Are Highly Intelligent People More Likely to Tolerate Risk in China? Evidence from China Family Panel Studies
Table 2
Statistical summary of selected variables by risk preferences.
(1)
(2)
(3)
(4)
(5)
(6)
Test(e)
Literacy scores
−0.135(a) (1.000)(b)
0.363 (0.886)
0.118 (1.006)
−0.000 (0.991)
0.377 (0.915)
0.235 (0.901)
<0.001
Numeracy scores
−0.149 (0.925)
0.394 (1.038)
0.164 (1.093)
0.019 (1.024)
0.434 (1.073)
0.193 (0.997)
<0.001
Cognitive scores
−0.152 (0.963)
0.404 (0.953)
0.150 (1.047)
0.010 (1.009)
0.433 (0.983)
0.228 (0.939)
<0.001
Age: 9–29 years
3,158(c) (18.0%)(d)
1,182 (33.0%)
1,138 (36.2%)
645 (33.1%)
718 (42.0%)
1,615 (38.9%)
<0.001
Age: 30–39 years
2,141 (12.2%)
794 (22.2%)
577 (18.3%)
309 (15.9%)
378 (22.1%)
784 (18.9%)
Age: 40–49 years
2,955 (16.8%)
629 (17.6%)
480 (15.3%)
317 (16.3%)
286 (16.7%)
668 (16.1%)
Age: 50–64 years
5,674 (32.3%)
698 (19.5%)
633 (20.1%)
428 (22.0%)
244 (14.3%)
777 (18.7%)
Age: ≥65 years
3,663 (20.8%)
280 (7.8%)
317 (10.1%)
247 (12.7%)
85 (5.0%)
308 (7.4%)
Female
9,159 (52.1%)
1,843 (51.4%)
1,647 (52.4%)
955 (49.1%)
660 (38.6%)
1,814 (43.7%)
<0.001
Male
8,432 (47.9%)
1,740 (48.6%)
1,498 (47.6%)
991 (50.9%)
1,051 (61.4%)
2,338 (56.3%)
Education 1
13,944 (79.3%)
2,201 (61.4%)
2,134 (67.9%)
1,475 (75.8%)
1,010 (59.0%)
2,841 (68.4%)
<0.001
Education 2
2,303 (13.1%)
707 (19.7%)
527 (16.8%)
290 (14.9%)
351 (20.5%)
739 (17.8%)
Education 3
1,344 (7.6%)
675 (18.8%)
484 (15.4%)
181 (9.3%)
350 (20.5%)
572 (13.8%)
Household wealth 1
4,141 (23.7%)
511 (14.4%)
603 (19.4%)
438 (22.7%)
235 (13.8%)
679 (16.6%)
<0.001
Household wealth 2
3,258 (18.7%)
597 (16.8%)
552 (17.7%)
371 (19.2%)
319 (18.8%)
757 (18.5%)
Household wealth 3
3,400 (19.5%)
699 (19.7%)
568 (18.3%)
386 (20.0%)
339 (20.0%)
808 (19.7%)
Household wealth 4
3,374 (19.3%)
810 (22.8%)
661 (21.2%)
373 (19.3%)
372 (21.9%)
958 (23.4%)
Household wealth 5
3,273 (18.8%)
935 (26.3%)
727 (23.4%)
361 (18.7%)
434 (25.5%)
900 (21.9%)
Note. Columns (1)–(6) present a statistical summary of selected variables grouped by the risk decisions of respondents, ranging from risk-averse to risk-seeking levels. Literacy and numeracy scores represent the standardized values of literacy and numeracy test scores, respectively. Cognitive scores are the standardized values of the standardized literacy and numeracy test scores. Continuous variables are expressed as mean values (a) and standard deviations (b), whereas factors variables are presented as display frequencies (c) and proportions (d). (e) values of the variable tests for equality between groups. Education 1 refers to education below junior high school (or the early years of middle school). Education 2 refers to education below high school (or technical secondary school, technical school, and vocational high school). Education 3 refers to college education or higher. Household wealth 1 corresponds to 0–30,000 RMB. Household wealth 2 corresponds to 30,001–50,000 RMB. Household wealth 3 corresponds to 50,001–79,000 RMB. Household wealth 4 corresponds to 79,100–121,980 RMB. Household wealth 5 corresponds to 121,995 RMB or more.
