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Table 2 Estimation results two-limit tobit models with random effects: probabilities of negative changes in future generosity of state and occupational pensions

From: The future of retirement and the pension system: How the public’s expectations vary over time and across socio-economic groups

  Generosity of AOW Generosity of occupational pension
  Less At least 10% less Less At least 10% less
Male −0.966 −4.642*** −1.819 −4.222***
  (−0.832) (−4.541) (−1.608) (−4.250)
Partner 2.086** 2.766*** 1.159 1.446
  (1.967) (2.912) (1.127) (1.574)
Age 0.911*** 0.660*** 0.272 0.084
  (4.195) (3.409) (1.286) (0.447)
Age−sqr./100 −1.281*** −0.830*** −0.682*** −0.312*
  (−6.217) (−4.517) (−3.405) (−1.752)
Log. net-inc. 1.094 −0.170 0.116 −1.067*
  (1.628) (−0.280) (0.178) (−1.821)
Inc. = 0 6.320 −1.700 −0.570 −6.597*
  (1.390) (−0.412) (−0.129) (−1.659)
Unk. Inc. 8.155 6.562 2.455 −0.235
  (1.514) (1.343) (0.470) (−0.050)
Educ. Med. 6.026*** 1.812* 4.221*** 0.657
  (4.850) (1.649) (3.494) (0.616)
Educ. High 10.908*** 3.910*** 6.687*** 1.133
  (8.601) (3.498) (5.422) (1.044)
Self-employed 0.302 2.386 −0.759 0.587
  (0.176) (1.559) (−0.456) (0.395)
Retired 1.421 −1.255 0.238 −1.364
  (1.141) (−1.116) (0.197) (−1.254)
Disabled −0.336 −0.387 −1.192 0.739
  (−0.182) (−0.232) (−0.662) (0.457)
Homemaker 0.256 −1.907 −0.714 −3.495**
  (0.163) (−1.349) (−0.468) (−2.559)
Unemployed 1.811 0.734 1.195 1.317
  (0.969) (0.435) (0.666) (0.814)
Public sector 1.533 0.183 2.089** 0.702
  (1.451) (0.194) (2.041) (0.772)
Homeowner 1.138 −0.877 0.963 −0.788
  (1.100) (−0.950) (0.960) (−0.881)
In 20 years −0.135 2.783*** −0.705** 1.718***
  (−0.401) (8.940) (−2.164) (5.747)
Constant 29.424*** 35.836*** 48.754*** 50.083***
  (4.104) (5.573) (6.990) (8.045)
Num. Ind. 3,806 3,801 3,807 3,805
Num. Obs. 3,6499 36,328 36,621 36,593
ρ 0.463 0.424 0.467 0.432
σ α 27.567 23.843 26.943 23.297
σ ε 29.696 27.793 28.795 26.738
  1. Dummies for each but the initial time period were included, but are not reported.
  2. t-values in parentheses.
  3. Stars denote significance: * 10% level, ** 5% level, *** 1% level.