Experiments and Natural Experiments

4 19862 33 502 035 015 063 137 065 078 138 141 142

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Unformatted text preview: (14.1) (14.8) (15.3) (15.7) (15.8) (16.2) (16.3) (16.3) (16.3) (16.3) (16.4) (0.46) (0.45) (0.45) (0.46) (0.46) (0.45) (0.45) (0.47) (0.48) (0.49) (0.49) (0.49) (0.50) (17.8) (14.9) (111.6) (95.5) (102.8) (151.9) (192.5) 0 1986.4 2.2 53.2 0.43 0.19 0.67 14.4 0.78 0.77 15.6 16.0 16.2 16.6 17.6 18.0 18.2 18.5 17.7 17.1 16.9 16.7 15.8 0.69 0.68 0.69 0.68 0.68 0.69 0.69 0.68 0.64 0.62 0.61 0.59 0.57 16.7 15.3 174.9 144.6 92.6 91.8 164.5 All (N = 496) Winners (N= 237) Mean 55.2 1986.1 4.6 46.9 0.27 0.10 0.58 13.0 0.51 0.80 12.0 12.1 12.0 12.8 13.5 14.5 13.7 12.0 11.4 10.9 10.4 10.3 10.5 0.70 0.74 0.73 0.73 0.74 0.74 0.73 0.68 0.62 0.58 0.55 0.58 0.55 20.0 15.7 156.9 97.6 34.4 76.1 99.4 [t-stat] Big winners (N= 43) Mean [t-stat] [14.4] [-3.0] [10.2] [-5.2] [-3.9] [-2.9] [-2.1] [-7.8] [-6.6] [0.9] [-3.0] [-3.1] [-3.3] [-2.9] [-3.0] [-2.5] [-3.3] [-4.5] [-4.3] [-4.3] [-4.5] [-4.4] [-3.6] [0.3] [1.5] [1.1] [1.4] [1.6] [1.2] [1.1] [-0.0] [-0.5] [-0.8] [-1.3] [-0.4] [-0.4] [2.0] [0.3] [-1.8] [-5.4] [-6.1] [- 1.1] [-3.8] 160.0 1985.9 5.0 50.3 0.40 0.21 0.84 12.8 0.53 0.86 14.6 15.2 16.1 17.1 16.8 17.3 13.8 9.5 8.4 8.7 7.5 7.8 6.8 0.70 0.65 0.72 0.74 0.70 0.70 0.70 0.49 0.42 0.40 0.33 0.35 0.33 29.6 25.7 218.1 112.3 34.6 127.1 150.9 [20.4] [-1.1] [0.9] [1.8] [2.1] [2.6] [3.9] [-0.6] [0.4] [1.1] [1.6] [1.9] [2.5] [2.5] [1.9] [1.5] [0.1] [-1.4] [-1.6] [-1.2] [-1.6] [-1.4] [-2.0] [-0.0] [-1.5] [-0.2] [0.2] [-0.7] [-0.7] [-0.6] [-3.0] [-3.0] [-2.8] [-3.4] [-3.4] [-3.4] [3.5] [4.0] [4.4] [1.4] [0.0] [2.0] [2.0] Notes: The first two columns report the sample average and standarddeviation for the basic sample of 496. For the consumptionand savings variablesthe sample size is slightly smallerdue to item nonresponse.The thirdand fourthcolumns reportsample averagesfor the nonwinnersand winnersrespectively,with the fifth column the t-statisticfor the null hypothesis thatthe averagesfor winnersand nonwinnersare identical.The sixth column reportsthe sample averagefor the 43 big winners (winners with a yearly prize at least $100,000), and the seventh column reportsthe t-statisticfor the null hypothesis that the average for the big winners is the same as the average for the other winners. averagesseparatelyfor the nonwinnersand winners, as well as t-statistics the null hypotheses for that the averagesfor the nonwinnerand winner subpopulations identical.Finally, we present are averagesfor the subsampleof 43 "big"winners, who win morethan$100,000 per year (morethan $2,000,000 total), and t-statisticsfor the null hypothesisthatthe averagesfor the big winnersare different fromthose for the "small" winners(winners of prizes less than$2,000,000) total.10 10 We consider this group separatelybecause in some of the regressionsbelow we exclude the big winners to investigate the sensitivity of the estimates to their presence. This small group of big winners have average yearly prizes of $160,000. Excluding these 43 big winners, the average yearly prize for the winnersdrops from $55,200 to $31,500. Fortin – Econ 560 Lecture 1C The authors derive an optimal labour earnings function from a life-cycle model where...
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