*** | 247.829*** | 251.477*** | 257.062*** | 250.653*** | 229.106*** |
| (15.996) | (16.198) | (16.835) | (25.408) | (26.228) | (25.610) | |
| bl_svg_current_savings_99 | 0.167*** | 0.171*** | 0.169*** | 0.184*** | 0.192*** | 0.176*** |
| (0.011) | (0.012) | (0.012) | (0.019) | (0.021) | (0.019) | |
| Control Mean | 259.83 | 259.83 | 259.83 | 259.83 | 259.83 | 259.83 |
| Observations | 5479 | 4521 | 4574 | 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] | 1.035 | 1.537 | 2.418 | 1.180 | 6.445 | -0.030 |
| (5.475) | (4.824) | (5.935) | (8.806) | (7.597) | (9.645) | |
| C(draw_lag1)[T.H] | 5.412 | -2.424 | ||||
| (5.932) | (9.646) | |||||
| C(period)[T.2] | -61.785*** | -62.151*** | -73.585*** | -73.694*** | ||
| (9.800) | (7.837) | (15.775) | (12.332) | |||
| C(period)[T.3] | -82.807*** | -82.994*** | -22.128** | -91.301*** | -91.438*** | -17.724 |
| (9.681) | (7.741) | (9.413) | (15.594) | (12.191) | (15.119) | |
| C(period)[T.4] | -92.245*** | -92.434*** | -31.059*** | -112.824*** | -112.948*** | -39.227*** |
| (9.699) | (7.757) | (9.394) | (15.528) | (12.139) | (15.053) | |
| C(period)[T.5] | -103.755*** | -103.859*** | -41.655*** | -114.714*** | -114.906*** | -41.222*** |
| (9.754) | (7.800) | (9.492) | (15.653) | (12.237) | (15.179) | |
| C(period)[T.6] | 123.280*** | 184.010*** | 108.797*** | 182.294*** | ||
| (9.648) | (9.391) | (15.402) | (14.926) | |||
| Intercept | 185.474*** | 196.500*** | 121.802*** | 192.664*** | 197.516*** | 124.944*** |
| (8.091) | (6.618) | (8.597) | (12.797) | (10.224) | (13.809) | |
| bl_expenditure_total_nonfood_99 | 0.087*** | 0.051*** | 0.084*** | 0.116*** | 0.092*** | 0.103*** |
| (0.008) | (0.007) | (0.009) | (0.012) | (0.011) | (0.013) | |
| Control Mean | 166.38 | 166.38 | 166.38 | 166.38 | 166.38 | 166.38 |
| Observations | 5465 | 4504 | 4566 | 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] | 1.921 | -3.371 | 4.522 | -8.790 | -4.777 | -3.442 |
| (3.745) | (3.129) | (4.014) | (6.526) | (6.038) | (7.270) | |
| C(draw_lag1)[T.H] | 1.474 | -0.183 | ||||
| (4.012) | (7.271) | |||||
| C(period)[T.2] | -26.633*** | -26.407*** | -9.640 | -9.605 | ||
| (6.687) | (5.075) | (11.655) | (9.787) | |||
| C(period)[T.3] | -31.599*** | -31.575*** | -5.828 | -26.185** | -26.204*** | -16.551 |
| (6.614) | (5.019) | (6.357) | (11.537) | (9.687) | (11.356) | |
| C(period)[T.4] | -37.846*** | -37.527*** | -11.247* | -36.786*** | -36.818*** | -27.186** |
| (6.626) | (5.029) | (6.344) | (11.495) | (9.652) | (11.314) | |
| C(period)[T.5] | -38.787*** | -38.820*** | -12.194* | -30.795*** | -30.787*** | -21.149* |
| (6.665) | (5.058) | (6.411) | (11.588) | (9.730) | (11.409) | |
| C(period)[T.6] | 58.524*** | 83.910*** | 59.027*** | 68.625*** | ||
| (6.599) | (6.350) | (11.441) | (11.259) | |||
| Intercept | 57.121*** | 61.022*** | 28.162*** | 59.608*** | 58.539*** | 46.672*** |
| (5.257) | (4.050) | (5.520) | (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 | 47.20 | 47.20 | 47.20 | 47.20 | 47.20 | 47.20 |
| Observations | 5479 | 4521 | 4574 | 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] | 0.104 | 0.282 | -0.225 | -3.298 | -1.895 | -3.401 |
| (1.616) | (1.368) | (1.757) | (2.757) | (2.148) | (3.140) | |
| C(draw_lag1)[T.H] | -2.022 | -2.093 | ||||
| (1.756) | (3.140) | |||||
| C(period)[T.2] | -2.052 | -2.050 | -0.598 | -0.598 | ||
| (2.886) | (2.218) | (4.925) | (3.481) | |||
| C(period)[T.3] | -7.330** | -7.291*** | -5.339* | -2.073 | -2.066 | -1.506 |
| (2.854) | (2.194) | (2.783) | (4.875) | (3.446) | (4.905) | |
| C(period)[T.4] | -5.922** | -5.901*** | -3.999 | -1.968 | -1.972 | -1.398 |
| (2.859) | (2.198) | (2.778) | (4.857) | (3.433) | (4.887) | |
| C(period)[T.5] | -5.649** | -5.614** | -3.577 | -3.185 | -3.176 | -2.640 |
| (2.876) | (2.211) | (2.807) | (4.896) | (3.461) | (4.928) | |
| C(period)[T.6] | 17.387*** | 19.893*** | 27.779*** | 28.334*** | ||
| (2.848) | (2.780) | (4.834) | (4.863) | |||
| Intercept | 8.608*** | 8.959*** | 8.013*** | 6.487* | 6.011** | 6.902 |
| (2.266) | (1.769) | (2.411) | (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 | 9.86 | 9.86 | 9.86 | 9.86 | 9.86 | 9.86 |
| Observations | 5479 | 4521 | 4574 | 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] | 3.757 | 2.636 | 4.758 | -7.486 | -6.223 | -4.734 |
| (3.380) | (3.849) | (3.860) | (6.400) | (7.063) | (5.472) | |
| C(draw_lag1)[T.H] | 0.828 | -1.798 | ||||
| (3.859) | (5.472) | |||||
| C(period)[T.2] | 10.857* | 10.917* | -26.214** | -26.191** | ||
| (6.036) | (6.241) | (11.431) | (11.448) | |||
| C(period)[T.3] | -4.322 | -4.304 | -15.502** | -35.716*** | -35.690*** | -9.545 |
| (5.969) | (6.172) | (6.114) | (11.316) | (11.332) | (8.548) | |
| C(period)[T.4] | -3.882 | -3.808 | -14.991** | -32.542*** | -32.519*** | -6.388 |
| (5.980) | (6.184) | (6.101) | (11.274) | (11.291) | (8.516) | |
| C(period)[T.5] | -7.826 | -7.814 | -18.620*** | -34.486*** | -34.459*** | -8.322 |
| (6.016) | (6.220) | (6.166) | (11.365) | (11.382) | (8.588) | |
| C(period)[T.6] | -6.305 | -16.899*** | -23.025** | 3.104 | ||
| (5.956) | (6.107) | (11.221) | (8.474) | |||
| Intercept | 18.053*** | 18.445*** | 28.214*** | 53.378*** | 52.497*** | 26.923*** |
| (4.720) | (4.950) | (5.274) | (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 | 13.07 | 13.07 | 13.07 | 13.07 | 13.07 | 13.07 |
| Observations | 5479 | 4521 | 4574 | 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] | -0.058** | -0.062** | -0.055* | -0.052 | -0.053 | -0.015 |
| (0.027) | (0.028) | (0.029) | (0.042) | (0.044) | (0.046) | |
| C(draw_lag1)[T.H] | -0.019 | 0.058 | ||||
| (0.029) | (0.046) | |||||
| C(period)[T.2] | -0.155*** | -0.155*** | -0.099 | -0.099 | ||
| (0.048) | (0.046) | (0.075) | (0.072) | |||
| C(period)[T.3] | -0.209*** | -0.209*** | -0.044 | -0.211*** | -0.211*** | -0.111 |
| (0.047) | (0.046) | (0.046) | (0.074) | (0.071) | (0.072) | |
| C(period)[T.4] | -0.288*** | -0.288*** | -0.141*** | -0.261*** | -0.261*** | -0.161** |
| (0.047) | (0.046) | (0.046) | (0.074) | (0.071) | (0.072) | |
| C(period)[T.5] | -0.313*** | -0.313*** | -0.169*** | -0.446*** | -0.446*** | -0.346*** |
| (0.048) | (0.046) | (0.047) | (0.074) | (0.071) | (0.073) | |
| C(period)[T.6] | 0.198*** | 0.341*** | 0.258*** | 0.358*** | ||
| (0.047) | (0.046) | (0.073) | (0.072) | |||
| Intercept | -0.035 | -0.033 | -0.179*** | 0.017 | 0.016 | -0.130** |
| (0.037) | (0.037) | (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 | -0.15 | -0.15 | -0.15 | -0.15 | -0.15 | -0.15 |
| Observations | 5466 | 4521 | 4562 | 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] | -0.039 | -0.055** | -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] | -0.094** | -0.094** | -0.073 | -0.073 | ||
| (0.043) | (0.042) | (0.070) | (0.068) | |||
| C(period)[T.3] | -0.085** | -0.086** | 0.016 | -0.141** | -0.141** | -0.068 |
| (0.043) | (0.042) | (0.042) | (0.069) | (0.067) | (0.068) | |
| C(period)[T.4] | -0.125*** | -0.124*** | -0.034 | -0.146** | -0.146** | -0.073 |
| (0.043) | (0.042) | (0.042) | (0.069) | (0.067) | (0.067) | |
| C(period)[T.5] | -0.145*** | -0.146*** | -0.054 | -0.255*** | -0.255*** | -0.180*** |
| (0.043) | (0.042) | (0.042) | (0.069) | (0.068) | (0.068) | |
| C(period)[T.6] | 0.239*** | 0.325*** | 0.261*** | 0.335*** | ||
| (0.043) | (0.042) | (0.069) | (0.067) | |||
| Intercept | -0.201*** | -0.193*** | -0.288*** | -0.126** | -0.119** | -0.259*** |
| (0.034) | (0.033) | (0.036) | (0.054) | (0.053) | (0.059) | |
| bl_phq2_z | 0.083*** | 0.069*** | 0.077*** | 0.094*** | 0.083*** | 0.096*** |
| (0.012) | (0.013) | (0.013) | (0.019) | (0.021) | (0.021) | |
| Control Mean | -0.17 | -0.17 | -0.17 | -0.17 | -0.17 | -0.17 |
| Observations | 5466 | 4521 | 4562 | 2239 | 1850 | 1900 |
| Note: | *p<0.1; **p<0.05; ***p<0.01 | |||||