# **<u>Appendix Table  3:</u> Random vs Real choice**

Ordinary least-squares regressions

|Dependent variable<br>:Change in sooner allocation upon revisiting (MK)<br>(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|
|---|---|---|---|---|---|---|---|
|Real|Simulated|Real|Simulated|Real|Simulated|Real|Simulated|
|Hyperbolic preferences||||||||
|Fraction Present Biased [0,1]<br>249.559***|705.308|||||||
|(83.269)|[ 467.5, 948.9]|||||||
|Fraction Present Biased, Non-Implemented Interest Rate||148.669*|0.763|||||
|||(82.106)|[ -225.6, 225.6]|||||
|Fraction Future Biased [0,1]||||-36.064|-707.562|||
|||||(96.468)|[ -936.4, -475.6]|||
|Fraction Future Biased, Non-Implemented Interest Rate||||||81.460|-2.150|
|||||||(90.885)|[ -220.6, 211.8]|
|Fraction of all tokens allocated to "sooner" [0,1]<br>-536.245**|-1997.214|||-534.990**|-1994.620|||
|(225.933)|[ -2734.4, -1218.4]|||(229.755)|[ -2738.1, -1210.8]|||
|Fraction of all tokens allocated to "sooner", non-Implemented Interest Rate||-476.630**|52.466|||-474.870**|52.622|
|||(227.564)|[ -672.1, 821.8]|||(228.706)|[ -678.2, 826.9]|
|Financial sophistication||||||||
|**Fraction of Decisions Consistent with Law of Demand**<br>**66** **484**<br>-<br>.|**133** **243**<br>.|**26** **708**<br>-<br>.|**387** **200**<br>.|**141** **406**<br>-<br>.|**132** **721**<br>.|**31** **727**<br>-<br>.|**387** **245**<br>.|
|(173.956)|[ -313.8, 567.6]|(175.075)|[ -69.7, 851.3]|(176.978)|[ -2738.1, -1210.8]|(178.077)|[ -69.1, 855.3]|
|Social pressure||||||||
|Spouse minus own allocation to sooner (MK)<br>0.068|0.004|||0.052|0.005|||
|(0.078)|[ -0.28, 0.30]|||(0.077)|[ -0.28, 0.31]|||
|Spouse minus own allocation to sooner (MK), non-Implemented Interest Rate||0.047|0.004|||0.034|0.004|
|||(0.081)|[ -0.28, 0.28]|||(0.080)|[ -0.28, 0.29]|
|Rate of return to waiting||||||||
|Implemented interest rate {.1,.25,.5,.75,1}<br>-211.245***|-0.292|-214.823**|1.785|-196.598**|0.232|-198.757**|1.690|
|(80.386)|[ -162.9, 174.5]|(82.398)|[ -170.5, 188.3]|(81.303)|[ -164.3, 178.7]|(82.700)|[ -169.6, 188.7]|
|Controls for:||||||||
|Spousal characteristics<br>Y|Y|Y|Y|Y|Y|Y|Y|
|N<br>661<br>Significance levels: * 10%, ** 5%, *** 1%. Robust standard errors in parentheses.<br>Notes: Unit of observation is individual included in revisit sample. The standard erro<br>confidence interval appears below the coefficient of regressions using simulated data<br>column 6 in Table 6, and column 7 replicates column 7 in Table 6.|661<br>r appears below the<br>in square brackets.|661<br>coefficient in r<br>All regressions|661<br>egressions using the<br>include regressors|661<br>real experime<br>in specificatio|661<br>ntal data (odd numb<br>ns of columns 6 and|661<br>ered columns<br>7 of Table 6.|661<br>). The 95%<br>Column 3 replicates|

Notes: Unit of observation is individual included in revisit sample. The standard error appears below the coefficient in regressions using the real experimental data (odd numbered columns). The 95% confidence interval appears below the coefficient of regressions using simulated data in square brackets. All regressions include regressors in specifications of columns 6 and 7 of Table 6. Column 3 replicates column 6 in Table 6, and column 7 replicates column 7 in Table 6.