Appendix
| Model Specification and Sample | Dep. Var. | POWER1 | POWER2 |
|---|---|---|---|
| Characteristics for each individual, 44-55 years cohort | Median |
-9.926*** (2.640) |
-8.840** (3.579) |
| Characteristics for the couple, full sample | Median |
-2.495 (3.234) |
-4.485** (1.879) |
| Characteristics for each individual, 44-55 years cohort | Mean |
-2.402 (16.106) |
-10.392 (16.062) |
| Characteristics for each individual, full sample | Mean |
-10.759 (9.529) |
-23.200* (13.361) |
| Characteristics for the couple, full sample | Mean |
-11.378 (9.319) |
-24.567* (12.746) |
Note: Coefficients are from a weighted regression of net worth, with standard errors in ( ). The coefficients show the effect of a one-unit increase in the power index on net worth in $’000.
* statistically significant at 10%; ** statistically significant at 5%; *** statistically significant at 1%.
The full specification of the base model is described in Table 3, with the changes to the specification of the model or the estimation sample listed in the first column.
The “Dep. Var” column specifies whether the dependent variable is the mean net worth (OLS estimation) or the median net worth (least absolute deviations estimation).
Power Index #1 is the first principal component of ΔAGE, ΔSCHOOL, ΔUNIV, and ΔINHERIT. Power Index #2 is the first principal component of those four variables and ΔINCOME.
| Model Specification and Sample | Dep. Var. | ΔAGE | ΔSCHOOL | ΔUNIV | ΔINHERIT |
|---|---|---|---|---|---|
|
Characteristics for the couple, 45-55 years cohort |
Median |
-2.834*** (0.342) |
-10.173*** (1.435) |
-2.601*** (0.735) |
-0.130*** (0.022) |
|
Characteristics for each individual, 45-55 years cohort |
Mean |
-2.532 (3.674) |
-0.283 (12.617) |
5.575 (6.700) |
-0.386* (0.199) |
|
Characteristics for the couple, full sample |
Median |
0.230 (0.670) |
-1.739 (2.564) |
-0.628 (1.451) |
0.001 (0.056) |
|
Characteristics for each individual, full sample |
Median |
-0.260 (0.527) |
-5.700** (2.110) |
-0.785 (1.189) |
-0.007 (0.047) |
|
Characteristics for each individual, |
Mean |
-1.839 (1.821) |
-12.110* (7.225) |
2.740 (4.045) |
-0.368 (0.231) |
|
Characteristics for the couple, full sample |
Mean |
-1.534 (1.807) |
-12.268* (7.323) |
2.569 (4.013) |
-0.355 (0.235) |
Note: Coefficients are from a weighted regression of net worth, with standard errors in ( ). The coefficients show the effect of a one-unit increase in the power index on net worth in $’000.
* statistically significant at 10%; ** statistically significant at 5%; *** statistically significant at 1%.
The full specification model includes the variables described in Table 3, except POWER1 and POWER2. The changes to the specification of the model or the estimation sample listed in the first column.
The “Dep. Var” column specifies whether the dependent variable is the mean net worth (OLS estimation) or the median net worth (least absolute deviations estimation).
