The Role of Wealth and Health in Insurance Choice: Bivariate Probit Analysis in China

Table 4

Willingness to buy commercial insurance.

Coefficient	Private medical	Private pension
𝐶	−0.7723*** (−3.51)	−0.9671*** (−2.82)
Wealth	4.45𝐸−07 (1.32)	4.57𝐸−07 (1.03)
Health	−0.0351 (−1.43)	−0.0706** (−1.97)
Age	−0.0298*** (−8.85)	−0.0290*** (−5.41)
Gender	0.0368 (0.71)	0.0143 (0.18)
Marriage	0.0372 (0.38)	0.0238 (0.16)
Education	0.0973*** (6.35)	0.0720*** (3.15)
Residence	0.1664*** (2.71)	0.0081 (0.09)
𝑁	16358	16358
/athrho	0.3881309*** (5.49)
rho	0.3697478
Log likelihood	−1906.2336
LR test chi^2 (1)	30.4906
Prob > chi^2	0.0000

Numbers with ***, **, and * are significant at 1-percent, 5-percent and 10-percent level, respectively. 𝑡 statistics are in parentheses.