A Survey-Based Measure of Risk-Taking and Subgroup Analysis
| Risk-Taking Measure | |||||||
|---|---|---|---|---|---|---|---|
| Dependent Variable | All | Bottom 25% | Middle | Top 25% | |||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | |
| First son × sex ratio | 0.666** (0.267) | 1.633** (0.754) | 1.767** (0.797) | 0.743* (0.435) | 0.548 (0.433) | −0.217 (0.836) | −0.650 (0.938) |
| First son × sex ratio × skewness | 0.093 (0.085) | −0.050 (0.047) | −0.134 (0.124) | ||||
| Observations | 4,363 | 1,140 | 1,140 | 2,113 | 2,113 | 1,110 | 1,110 |
| R-squared | 0.307 | 0.372 | 0.377 | 0.236 | 0.238 | 0.399 | 0.401 |
| Dependent variable mean | 0.131 | 0.142 | 0.142 | 0.128 | 0.128 | 0.123 | 0.123 |
| Model | LPM | LPM | LPM | LPM | LPM | LPM | LPM |
| First son | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Sex ratio | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| First son × skewness | Yes | Yes | Yes | ||||
| Sex ratio × skewness | Yes | Yes | Yes | ||||
| Other controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| First son × other controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Prefecture fixed effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| First son × prefecture fixed effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
↵Notes: Data on county-level sex ratios are from the 2010 China population census. Data on other variables are from the 2013 CHFS. Results are estimated using Equation 1 based on our sample of CHFS households and income subgroups. Other controls include various parental and household characteristics—both parents’ age, education, hukou, political status, and occupational dummies, plus age of the first child, region of residence, and ethnicity. Interactions of the first-son dummy with these variables, as well as prefecture fixed effects, are also controlled for. Regressions are weighted by CHFS sampling weights. Standard errors clustered at the county level are given in parentheses. *p<0.1, **p<0.05, ***p<0.01.