The transformation of consumer behavior: the effect of sanctions

The consumer behavior in terms of how much citizens of Russian Federation used to buy before sanctions and after them, thus the Index of Retail Trade Volume were taken as a dependent variable. Consumer Price Index. Shopping process’s dissatisfaction.

Рубрика Менеджмент и трудовые отношения
Вид дипломная работа
Язык английский
Дата добавления 01.12.2019
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0.03

0.04

0.03

0.03

0.03

0.03

Good

0.33

0.33

0.33

0.34

0.33

0.38***

Normal

0.53

0.50*

0.53

0.50*

0.53

0.50*

Bad

0.10

0.12*

0.10

0.12

0.10

0.09+

Very bad

0.01

0.01

0.01

0.01

0.01

0.002**

Marital status: Married=1 Not=0

0.59

0.61*

0.59

0.61+

0.59

0.60

Living area: urban=1 rural=0

0.73

0.54***

0.73

0.62***

0.73

0.51***

From the Table 4, representing descriptive statistics of cross section in 2016, we can conclude that 9.2% of the interviewees from the monitored sample were dissatisfied with high prices, 4.2% were dissatisfied with quality of the goods, and 5.7% were dissatisfied with assortment. Probably, the proportion has changed from 2011 because more observations have been collected. There are 56% (2% less than in 2011) of women and 58.7% were married individuals in the sample. 10% of observants have finished 9 grades in school, 59% have secondary education, 27% of individuals have higher education, 3% have no education. Comparing education, we can assume that 1% changes in numbers of secondary and education was caused by growing demand for it in society, because better education gives higher opportunity to get a better job and increase life conditions. Also, it may be caused by bigger sample and higher average age, which had been 46 and became 48.5. 69% of interviewees were living in cities of towns in 2016, and 31% were living in rural areas. 3.7% of interviewees has estimated their health as very good, 34% as good, 50% as normal, 10% as bad and 1.1% as very bad. These numbers are a little bit higher than in 2011.

Table 4

Descriptive statistics for cross section of 2016

Variable

Observations

Mean

Std. Dev.

Dissatisfaction

High Prices: yes=1

107,679

0.091782

-

Quality: yes=1

102,149

0.042614

-

Assortment: yes=1

103,738

0.057279

-

Gender: Woman=1 Man=0

134,852

0.559124

-

Age

112,040

48.55403

17.89481

Education

Basic

112,040

0.099572

-

Secondary

112,040

0.594984

-

Higher

112,040

0.274848

-

No basic

112,040

0.030596

-

Health

Very good

111,885

0.0375475

-

Good

111,885

0.345614

-

Normal

111,885

0.50206

-

Bad

111,885

0.103285

-

Very bad

111,885

0.011494

-

Marital status: Married=1 Not=0

111,058

0.587216

-

Living area: urban=1 rural=0

134,852

0.686352

-

Table 5

T-test results for 2016

2016

Price (y1)

Quality(y2)

Assortment(y3)

0

1

0

1

0

1

Mean

Mean

Mean

Mean

Mean

Mean

Gender: Woman=1 Man=0

0.57

0.62***

0.57

0.61***

0.57

0.61***

Age

48.82

47.59***

48.82

45.79***

48.82

44.10***

Education

Basic

0.10

0.11***

0.10

0.10

0.10

0.09

Secondary

0.59

0.63***

0.59

0.59

0.59

0.59

Higher

0.28

0.23***

0.28

0.29*

0.28

0.30**

No basic

0.03

0.03

0.03

0.02***

0.03

0.02***

Health

Very good

0.04

0.03***

0.04

0.04

0.04

0.03**

Good

0.35

0.32***

0.35

0.36

0.35

0.40***

Normal

0.50

0.53***

0.50

0.49+

0.50

0.48***

Bad

0.10

0.11*

0.10

0.10

0.10

0.08***

Very bad

0.01

0.01+

0.01

0.01*

0.01

0.01*

Marital status: Married=1 Not=0

0.59

0.60**

0.59

0.62***

0.59

0.61***

Living area: urban=1 rural=0

0.72

0.46***

0.72

0.55***

0.72

0.44***

Student's t-test have shown the statistically significant differences of means for most of the variables, as it is seen from Table 5, thus we can build a probit model to estimate which characteristic variables were more susceptible to each reason of dissatisfaction and how it has changed after sanctions.

The probit model is the model of binary choose.

(3)

In case of this paper six probit models are needed to be build for each dissatisfaction reasons in 2011 and 2016, and three more with interaction terms between all independent variables and dummy of the year (YEAR2011=1 in 2011 and YEAR2011=0 in 2016). Probit model predict the probability of the dependent valuable to express a positive outcome, rather than to predict its actual value. Predicted values say how likeable individual to be dissatisfied with a certain reason rather than satisfied.

(4)

where: biniary dependent variable;

regressor;

control variables.

The coefficients are calculated by the maximum likelihood estimation. The coefficients illustrates the “reaction” of regressors on the equality of the dependent variable to one, but they cannot be interpreted directly. Coefficients show the direction of probability, but not the probability itself. Control variables are regional dummies to alleviate the effect of differences between regions of Russian Federation, when some regions are much poorer, some located too far from big cities, that can significantly change the reasons of dissatisfaction and consequently the coefficients in models.

Results

1 Time series.

Firstly, the regressions on lags was built to check if there are significant lags. The Table 6 represents the autoregressions of differences of Retail trade volume indexes from 1st to 12th lags, the Akaike information criterion (AIC) and the Bayesian information criterion (BIC) illustrates the quality of models. Which model has smaller criteria, that model is better, because criteria shows the approximate amount of lost information by a model. The more lags are included in the model, the better it explains the dependent variable in this case, what is concluded from coefficients of determination (R-squared) values, and less information is lost according to AIC and BIC. However, only several lags' coefficients are significant according to p-values; 3rd lags' coefficients in regressions containing from one to eleven lags are significant on 90% level, 11th lag's coefficient is significant on the 95% level and 12th lag's coefficient is significant on the 99% level. If the values of adjusted R-squared, AIC, BIC and p-values are taken together and analyzed, the regression with twelve lags is the best from the list. The difference between models with 11 and 12 lags is bigger than between others if the upper mentioned criteria are compared.

As the adjusted R-squared notably increased between those models, that 12th lag is more “powerful” than other. To check this hypothesis, the regression only with 12th lag was built (R13). It is represented in Table 7 in comparison with regression with 12 lags. The difference in BICs is

significant, 653.8 has fallen to 610.4, and despite the model R13 contains only one regressor adjusted R-squared has not fallen considerably, which leads to conclusion that the role of other lags too insignificant, and they should not be included in the regression with CPI. Moreover, the 12th lag's coefficient became significant on 99.9% level. The seasonal factor is eliminated with inclusion of 12th lag into the regression.

Table 6

Autoregregressions on lags for Retail trade volume index

R1

R2

R3

R4

R5

R6

R7

R8

R9

R10

R11

R12

LD.Retail trade volume index

0.110

0.0971

0.0791

0.0762

0.0777

0.0758

0.0741

0.0727

0.0751

0.0647

0.0584

0.0386

(0.0769)

(0.0773)

(0.0770)

(0.0788)

(0.0792)

(0.0796)

(0.0801)

(0.0808)

(0.0808)

(0.0816)

(0.0807)

(0.0799)

L2D.Retail trade volume index

0.116

0.0994

0.0999

0.110

0.112

0.115

0.117

0.125

0.129

0.116

0.0931

(0.0773)

(0.0768)

(0.0777)

(0.0794)

(0.0797)

(0.0801)

(0.0808)

(0.0810)

(0.0813)

(0.0805)

(0.0783)

L3D.Retail trade volume index

0.142+

0.142+

0.144+

0.145+

0.145+

0.147+

0.149+

0.156+

0.153+

0.127

(0.0770)

(0.0777)

(0.0785)

(0.0802)

(0.0806)

(0.0812)

(0.0813)

(0.0819)

(0.0808)

(0.0786)

L4D.Retail trade volume index

-0.00501

-0.00268

-0.00687

-0.0194

-0.0209

-0.0273

-0.0260

-0.0145

0.000981

(0.0783)

(0.0789)

(0.0797)

(0.0814)

(0.0819)

(0.0820)

(0.0825)

(0.0816)

(0.0792)

L5D.Retail trade volume index

-0.0251

-0.0283

-0.0361

-0.0425

-0.0429

-0.0489

-0.0335

-0.00771

(0.0787)

(0.0793)

(0.0801)

(0.0820)

(0.0820)

(0.0824)

(0.0814)

(0.0792)

L6D.Retail trade volume index

0.0418

0.0359

0.0349

0.0553

0.0554

0.0558

0.0587

(0.0791)

(0.0797)

(0.0806)

(0.0820)

(0.0823)

(0.0813)

(0.0789)

L7D.Retail trade volume index

0.0699

0.0693

0.0817

0.0991

0.0912

0.0735

(0.0795)

(0.0802)

(0.0807)

(0.0824)

(0.0812)

(0.0789)

L8D.Retail trade volume index

0.00617

0.0150

0.0244

0.0314

0.0346

(0.0801)

(0.0804)

(0.0811)

(0.0816)

(0.0790)

L9D.Retail trade volume index

-0.110

-0.103

-0.0854

-0.0317

(0.0801)

(0.0806)

(0.0800)

(0.0790)

L10D.Retail trade volume index

-0.0764

-0.0638

-0.0374

(0.0809)

(0.0799)

(0.0778)

L11D.Retail trade volume index

-0.160*

-0.146+

(0.0799)

(0.0775)

L12D.Retail trade volume index

-0.229**

(0.0784)

Constant

-0.0480

-0.0447

-0.0556

-0.0599

-0.0533

-0.0447

-0.0459

-0.0515

-0.0482

-0.0438

-0.0656

-0.0552

(0.129)

(0.130)

(0.129)

(0.130)

(0.131)

(0.132)

(0.133)

(0.134)

(0.134)

(0.135)

(0.134)

(0.130)

Observations

169

168

167

166

165

164

163

162

161

160

159

158

AIC

656.9

653.7

647.0

646.0

644.6

643.0

641.3

640.1

637.0

634.9

627.1

614.0

BIC

663.1

663.1

659.5

661.6

663.3

664.7

666.0

667.9

667.9

668.7

663.9

653.8

R-squared

0.01

0.03

0.04

0.04

0.05

0.05

0.05

0.05

0.07

0.07

0.10

0.15

Adjusted

R-squared

0.01

0.01

0.03

0.02

0.02

0.01

0.01

0.01

0.01

0.01

0.03

0.08

F-stat

2.06

2.15

2.54

1.83

1.53

1.36

1.27

1.11

1.20

1.19

1.48

2.08

Standard errors in parentheses ; + p<0.10, * p<0.05, ** p<0.01, *** p<0.001Table 7

Autoregressions of total Retail trade index with 12 and 12th lags

(1)

(2)

R12

R13

LD.Retail trade volume index

0.0386

(0.0799)

L2D.Retail trade volume index

0.0931

(0.0783)

L3D.Retail trade volume index

0.127

(0.0786)

L4D.Retail trade volume index

0.000981

(0.0792)

L5D.Retail trade volume index

-0.00771

(0.0792)

L6D.Retail trade volume index

0.0587

(0.0789)

L7D.Retail trade volume index

0.0735

(0.0789)

L8D.Retail trade volume index

0.0346

(0.0790)

L9D.Retail trade volume index

-0.0317

(0.0790)

L10D.Retail trade volume index

-0.0374

(0.0778)

L11D.Retail trade volume index

-0.146+

(0.0775)

L12D.Retail trade volume index

-0.229**

-0.271***

(0.0784)

(0.0748)

Constant

-0.0552

-0.0748

(0.130)

(0.130)

Observations

158

158

AIC

614.0

604.3

BIC

653.8

610.4

R-squared

0.15

0.08

adjusted R-squared

0.08

0.07

F-stat

2.08

13.13

Standard errors in parentheses

+ p<0.10, * p<0.05, ** p<0.01, *** p<0.001

The next step is to check the significanse of different lags of the main regressor, which is differences of CPI. The Bayesian information criterion fluctuating between regressions is not significantly changes, thus it is more reasonable to choose model with less variables. Taking into account that only 1st lags' coefficients are significant on the 90% level (for regressions till 6 lags) and current meaning is significant on 99% level in R1 model, it is reasonable to choose this CPI meanings for regression. Comparing BICs R1 has 3rd smallest meaning, 638.1, and its regressors explain the dependent variable on 16%. Other models also have lags with significant coefficients, but BIC is not improving noticeably and most of the coefficients are still not significant.

Summarizing everything upperstated, the 12th lag, taken from autoregression of total Retail trade volume index, the current period total CPI and couple of lags were combined to the final regression. The Table 9 represents 3 alternatives.

Table 8

Regressions on Consumer price indexes' lags

R0

R1

R2

R3

R4

R5

R6

R7

R8

R9

R10

R11

R12

D.Consumer price index

-0.972***

-0.655**

-0.627*

-0.592*

-0.597*

-0.607*

-0.629*

-0.633*

-0.639*

-0.647*

-0.748**

-0.762**

-0.814**

(0.175)

(0.243)

(0.254)

(0.255)

(0.256)

(0.257)

(0.260)

(0.257)

(0.259)

(0.264)

(0.265)

(0.281)

(0.282)

LD.Consumer price index

-0.461+

-0.583+

-0.665+

-0.642+

-0.628+

-0.611+

-0.562

-0.556

-0.549

-0.406

-0.429

-0.505

(0.243)

(0.331)

(0.345)

(0.348)

(0.350)

(0.353)

(0.350)

(0.352)

(0.358)

(0.364)

(0.367)

(0.365)

L2D.Consumer price index

0.143

0.206

0.154

0.162

0.161

0.100

0.107

0.0999

-0.0161

0.0659

0.142

(0.253)

(0.343)

(0.360)

(0.364)

(0.366)

(0.363)

(0.366)

(0.369)

(0.372)

(0.377)

(0.373)

L3D.Consumer price index

-0.0448

0.0325

-0.0184

-0.0492

-0.0152

-0.0259

-0.0241

0.0239

-0.0558

-0.115

(0.255)

(0.348)

(0.365)

(0.368)

(0.364)

(0.368)

(0.370)

(0.367)

(0.374)

(0.374)

L4D.Consumer price index

-0.0754

0.0824

0.161

0.225

0.231

0.225

0.265

0.315

0.353

(0.256)

(0.349)

(0.367)

(0.365)

(0.367)

(0.371)

(0.367)

(0.369)

(0.370)

L5D.Consumer price index

-0.178

-0.313

-0.541

-0.530

-0.521

-0.596

-0.584

-0.603

(0.257)

(0.352)

(0.364)

(0.368)

(0.370)

(0.368)

(0.367)

(0.365)

L6D.Consumer price index

0.137

0.679+

0.638+

0.634+

0.688+

0.668+

0.663+

(0.259)

(0.349)

(0.367)

(0.370)

(0.366)

(0.367)

(0.363)

L7D.Consumer price index

-0.588*

-0.494

-0.499

-0.446

-0.446

-0.458

(0.257)

(0.351)

(0.370)

(0.367)

(0.369)

(0.365)

L8D.Consumer price index

-0.102

-0.0494

-0.275

-0.236

-0.192

(0.259)

(0.357)

(0.371)

(0.372)

(0.368)

L9D.Consumer price index

-0.0648

0.498

0.402

0.363

(0.262)

(0.360)

(0.374)

(0.370)

L10D.Consumer price index

-0.604*

-0.484

-0.474

(0.263)

(0.362)

(0.370)

L11D.Consumer price index

-0.107

0.0859

(0.278)

(0.361)

L12D.Consumer price index

-0.278

(0.279)

Constant

-0.0926

-0.103

-0.107

-0.127

-0.135

-0.134

-0.125

-0.137

-0.140

-0.136

-0.143

-0.159

-0.147

(0.119)

(0.119)

(0.120)

(0.119)

(0.120)

(0.121)

(0.122)

(0.122)

(0.123)

(0.124)

(0.123)

(0.124)

(0.123)

Observations

170

169

168

167

166

165

164

163

162

161

160

159

158

AIC

633.4

628.7

627.3

622.2

621.0

619.6

618.1

611.9

611.1

610.1

603.3

600.3

593.4

BIC

639.6

638.1

639.8

637.8

639.7

641.3

642.9

639.8

642.0

644.0

640.2

640.2

636.3

R-squared

0.15

0.17

0.18

0.19

0.19

0.19

0.19

0.22

0.22

0.22

0.25

0.25

0.26

adjusted R-squared

0.15

0.16

0.16

0.17

0.16

0.16

0.16

0.18

0.17

0.17

0.19

0.19

0.19

F-stat

30.75

17.44

11.75

9.26

7.38

6.18

5.34

5.41

4.75

4.24

4.46

4.03

3.90

Table 9

Variations of final regression for total indexes

(1)

(2)

(3)

R1

R2

R3

L12D.Retail trade volume index

-0.157*

-0.138+

-0.141+

(0.0737)

(0.0740)

(0.0742)

D.Consumer price index

-0.892***

-0.603*

-0.551*

(0.184)

(0.243)

(0.254)

LD.Consumer price index

-0.437+

-0.596+

(0.243)

(0.330)

L2D.Consumer price index

0.179

(0.252)

Constant

-0.101

-0.105

-0.102

(0.121)

(0.120)

(0.121)

Observations

158

158

158

AIC

583.9

582.6

584.1

BIC

593.1

594.9

599.4

R-squared

0.20

0.22

0.22

adjusted R-squared

0.19

0.20

0.20

F-stat

19.29

14.12

10.68

Standard errors in parentheses

+ p<0.10, * p<0.05, ** p<0.01, *** p<0.001

The R1 regression was chosen to be the final, because both coefficients (of 12th lag and CPI) are statistically significant on thr 95% level (CPI even 99.9%), while the R2 and R3 have less significant coefficients of 12th lag of Retail trade volume index (90% level) and CPI (95% level) and its lags (90% level), which make them worse comparing to R1. Moreover, the BIC of R1 is the lowest and adjusted R-squared is 1% less than in R2 and R3, which is provided by extra 2 and 3 variables. The coefficients of (differences) total CPI and 12th lag have negative sign, since in the model differences were used, when they increase, the original meaning decrease. In this case, when CPI falls, the Retail trade index (dependant variable) grows.

For food and nonfood categories the same manipulations with choosing lags were processed in Stata, and results are presented in Appendix 2-7. For food category only the 12th lag's coefficient is significant at the 99.9%. The model of autoregression with 12 lags shows the best BIC, AIC and adjusted R-squared, but as only the last coefficient is significant, the autoregression with 12th lag only was built. As in the case with total indexes, this model showed the best results, thus the 12th lag was included to the final regression for food goods. Absolutely the same situation was with nonfood Retail trade volume index's autoregression. The only 12th lag was added to final model of this category. The regressions with regressors food CPI and its lags have statistically significant coefficients (at 99.9% level) only for the current meanings of CPI. Since, the Final model represented in Table 10 includes only two regressors; 12th lag of dependent variable and CPI. Interpretation of the coefficients preserves the same as for total indexes, but they have become statistically significant on 99.9% level.

Table 10

Final linear regression for food indexes and comparative regression.

Final

Comparative

L12D.Retail trade volume index (food)

-0.255***

-0.261***

D.Consumer price index (food)

(0.0731)

(0.0735)

-0.406***

-0.335*

LD.Consumer price index (food)

(0.0956)

(0.131)

-0.185

L2D.Consumer price index (food)

(0.166)

0.191

Constant

(0.129)

-0.0775

-0.0741

(0.112)

(0.112)

Observations

158

158

AIC

558.8

560.5

BIC

568.0

575.8

R-squared

0.21

0.22

adjusted R-squared

0.20

0.20

F-stat

20.77

10.96

However, for nonfood categories regressions with CPI and lags had different results (Appendix 7). The current meaning of CPI (differences) was significant only in case when it was the only regressor in the model. Adding lags to the model has shown that 1st,2nd ,3rd and 12th lags have statistically significant coefficients (at 99.9%, 99.9%, 90% and 95% level respectively). As the chosen boarder for this study is 95%, thus 3rd lag was excluded from final regression. The Table 11 represents the variations of final models for nonfood category. According to BIC and AIC the best model is R4, which includes upper mentioned lags of CPI (without 3rd) and include 12th lag of Retail trade volume index. Adding one lag has decreased both criteria quite noticeably, and adjusted R-squared has grown to 38%, which is the highest among the final models of all categories.

Table 11

Variations final regressions for nonfood indexes

R1

R2

R3

R4

L12D.Retail trade volume index (nonfood)

-0.223**

-0.140*

-0.140*

-0.231**

(0.0710)

(0.0697)

(0.0695)

(0.0719)

D.Consumer price index (nonfood)

-1.665***

-0.185

(0.314)

(0.455)

LD.Consumer price index (nonfood)

-2.944***

-3.135***

-3.501***

(0.652)

(0.450)

(0.446)

L2D.Consumer price index (nonfood)

1.585***

1.658***

1.938***

(0.462)

(0.425)

(0.417)

L12D.Consumer price index (nonfood)

-1.111***

(0.314)

Constant

-0.0983

-0.0918

-0.0911

-0.131

(0.165)

(0.156)

(0.155)

(0.150)

Observations

158

158

158

158

AIC

681.2

665.4

663.6

653.2

BIC

690.4

680.7

675.8

668.5

R-squared

0.26

0.34

0.34

0.39

adjusted R-squared

0.25

0.33

0.33

0.38

F-stat

26.68

20.03

26.79

24.72

After the final regressions for total, food and nonfood categories were chosen, the tests on structural break were conducted, and the Hypothesis 1 were tested. The traditional test on structural break is Chow test, but the exact date should be known to divide the time series beforehand. We do not have this date, thus the estat sbsingle test were processed in Stata, this is supremum Wald test for unknown break date. Test is robust to heteroscedasticity. The results for total indexes' regression indicate structural break in January 2015, rejecting null hypothesis (no break) at the 0.026% level. However, the tests for food and nonfood categories failed to reject null hypothesis. This can be interpreted by the error of the test, or for total indexes the significant drop was detected. However, the regression of nonfood category without CPI lags was tested, and the null hypothesis was rejected at the 0.0157% level, but this regression has worse (higher) BIC comparing to the final chosen, so we cannot rely on that. To sum up, the significant drop in 2015 have leveled up and the general declining trend of consumption volume has preserved, which is illustrated by the Figures in Methodology section.

2 Cross sections

For each of cross sections of 2011 and 2016, were build three probit models for each reason of dissatisfaction price (y1), quality (y2) and assortment (y3). The purpose is to identify the direction of reaction's probability of different independent variables on equality of dependent variable to zero. Table 12 and 13 show the results.

First (binary) variable is gender, female = 1 and male = 0, thus the coefficients shows that women are more likely to be dissatisfied with price, quality and assortment of products than man. The coefficients in all three models are statistically significant on 99.9% level. The coefficient for variable Age is statistically significant at the 95% level in Assortment model and have negative sign. Since, we found that older citizens were less likely to be dissatisfied with assortment of goods in 2011 than younger. For other two models Age coefficients are insignificant, thus we cannot make any conclusions. The coefficients for variable Secondary education (ed=2) are statistically significant at the 90% level in model Price, at 99% level in model Quality and at 95% level in model Assortment and their signs are positive. This means that people with secondary education are likely to be more dissatisfied with price, quality and assortment of goods. However, we have several variables describing education. Comparing coefficients of Higher education (ed=3) variable and Secondary education we can state that citizens with Higher education are more likely to be dissatisfied. The coefficients of Higher education are statistically significant at higher level comparing to secondary (99.9% level in Quality and Assortment, 95% level in Price model). We can assume that people Higher education earns more, thereby they are more demanding to products they buy. Good, Normal and Bad health coefficients are statistically insignificant, while Bad Health coefficient are significant at the 90% level in Price model and at the 90% level in Quality product and their signs are positive. Since, individuals with bad health are more sensitive to price level than other categories. The marginal effects of this probit models and the rest are in Appendix 8-9.

Table 12

Dissatisfaction reasons


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Price 2011

Quality 2011

Assortment 2011

(y1=1)

(y2=1)

(y3=1)

Gender (female=1, male=0)

0.141***

0.118***

0.129***

(0.0299)

(0.0343)

(0.0344)

Age

-0.00124

-0.00437

-0.0119*

(0.00481)

(0.00570)

(0.00569)

Age squared

-0.0000205

-0.00000227

0.0000214

(0.0000493)

(0.0000589)

(0.0000594)

Secondary education

(ed=2)

0.104+

0.205**

0.130*

(0.0548)

(0.0670)

(0.0657)

Higher education

(ed=3)

0.151*

0.284***

0.256***

(0.0602)

(0.0725)

(0.0710)

School

(ed=1)

0.113

0.115

0.0670

(0.0953)

(0.127)

(0.123)

Good health (health=2)

-0.112

0.0414

-0.0666

(0.0802)

(0.105)

(0.0987)

Normal health (health=3)

-0.0380

0.0160

-0.00684

(0.0827)

(0.108)

(0.101)

Bad health (health=4)

0.155+

0.192

0.109

(0.0939)

(0.120)

(0.115)