Appendix Table 2 shows weighted means and standard deviations
of the variables we use in the regressions. Average age for
both men and women is just under 60 years. Some 45% of men and
43% of women are aged 60 and above. In our baseline regressions
we use age dummy variables, grouped into five year increments,
with 45e49 being the omitted group. Of course given that the data
are from a cross-section, age patterns cannot be distinguished from
birth cohort or period effects. We also use dummy variables for
level of schooling completed, with no schooling being omitted.
Note what we call “can read or write” indicates some primary
school, but not completed. Just under 40% of women have no
schooling, while only 12% of men in our sample have no schooling.
Some 46% of men have junior high school or greater, while only 27%
of women do. Having little or no schooling is very much a function
of age, with older respondents being more likely to have had no
schooling. For household resources, as discussed above, we use log
of household per capita expenditure (log pce) for the household.
Because income impacts may be highly nonlinear, even when pce is
in logs, we use a linear spline around the median log pce. Allowing
for nonlinearities turns out to be very important in our results
Appendix Table 2 shows weighted means and standard deviations
of the variables we use in the regressions. Average age for
both men and women is just under 60 years. Some 45% of men and
43% of women are aged 60 and above. In our baseline regressions
we use age dummy variables, grouped into five year increments,
with 45e49 being the omitted group. Of course given that the data
are from a cross-section, age patterns cannot be distinguished from
birth cohort or period effects. We also use dummy variables for
level of schooling completed, with no schooling being omitted.
Note what we call “can read or write” indicates some primary
school, but not completed. Just under 40% of women have no
schooling, while only 12% of men in our sample have no schooling.
Some 46% of men have junior high school or greater, while only 27%
of women do. Having little or no schooling is very much a function
of age, with older respondents being more likely to have had no
schooling. For household resources, as discussed above, we use log
of household per capita expenditure (log pce) for the household.
Because income impacts may be highly nonlinear, even when pce is
in logs, we use a linear spline around the median log pce. Allowing
for nonlinearities turns out to be very important in our results
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