Table 4 Estimation results
From: A quasi-hyperbolic discounting approach to smoking behavior
Sample no | 435 | ||
|---|---|---|---|
Log likelihood | -516.2776 | ||
| Â | Coefficient | S.E. | |
Selection equation | |||
δ (constant time preference) | 16.2753 | 3.7047 | *** |
1-exp(β) (present bias) | 1.9808 | 0.8804 | ** |
Gender | -0.46059 | 0.13383 | *** |
Age | 0.07791 | 0.02441 | *** |
Age squared | -0.00071 | 0.0003 | * |
Education (Years) | -0.13476 | 0.02857 | *** |
Income (M JPY) | -0.00447 | 0.02102 | Â |
Relative risk aversion (1-γ) | -0.8784 | 0.26358 | *** |
Structual equation | |||
δ (constant time preference) | 21.8066 | 4.5830 | *** |
1-exp(β) (present bias) | 2.1157 | 0.7006 | *** |
Gender | -0.74757 | 0.21399 | *** |
Age | 0.05826 | 0.02403 | ** |
Age squared | -0.00043 | 0.00028 | Â |
Education (Years) | -0.10187 | 0.05602 | * |
Income (M JPY) | -0.00331 | 0.0176 | Â |
Relative risk aversion (1-γ) | -0.47637 | 0.27835 | * |
Threshold parameter | 2.35304 | 0.12287 | *** |