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

Table 5

Purchase intention of new rural cooperative medical insurance and social old-age insurance (1).

Coefficient	New medical	New pension
𝐶	1.6035*** (12.33)	−0.5724*** (−5.6690)
Wealth	−5.59𝐸−07 (−1.49)	−1.80𝐸−06^∗∗ (−2.2518)
Health	0.0304** (1.96)	−0.0318*** (−2.7148)
Age	−0.0033* (−1.90)	0.0014 (1.0419)
Gender	0.0160 (0.47)	0.0337 (1.3126)
Marriage	−0.2494*** (−5.35)	−0.1224*** (−3.1763)
Education	−0.0438*** (−4.31)	0.0028 (0.3657)
𝑁	12900	12900
/athrho	0.331862*** (13.84)
rho	0.3201929
Log likelihood	−11304.939
LR test chi^2 (1)	202.277
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.