Analysis of Household Consumption Behavior and Indebted Self-Selection Effects: Case Study of Thailand

Table 3

Estimation results of copula-based endogenous switching model.

(a) Estimation of sample selection equation

Parameter	Case 1 (all kinds of debt)		Case 2 (housing/land debt)
	Frank–Joe	Dynamic Frank–Joe	R–Joe90–Joe	Dynamic R–Joe90–Joe
Intercept	−3.7010	−3.8470	−7.0430	−7.2670
	(−20.468)	(−9.783)	(−20.489)	(−25.896)
ln asset	0.1543	0.1478	0.2047	0.2056
	(23.194)	(19.866)	(14.431)	(14.514)
ln exp	0.5055	0.5557	0.2990	0.2938
	(18.229)	(13.293)	(6.640)	(6.537)
ln children	0.0521	0.0502	0.0028	0.0033
	(20.057)	(18.87)	(0.725)	(0.834)
ln income	−0.1782	−0.2010	0.1975	0.2232
	(−7.740)	(−8.021)	(5.708)	(6.233)
ln age	−0.3141	−0.3196	−0.5420	−0.5400
	(−9.773)	(−5.525)	(−8.8090)	(−8.981)

(b) Estimation of consumption function for households without debt

Parameter	Case 1 (all kinds of debt)		Case 2 (housing/land debt)
	Frank–Joe	Dynamic Frank–Joe	R–Joe90–Joe	Dynamic R–Joe90–Joe
Intercept	0.9033	0.9211	0.8981	0.8983
	(248.576)	(276.193)	(279.083)	(279.348)
ln ad income	239.7000	203.00	299.1000	296.1000
	(1752.608)	(112.866)	(1111.661)	(1798.407)
ln saving rate	−0.9526	−0.9575	−0.9390	−0.9387
	(−894.060)	(−769.568)	(−1321.572)	(−1329.810)
ln age	−0.0009	−0.0009	−0.0011	−0.0011
	(−5.793)	(−7.158)	(−8.761)	(−8.794)
ln age 2	0.0009	0.0009	0.0012	0.0012
	(6.647)	(7.574)	(9.596)	(9.633)
ln family size	0.0113	0.0096	0.0139	0.0140
	(28.464)	(27.538)	(46.928)	(47.333)
ln workers	−0.0130	−0.0116	−0.0131	−0.0131
	(−22.412)	(−22.492)	(−29.343)	(−29.293)
ln good workers	0.0092	0.0085	0.0065	0.0065
	(10.191)	(10.591)	(10.021)	(10.078)
	0.0437	0.0374	0.0459	0.0606
	(128.787)	(108.801)	(196.144)	(67.739)

(c) Estimation of consumption function for indebted households

Parameter	Case 1 (all kinds of debt)		Case 2 (housing/land debt)
	Frank–Joe	Dynamic Frank–Joe	R–Joe90–Joe	Dynamic R–Joe90–Joe
Intercept	0.8645	0.8653	0.8405	0.8344
	(156.582)	(163.123)	(40.575)	(41.127)
ln ad income	273.300	271.100	346.03	339.6000
	(984.908)	(102.664)	(196.600)	(519.557)
ln saving rate	−0.9380	−0.9384	−0.9250	−0.9179
	(−897.758)	(−896.498)	(−200.871)	(−197.062)
ln age	−0.0013	−0.0013	−0.0076	−0.0073
	(−5.906)	(−5.994)	(−9.055)	(−9.330)
ln age 2	0.0009	0.0009	−0.0023	−0.0020
	(4.558)	(4.622)	(−2.798)	(−2.481)
ln family size	0.0167	0.0166	0.0018	0.0015
	(40.483)	(40.153)	(13.212)	(2.005)
ln workers	−0.0072	−0.0072	0.0208	0.0171
	(−11.611)	(−11.547)	(14.990)	(13.230)
ln good workers	0.0056	0.0056	−0.0086	−0.0090
	(6.981)	(6.961)	(−4.244)	(−4.521)
ln debt ratio	−0.0001	−0.0001	0.0139	0.0139
	(−24.850)	(−23.894)	(5.592)	(5.680)
	0.0504	0.0474	0.0569	0.0549
	(154.600)	(148.663)	(70.121)	(68.3470)

(d) Estimation of dependence parameters

Parameter	Case 1 (all kinds of debt)		Case 2 (housing/land debt)
	Frank–Joe	Dynamic Frank–Joe	R–Joe90–Joe	Dynamic R–Joe90–Joe
	- - -	0.2384	- - -	7.9160
		(0.392)		(87.687)
	- - -	−0.2164	- - -	−0.7761
		(−3.542)		(−60.734)
	−2.265	- - -	−1.99	- - -
	(−24.838)		(−22.146)
	- - -	3.412	- - -	−3.1370
		(1.789)		(−3.692)
	- - -	0.3242	- - -	0.2278
		(−1.701)		(2.765)
	2.123	- - -	1.467	- - -
	(61.076)		(55.174)
log	67190.74	68144.1	74992.16	75081.88
AIC	−132169.0	−136230.2	−149930.3	−150105.8

Note. “” denotes significance at 1% level. Source. Computation.