Table 7

Effect of Time Preferences on Owning Private Pension Insurance

	Private Pension Insurance Indicator
	(1)	(2)	(3)	(4)	(5)
Inconsistency indicator	−0.045
	(0.02)^**
Number inconsistent answers		−0.020	−0.020	−0.025	−0.025
		(0.01)^*	(0.01)^*	(0.01)^**	(0.01)^**
Impatience			−0.007	−0.005	−0.005
			(0.01)	(0.01)	(0.01)
Age				−0.000	−0.000
				(0.00)	(0.00)
Gender				−0.004	−0.016
				(0.03)	(0.03)
Married				0.063	0.062
				(0.03)^**	(0.03)^**
Number of children				−0.007	−0.010
				(0.01)	(0.01)
Education				0.018	0.016
				(0.02)	(0.02)
Income [log]				0.069	0.068
				(0.01)^***	(0.01)^***
Risk aversion					−0.019
					(0.01)^**
Loss aversion					−0.005
					(0.01)
Financial literacy					−0.006
					(0.01)
Life expectancy					0.003
					(0.00)^**
Constant	0.649	0.644	0.671	0.099	0.002
	(0.01)^***	(0.01)^***	(0.03)^***	(0.10)	(0.17)
R²	0.002	0.001	0.001	0.025	0.030
Observations	2,277	2,277	2,270	2,072	2,046

Notes: The table shows the results of five linear probability models with the indicator private pension insurance as the dependent variable. All variables are as defined in the Appendix. Robust standard errors are displayed in parentheses. Significance: ^*p < 0.1, ^**p < 0.05, ^***p < 0.01.