Depression and Stated Willingness to Take Risks: General and Across Domains, Pooled OLS Results
| General | Driving | Finance | Sport/Leisure | Occupation | Health | Trust | |
|---|---|---|---|---|---|---|---|
| Panel A: No Controls | |||||||
| Depression | –0.443*** (0.019) | –0.084*** (0.032) | –0.072*** (0.027) | –0.173*** (0.031) | –0.051 (0.033) | 0.099*** (0.030) | –0.242*** (0.029) |
| Effect size | –0.096 | –0.027 | –0.032 | –0.049 | –0.014 | 0.033 | –0.071 |
| Panel B: With Controls | |||||||
| Depression | –0.354*** (0.018) | 0.059* (0.030) | 0.078*** (0.026) | –0.082*** (0.028) | 0.043 (0.031) | 0.172*** (0.029) | –0.156*** (0.028) |
| Effect size | –0.077 | 0.018 | 0.035 | –0.023 | 0.012 | 0.058 | –0.046 |
| Obs. | 117,029 | 34,344 | 35,955 | 36,081 | 32,258 | 36,535 | 36,581 |
| Persons | 37,774 | 27,927 | 29,107 | 29,308 | 26,860 | 29,626 | 29,661 |
↵Notes: SOEPv33.1i 2004-2016. Controls include: sex, age, age2, log monthly household income, own and parents’ upper secondary education or higher, household type (single person, couple without children, single parent, couple with children <16y, couple with children 16y+, couple with children <6y and 16y+, multigeneration, other combination [ref. group]), German born, and year dummies. Effect sizes are calculated as
, where is the estimated Depression coefficient and ŷ is the pooled sample mean for the relevant stated risk preference (the effect size is the percentage change from the mean associated with depression). All dependent variables are measured on a 0–10 scale, with higher values indicating greater risk willingness. For the general domain {T} = 2004, 2006, 2008, 2010, 2012, 2014, and 2016. For the other domains {T} = 2004 and 2014. Standard errors are in parentheses and are clustered at the individual level. *p < 0.01, ***p < 0.01.
