**Table 6: Dependent variable:** **_Planners: private pension funds_ (1/0)** (Marginal effects from IV probit models)

||(1)|(2)|(1)|(2)|(1)|(2)|
|---|---|---|---|---|---|---|
|All 3 responses correct|0.434***|-|0.476***|-|0.360**|-|
||[0.151]||[0.148]||[0.147]||
|Number of correct responses|-|0.048***|-|0.055***|-|0.040**|
|||[0.017]||[0.017]||[0.016]|
|Age|-0.001|-0.001|-0.001|-0.001|-0.001|-0.001|
||[0.003]|[0.003]|[0.003]|[0.003]|[0.003]|[0.003]|
|Age squared/1,000|<br>-0.022|<br>-0.017|<br>-0.024|<br>-0.018|<br>-0.024|<br>-0.019|
||[0.034]|[0.036]|[0.034]|[0.036]|[0.034]|[0.036]|
|Female|-0.008|-0.014|-0.010|-0.017|-0.011|-0.016|
||[0.020]|[0.021]|[0.020]|[0.021]|[0.020]|[0.020]|
|Single-person Household|-0.043|-0.032|-0.050|-0.039|-0.054|-0.046|
||[0.039]|[0.040]|[0.040]|[0.041]|[0.040]|[0.041]|
|Number of household members|0.005|0.007|0.005|0.007|0.003|0.004|
||[0.009]|[0.009]|[0.009]|[0.009]|[0.009]|[0.009]|
|Rural region|<br>-0.074***|<br>-0.072***|<br>-0.058***|<br>-0.055**|<br>-0.059***|<br>-0.056**|
||[0.020]|[0.021]|[0.022]|[0.023]|[0.023]|[0.023]|
|Fil i_R 1_<sup>_st_</sup>_til lt_|||||||
|amy ncome (_ef.: quare- owes_)<br>2nd quartile|-0.006|-0.011|-0.006|-0.011|-0.005|-0.010|
||[0.032]|[0.033]|[0.032]|[0.033]|[0.032]|[0.033]|
|3rd quartile|0.007|0.008|-0.005|-0.007|0.003|0.002|
||[0.032]|[0.034]|[0.032]|[0.033]|[0.032]|[0.033]|
|4th quartile|0.090***|0.094***|0.060*|0.061*|0.077**|0.076**|
||[0.033]|[0.033]|[0.033]|[0.035]|[0.034]|[0.035]|
|Has experienced income shock|0.051***|0.056***|0.046**|0.051**|0.049**|0.053***|
|<br>in the last year|[0.020]|[0.020]|[0.019]|[0.020]|[0.020]|[0.020]|
|<br>Log(regional unemployment rate)|<br>-|<br>-|<br>0.046|<br>0.055|<br>0.110**|<br>0.125**|
||||[0.039]|[0.041]|[0.055]|[0.056]|
|Log(monthly income per capita)|-|-|<br>0.113***|<br>0.129***|<br>0.168***|<br>0.185***|
||||[0.036]|[0.038]|[0.049]|[0.049]|
|Federal District dummies|-|-|-|-|+|+|
|Wald χ<sup>2</sup>test of exogeneity|3.12*|0.06|4.60***|0.63|1.79|0.23|
|<br>(a) Kleibergen-Paap rk LM statistic χ<sup>2</sup><br>(2)|45.3***|437.3***|45.2***|431.8***|44.1***|458.1***|
|<br><br>(a) Kleibergen-Paap rk Wald statistic χ<sup>2</sup><br>(2)|55.4***|1,682.7***|55.7***|1,998.9***|57.3***|4,286.1***|
|(b) Kleibergen-Paap Wald rk F-statistic|27.3***|829.0***|27.4***|983.4***|28.1***|2,100.7***|
|<br>(c) Anderson-Rubin Wald test: F(2,1050)|0.78|0.78|1.76|2.44|0.40|0.40|
|(c) Anderson-Rubin Wald test: χ<sup>2</sup><br>(2)|1.59|1.59|3.59|2.46|0.81|0.81|
|<br><br>(c) Stock-Wright LM S-statistic: χ<sup>2</sup><br>(2)|1.58|1.58|3.56|1.21|0.81|0.81|
|<br><br>(d) Hansen J statistic χ<sup>2</sup><br>(1)|0.636|1,211|0.001|0.087|0.359|0.038|
|No. of Observations|<br>1,366|1,366|1,366|1,366|1,366|1,366|
|Log-Likelihood|-30.5|-1,665.6|-18.8|-1631.5523|-1.1|-1,448.3|
|<br>Waldχ<sup>2</sup><br>Notes<br>:* p<0.10, ** p<0.05, *** p<0.01. T|142.9***<br>he specificatio|130.0***<br>n also include|164.1***<br>s education an|145.7***<br>d occupation d|167.2***<br>ummy variab|156.8***<br>les. The tests|

<u>Notes: * p<0.10, ** p<0.05, *** p<0.01. The specification also includes education and occupation dummy variables. The tests</u> at the bottom are from IV GMM models. (a) denotes underidentification tests, (b) weak identification, (c) weak-instrumentrobust inference (tests of joint significance of the endogenous regressors in the main equation), and (d) overidentification tests.

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