Happiness and Elections:Preliminary Slides from the ALP

February 22, 2009

About the American Life Panel (ALP)

The ALP is a subset of the Health and Retirement Study and includes respondents who agreed to participate in a series of Internet-based survey modules or waves

The analysis shown here is based on six survey waves: four during the primary season between April and June, one on the eve of the general election, and one immediately following the election

Each wave asks about levels of happiness, political affiliation, presidential choice, and other related questions

The panel nature of the data allows us to look at how changes in these variables are related

About the American Life Panel (ALP)

The principal variable of interest, happiness, is measured two ways:

Happiness index (0-100): A composite based on a series of indicator questions of whether in the last week the respondent felt happy, felt sad, enjoyed life, and felt depressed. Higher values indicate grater happiness.

Likert-type happiness scale: This variable exists only for the pre- and post-election survey, and records an 8-point scale for how happy the respondent is that day, with higher values indicating greater happiness.

We also examine the relationship of the happiness measures to how sensitive respondents report their emotional reactions are to daily news and events

We are also interested in how sensitive reported happiness is to personally unexpected events; e.g., the results of a presidential election

Changes in political affiliation (April through June)

Likelihood of changing political affiliation (in percentage points)

Any change Leave Rep Join DemHappiness index,(0-1, in hundredths)

-0.053 -0.024 -0.031(0.015) (0.024) (0.012)

N 3819 1265 2392McFadden's R-squared 0.006 0.012 0.012

Likelihood of changing candidate choice (in percentage points)

Any change Party change To DemHappiness index,(0-1, in hundredths)

-0.014 -0.012 -0.036(0.020) (0.017) (0.017)

N 3819 3819 1944McFadden's R-squared 0.006 0.002 0.006

Notes: Coefficients represent mean marginal effects of initial happiness index from a logit model that also includes survey wave fixed effects. Standard errors are clustered on the individual respondent.

Strength of preferences and happiness reaction (1a):Pre- and post-election waves

Contemporaneous intensity of preferences and happiness, pre-election

Dependent variable is Happiness Index (0-100) (1) (2) (3) (4) (5) (6) (7) (8)Strong partisan (0,1) -1.430 -2.489

(1.891) (3.001)% chance vote for cand. 0.072 0.188

(0.041) (0.121)Obama Therm (0-100) -0.009 -0.088

(0.045) (0.086)Biden Therm (0-100) 0.112 0.249

(0.044) (0.076)McCain Therm (0-100) 0.133 0.130

(0.043) (0.090)Palin Therm (0-100) 0.019 0.079

(0.043) (0.079)US worse off w/ oth cand. (1-5) -1.821 -1.988

(0.848) (1.348)Used camp. paraph. (0,1) 1.640 -0.881

(2.095) (3.429)Donated money (0,1) 2.362 3.523

(2.123) (3.709)Minutes on election, 24 hrs -0.010 0.004

(0.004) (0.007)Duel bid ($) 0.000 0.000

(0.000) (0.000)

N 1101 1541 1496 1002 1544 1542 1200 528R-squared 0.001 0.002 0.015 0.005 0.002 0.003 0.000 0.049All results are from OLS regressions. Coefficients in bold are significant at the 5 percent level.

Strength of preferences and happiness reaction (1b):Pre- and post-election waves

Contemporaneous intensity of preferences and happiness, pre-election

Dependent variable is Likert Happiness Scale (1-8) (1) (2) (3) (4) (5) (6) (7) (8)Strong partisan (0,1) 0.102 0.074

(0.067) (0.105)% chance vote for cand. 0.001 0.001

(0.001) (0.004)Obama Therm (0-100) 0.001 -0.001

(0.001) (0.003)Biden Therm (0-100) 0.002 0.005

(0.002) (0.003)McCain Therm (0-100) 0.003 0.003

(0.002) (0.003)Palin Therm (0-100) 0.004 0.006

(0.002) (0.003)US worse off w/ oth cand. (1-5) 0.002 -0.008

(0.031) (0.047)Used camp. paraph. (0,1) 0.063 -0.049

(0.070) (0.120)Donated money (0,1) 0.002 -0.017

(0.070) (0.129)Minutes on election, 24 hrs -0.000 -0.000

(0.000) (0.000)Duel bid ($) 0.000 0.000

(0.000) (0.000)

N 1101 1541 1496 1002 1544 1542 1200 528R-squared 0.001 0.001 0.019 0.000 0.002 0.003 0.000 0.046All results are from OLS regressions. Coefficients in bold are significant at the 5 percent level.

Strength of preferences and happiness reaction (2):Pre- and post-election waves

Contemporaneous intensity of preferences and happiness, post-election

Happiness Index (0-100) Likert Happiness Scale (1-8)

US better or worse off(1-5, 5 greatest) 11.346 0.498

(0.890) (0.033)

N 1663 1664

R-squared 0.089 0.122

All results are from OLS regressions.

Strength of preferences and happiness reaction (3a):Pre- and post-election waves

Pre-election intensity of preferences and happiness, post-election

Dependent variable is Happiness Index (0-100) (1) (2) (3) (4) (5) (6) (7) (8)Strong partisan (0,1) -0.614 -0.816

(2.006) (3.076)% chance vote for cand. 0.100 0.116

(0.042) (0.118)Obama Therm (0-100) 0.041 -0.070

(0.048) (0.086)Biden Therm (0-100) 0.096 0.200

(0.046) (0.076)McCain Therm (0-100) 0.167 0.102

(0.051) (0.093)Palin Therm (0-100) -0.030 0.072

(0.045) (0.079)US worse off w/ oth cand. (1-5) -1.615 -2.405

(0.880) (1.380)Used camp. paraph. (0,1) -1.156 -4.395

(2.258) (3.497)Donated money (0,1) 2.922 4.613

(2.261) (3.757)Minutes on election, 24 hrs -0.012 -0.007

(0.004) (0.007)Duel bid ($) 0.000 0.000

(0.000) (0.000)

N 972 1370 1332 886 1371 1368 1069 464R-squared 0.000 0.004 0.015 0.005 0.001 0.005 0.000 0.052All results are from OLS regressions. Coefficients in bold are significant at the 5 percent level.

Strength of preferences and happiness reaction (3b):Pre- and post-election waves

Pre-election intensity of preferences and happiness, post-election

Dependent variable is Likert Happiness Scale (1-8) (1) (2) (3) (4) (5) (6) (7) (8)Strong partisan (0,1) 0.062 -0.105

(0.085) (0.126)% chance vote for cand. 0.004 -0.002

(0.002) (0.005)Obama Therm (0-100) 0.008 0.008

(0.002) (0.004)Biden Therm (0-100) 0.002 0.001

(0.002) (0.003)McCain Therm (0-100) 0.003 0.002

(0.002) (0.004)Palin Therm (0-100) -0.002 0.001

(0.002) (0.003)US worse off w/ oth cand. (1-5) 0.021 0.029

(0.037) (0.057)Used camp. paraph. (0,1) 0.134 0.004

(0.096) (0.143)Donated money (0,1) 0.118 0.197

(0.096) (0.154)Minutes on election, 24 hrs -0.0004 -0.001

(0.0002) (0.000)Duel bid ($) 0.000 0.000

(0.000) (0.000)

N 973 1371 1333 886 1372 1369 1070 464R-squared 0.001 0.004 0.058 0.000 0.004 0.004 0.000 0.052All results are from OLS regressions. Coefficients in bold are significant at the 5 percent level.

Strength of preferences and happiness reaction (4a):Pre- and post-election waves

Pre-election intensity of preferences and change in happiness, pre-to-post-election

Dependent variable is ΔHappiness Index (-100 to 100) (1) (2) (3) (4) (5) (6) (7) (8)Strong partisan (0,1) 0.683 2.076

(1.752) (2.685)% chance vote for cand. 0.020 -0.052

(0.036) (0.103)Obama Therm (0-100) 0.060 -0.003

(0.041) (0.075)Biden Therm (0-100) -0.008 -0.027

(0.040) (0.067)McCain Therm (0-100) 0.027 -0.049

(0.045) (0.081)Palin Therm (0-100) -0.024 -0.002

(0.039) (0.069)US worse off w/ oth cand. (1-5) 0.024 -1.171

(0.751) (1.205)Used camp. paraph. (0,1) -0.672 0.070

(1.939) (3.053)Donated money (0,1) -0.673 0.002

(1.941) (3.280)Minutes on election, 24 hrs -0.000 -0.011

(0.004) (0.006)Duel bid ($) 0.000 0.000

(0.000) (0.000)

N 972 1370 1332 886 1371 1368 1069 464R-squared 0.000 0.000 0.006 0.000 0.000 0.000 0.000 0.013All results are from OLS regressions. Coefficients in bold are significant at the 5 percent level.

Strength of preferences and happiness reaction (4b):Pre- and post-election waves

Pre-election intensity of preferences and change in happiness, pre-to-post-election

Dependent variable is ΔLikert Happiness Scale (-6 to 6) (1) (2) (3) (4) (5) (6) (7) (8)Strong partisan (0,1) -0.006 -0.132

(0.082) (0.114)% chance vote for cand. 0.003 -0.002

(0.002) (0.004)Obama Therm (0-100) 0.007 0.009

(0.002) (0.003)Biden Therm (0-100) -0.001 -0.004

(0.002) (0.003)McCain Therm (0-100) 0.000 -0.001

(0.002) (0.003)Palin Therm (0-100) -0.006 -0.006

(0.002) (0.003)US worse off w/ oth cand. (1-5) -0.015 0.020

(0.036) (0.051)Used camp. paraph. (0,1) 0.116 0.166

(0.093) (0.130)Donated money (0,1) 0.155 0.216

(0.093) (0.139)Minutes on election, 24 hrs -0.000 -0.000

(0.000) (0.000)Duel bid ($) 0.000 -0.000

(0.000) (0.000)

N 973 1371 1333 886 1372 1369 1070 464R-squared 0.000 0.002 0.100 0.000 0.005 0.000 0.000 0.151All results are from OLS regressions. Coefficients in bold are significant at the 5 percent level.

Emotional sensitivity and happiness reaction (1):Pre- and post-election waves

Pre-election emotional sensitivity measures and post-election happiness

Happy (Index) Happy (Likert) ΔHappy (Index) ΔHappy (Likert) Δ|Happy (Index)| Δ|Happy (Likert)|

Dummy: McCain 3.11 -0.598  5.18 -0.522  4.79 -0.395 (6.41) (0.269) (5.49) (0.255) (5.05) (0.198)

Dummy: Other -20.34 -0.908 13.51 -0.558 6.57 0.198(12.75) (0.535) (10.92) (0.507) (10.03) (0.393)

Emotional Reaction Sensitivity

3.07 -0.139 4.16 -0.008 0.91 -0.163(1.89) (0.079) (1.61) (0.075) (1.48) (0.058)

McCain * Sensitivity -1.81 0.041 -4.02 -0.072 -2.40 0.148(2.74) (0.115) (2.34) (0.109) (2.16) (0.085)

Other * Sensitivity 7.68 0.176 -5.60 -0.008 -3.33 -0.082(5.33) (0.224) (4.56) (0.212) (4.19) (0.165)

N 1373 1374 1373 1374 1373 1374

R-squared 0.006 0.042 0.011 0.074 0.001 0.009All results are from OLS regressions. Columns are separate regressions. Omitted category is Obama as candidate choice. Emotional Reaction Sensitivity is on a {1,2,3,4} scale, with lower values indicating greater sensitivity. Coefficients in bold are significant at the 5 percent level.

Emotional sensitivity and happiness reaction (2):Pre- and post-election waves

Pre-election emotional control measures and post-election happiness

Happy (Index) Happy (Likert) ΔHappy (Index) ΔHappy (Likert) Δ|Happy (Index)| Δ|Happy (Likert)|

Dummy: McCain -8.78 -0.255 -17.29 -0.411  -0.13 -0.272 (4.76) (0.204) (4.29) (0.199) (3.84) (0.156)

Dummy: Other -15.46 0.035 -2.97 -0.400 -4.80 0.129(8.96) (0.384) (8.07) (0.375) (7.23) (0.293)

Life is like a rollercoaster5.08 0.233 -1.05 0.026 -3.50 -0.030(0.70) (0.030) (0.63) (0.029) (0.56) (0.023)

McCain * rollercoaster 1.62 -0.060 2.98 -0.061 -0.04 0.047(1.00) (0.043) (0.90) (0.042) (0.81) (0.033)

Other * rollercoaster 3.83 -0.111 0.83 -0.041 0.55 -0.036(2.06) (0.088) (1.86) (0.086) (1.67) (0.067)

N 1373 1374 1373 1374 1373 1374

R-squared 0.106 0.101 0.014 0.075 0.055 0.004All results are from OLS regressions. Columns are separate regressions. Omitted category is Obama as candidate choice. Rollercoaster is on a {1,2,3,4,5,6,7,8} scale, with lower values indicating greater agreement. Coefficients in bold are significant at the 5 percent level.

Bonus Slide: No Sarah Palin Effect

Despite much talk that Sarah Palin energized the Republican base, the ALP data do not bear this out:

Likelihood of voting for McCain/Palin ticket (in percentage points)

Coefficient x 100 Std ErrFeeling toward Barack Obama (0-100) -0.24 0.03Feeling toward Joe Biden (0-100) -0.11 0.03Feeling toward John McCain (0-100) 0.40 0.04Feeling toward Sarah Palin (0-100) 0.10 0.03

N 1492McFadden's R-squared 0.739

Perceived feeling toward John McCain had four times the average marginal effect as feeling toward Sarah Palin in determining whether an ALP respondent voted Republican.

Crosstabs: ΔHappinessPre- and post-election waves

Notes: Numbers represent the mean happiness difference in the quartile shown for the happiness measure shown.

By Quartiles of Obamamania 

Index Likert Combined

All

1 -3.22 -0.51 -0.31

2 -0.15 -0.26 -0.11

3 2.25 0.07 0.11

4 1.15 0.49 0.3

Pro-Obama

1 － － －2 0.00 -0.25 -0.11

3 2.59 0.10 0.14

4 1.15 0.49 0.30

Against Obama

1 -3.22 -0.51 -0.31

2 -0.15 -0.26 -0.11

3 -0.78 -0.19 -0.09

4 － － －

Crosstabs: ΔHappinessPre- and post-election waves

Notes: Numbers represent the mean happiness difference in the quartile shown for the happiness measure shown.

By Quartiles of Surprise

Index Likert Combined

All

1 0 0.3 0.17

2 1.16 0.04 0.07

3 0.14 -0.1 -0.02

4 0 -0.47 -0.22

Pro-Obama

1 1.17 0.39 0.25

2 2.34 0.18 0.17

3 3.87 0.42 0.33

4 2.91 0.07 0.13

Against Obama

1 -5.70 -0.12 -0.18

2 -1.03 -0.23 -0.12

3 -1.25 -0.29 -0.16

4 -0.44 -0.55 -0.27

Crosstabs: ΔHappinessPre- and post-election waves

Notes: Numbers represent the mean happiness difference in the quartile shown for the happiness measure shown.

By Quartiles of Emotional SensitivityIndex Likert Combined

All

1 2.57 -0.07 0.052 0.40 -0.05 0.003 -1.83 -0.08 -0.064 -0.16 0.02 0.03

Pro-Obama

1 2.91 0.36 0.282 2.76 0.32 0.253 3.13 0.19 0.124 2.91 0.40 0.30

Against Obama

1 2.28 -0.42 -0.142 -1.75 -0.39 -0.223 -3.64 -0.33 -0.234 -2.87 -0.30 -0.20

Crosstabs: ΔHappinessPre- and post-election waves

Notes: Numbers represent the mean happiness difference in the quartile shown for the happiness measure shown.

Obamamania Quartile by Surprise Quartile    Surprise quartile

1 2 3 4

IndexObama-mania

quartile

1 -30.00 7.50 -2.92 -3.772 0.64 -4.93 -0.98 4.643 2.89 1.57 4.92 -1.324 -0.41 2.37 1.92 13.64

LikertObama-mania

quartile

1 0.00 -0.43 -0.36 -0.662 -0.05 -0.26 -0.25 -0.333 0.08 -0.05 0.31 0.054 0.52 0.46 0.56 0.09

CombinedObama-mania

quartile

1 -0.71 -0.02 -0.23 -0.402 0.01 -0.23 -0.13 0.033 0.14 0.04 0.30 0.024 0.27 0.31 0.36 0.40

Crosstabs: ΔHappinessPre- and post-election waves

Notes: Numbers represent the mean happiness difference in the quartile shown for the happiness measure shown.

Obamamania Quartile by Emotional Sensitivity Quartile    Emotional Sensitivity quartile

1 2 3 4

IndexObama-mania

quartile

1 1.34 -2.65 -6.53 -9.382 2.67 -0.74 -2.04 -1.283 3.20 2.56 0.99 2.664 2.30 2.37 -0.81 -0.81

LikertObama-mania

quartile

1 -0.51 -0.57 -0.44 -0.502 -0.39 -0.24 -0.16 -0.213 0.12 0.10 -0.02 0.134 0.56 0.44 0.40 0.77

CombinedObama-mania

quartile

1 -0.20 -0.33 -0.36 -0.462 -0.11 -0.12 -0.11 -0.113 0.16 0.14 0.04 0.154 0.36 0.30 0.20 0.40

Crosstabs: ΔHappinessPre- and post-election waves

Notes: Numbers represent the mean happiness difference in the quartile shown for the happiness measure shown.

Surprise Quartile by Emotional Sensitivity Quartile    Emotional Sensitivity quartile

1 2 3 4

Index Surprise quartile

1 2.62 0.83 -0.82 -6.582 1.44 2.06 1.55 -3.573 3.27 -0.47 -7.38 13.824 2.78 -0.99 0.00 -2.72

Likert Surprise quartile

1 0.45 0.22 0.21 0.452 -0.08 0.16 -0.04 0.233 -0.16 -0.11 -0.08 0.084 -0.48 -0.54 -0.36 -0.52

Combined Surprise quartile

1 0.32 0.15 0.11 0.092 0.02 0.15 0.04 0.053 0.02 -0.05 -0.20 0.404 -0.16 -0.28 -0.16 -0.31

Mainline ΔHappiness RegressionsPre- and post-election waves

Pre-election intensity of preferences and change in happiness, pre-to-post-election

Dependent variable is ΔHappiness Index (-100 to 100)

(1) (2) (3) (4) (5) (6) (7) (8) (9)

Surprise measure (studentized) 1.91 3.17 1.85 1.94 3.10 3.19 1.84 3.09 3.08(0.98)^ (1.05) (0.95)^ (0.98) (1.05) (1.05) (0.96)^ (1.05) (1.06)

Obamamania (studentized) 2.90 3.64 2.88 2.92 3.62 3.67 2.91 3.65 3.64(0.98) (1.05) (1.00) (1.00) (1.05) (1.06) (1.00) (1.06) (1.07)

Emote Sensitivity (studentized) -1.49 -1.47 -1.49 -1.50 -1.48 -1.49 -1.54 -1.52 -1.43(0.83)^ (0.83)^ (0.83)^ (0.84)^ (0.82)^ (0.83)^ (0.82)^ (0.82)^ (1.01)

Surprise*Obamamania 2.26 2.26 2.26 2.25 2.24(0.92) (0.93) (0.92) (0.93) (0.92)

Surprise*Sensitivity 0.55 0.55 1.08 1.08 1.15(1.05) (1.03) (1.26) (1.24) (1.27)

Obamamania*Sensitivity 0.45 0.45 1.00 0.99 1.02(0.91) (0.90) (1.10) (1.08) (1.14)

Surprise*Obama*Sensitivity 0.19(1.21)

N 1314 1314 1314 1314 1314 1314 1314 1314 1314

R-squared 0.011 0.016 0.011 0.011 0.017 0.016 0.012 0.018 0.018All results are from OLS regressions. Standard errors robust to heteroskedasticity are in parentheses. All regressions also include a constant term. The mean of the dependent variable is 0.02. Coefficients in bold are significant at the 5 percent level.

Mainline ΔHappiness RegressionsPre- and post-election waves

Pre-election intensity of preferences and change in happiness, pre-to-post-election

Dependent variable is ΔHappiness Likert Scale (-6 to 6)

(1) (2) (3) (4) (5) (6) (7) (8) (9)

Surprise measure (studentized) -0.028 -0.009 -0.030 -0.029 -0.011 -0.011 -0.029 -0.011 -0.014(0.046) (0.050) (0.045) (0.046) (0.050) (0.050) (0.046) (0.050) (0.049)

Obamamania (studentized) 0.387 0.398 0.386 0.386 0.397 0.397 0.386 0.397 0.394(0.043) (0.046) (0.043) (0.043) (0.046) (0.046) (0.043) (0.046) (0.045)

Emote Sensitivity (studentized) 0.031 0.031 0.031 0.032 0.031 0.033 0.032 0.033 0.076(0.037) (0.037) (0.037) (0.036) (0.037) (0.036) (0.036) (0.036) (0.042)^

Surprise*Obamamania 0.033 0.033 0.033 0.033 0.024(0.048) (0.048) (0.048) (0.048) (0.046)

Surprise*Sensitivity 0.018 0.018 0.000 0.000 0.033(0.044) (0.044) (0.051) (0.051) (0.054)

Obamamania*Sensitivity -0.032 -0.033 -0.032 -0.032 -0.018(0.042) (0.042) (0.049) (0.049) (0.049)

Surprise*Obama*Sensitivity 0.091(0.052)^

N 1315 1315 1315 1315 1315 1315 1315 1315 1315

R-squared 0.104 0.105 0.105 0.105 0.105 0.106 0.105 0.106 0.109All results are from OLS regressions. Standard errors robust to heteroskedasticity are in parentheses. All regressions also include a constant term. The mean of the dependent variable is -0.05. Coefficients in bold are significant at the 5 percent level.

Mainline ΔHappiness RegressionsPre- and post-election waves

Pre-election intensity of preferences and change in happiness, pre-to-post-election

Dependent variable is ΔHappiness: Combined Index and Likert Scale, Studentized

(1) (2) (3) (4) (5) (6) (7) (8) (9)

Surprise measure (studentized) 0.032 0.072 0.030 0.032 0.070 0.072 0.030 0.070 0.068(0.038) (0.037) (0.037) (0.038) (0.036)^ (0.037)^ (0.037) (0.036)^ (0.036)^

Obamamania (studentized) 0.267 0.291 0.266 0.267 0.290 0.290 0.266 0.290 0.289(0.035) (0.036) (0.035) (0.035) (0.036) (0.037) (0.035) (0.037) (0.037)

Emote Sensitivity (studentized) -0.020 -0.020 -0.020 -0.020 -0.020 -0.020 -0.021 -0.020 0.004(0.027) (0.031) (0.031) (0.031) (0.037) (0.031) (0.030) (0.030) (0.032)

Surprise*Obamamania 0.072 0.072 0.072 0.072 0.067(0.037)^ (0.037)^ (0.037)^ (0.037)^ (0.036)^

Surprise*Sensitivity 0.022 0.022 0.026 0.026 0.044(0.040) (0.039) (0.044) (0.043) (0.041)

Obamamania*Sensitivity -0.006 -0.006 0.008 0.007 0.016(0.034) (0.034) (0.037) (0.037) (0.038)

Surprise*Obama*Sensitivity 0.051(0.041)

N 1314 1314 1314 1314 1314 1314 1314 1314 1314

R-squared 0.061 0.064 0.061 0.061 0.065 0.064 0.061 0.065 0.067All results are from OLS regressions. Standard errors robust to heteroskedasticity are in parentheses. All regressions also include a constant term. The mean of the dependent variable is 0. Coefficients in bold are significant at the 5 percent level.

Hedonic Adaptation ΔHappiness RegressionsPre- and post-election waves

Pre-election intensity of preferences and change in happiness, pre-to-post-election

Dependent variable is ΔHappiness: Combined Index and Likert Scale, Studentized

(1)

Whole sample(2)

Obama voters(3)

Other voters(4)

Whole sample(5)

Obama voters(6)

Other voters

Surprise measure (studentized) 0.032 0.118 0.007 0.067 -0.035 0.183(0.038) (0.063)^ (0.046) (0.036)^ (0.123) (0.089)

Obamamania (studentized) 0.269 0.281 0.298 0.299 0.378 0.225(0.035) (0.088) (0.093) (0.037) (0.108) (0.096)

Emote Sensitivity (studentized) -0.018 -0.032 -0.008 0.005 0.044 -0.078(0.031) (0.044) (0.043) (0.032) (0.083) (0.073)

Time elapsed 0.001 -0.161 0.149 -0.003 -0.164 0.149(0.042) (0.058) (0.059) (0.042) (0.058) (0.058)

Time elapsed squared 0.000 0.021 -0.019 0.001 0.022 -0.019(0.006) (0.008) (0.009) (0.006) (0.008) (0.009)

Interactions? No No No Yes Yes Yes

N 1310 623 687 1310 623 687

R-squared 0.061 0.035 0.027 0.067 0.048 0.043All results are from OLS regressions. Standard errors robust to heteroskedasticity are in parentheses. The interactions indicator represents all three two-way interactions as well as the three-way interaction show in the previous tables. All regressions also include a constant term. The mean of the dependent variable is 0. Coefficients in bold are significant at the 5 percent level.