Are Highly Intelligent People More Likely to Tolerate Risk in China? Evidence from China Family Panel Studies

Table 4

Relationship between cognitive ability and risk preferences.

	(4)		(5)		(6)		(7)
Cognitive scores	0.946 (0.062)		0.185 (0.060)		0.171 (0.064)		0.180 (0.063)
Age: 30–39 years			−0.570 (0.131)		−0.350 (0.169)		−0.316 (0.165)
Age: 40–49 years			−1.357 (0.139)		−1.119 (0.179)		−1.081 (0.177)
Age: 50–64 years			−2.162 (0.151)		−1.777 (0.190)		−1.750 (0.184)
Age: ≥65 years			−2.938 (0.187)		−2.174 (0.245)		−2.127 (0.240)
Male			0.499 (0.080)		0.535 (0.082)		0.485 (0.080)
Education 2			0.350 (0.132)		0.387 (0.141)		0.387 (0.137)
Education 3			0.537 (0.168)		0.576 (0.165)		0.568 (0.163)
Household wealth 2			0.168 (0.126)		0.207 (0.129)		0.208 (0.129)
Household wealth 3			0.160 (0.142)		0.131 (0.141)		0.152 (0.141)
Household wealth 4			0.233 (0.152)		0.281 (0.154)		0.282 (0.152)
Household wealth 5			0.287 (0.150)		0.310 (0.149)		0.305 (0.147)
Married					−0.260 (0.121)		−0.240 (0.120)
1 child					−0.335 (0.188)		−0.350 (0.186)
≥2 children					−0.724 (0.167)		−0.721 (0.166)
Constant	−1.149 (0.295)		0.280 (0.258)		0.099 (0.286)		1.388 (0.706)
Big five	No		No		No		Yes
Provincial fixed effects	Yes
N	25356		25356		23198		23112

Note. Interval regression was used with sample weights to analyze the data. The dependent variable is interval-censored risk choice. Literacy and numeracy scores represent the standardized values of the literacy and numeracy test scores, respectively. Cognitive scores are the standardized values of the literacy and numeracy test scores. Age was divided into different intervals as follows: ≤29, 30–39, 40–49, 50–64, and ≥65 years. 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, vocational high school). Education 3 refers to college education or higher. Household wealth 1 corresponds to a range of 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 and above. The number of children was categorized as none (0), one child, and two or more children. Robust standard errors are reported in parentheses. The significance levels are denoted as , , and .