Table 3 Sample selectivity probit estimates of determinants of market participation and market choice

AGE

−0.0286^a

(0.0083)

−0.0112

(0.0033)

−0.0276^a

(0.0100)

−0.0078

(0.0031)

−0.0084

(0.0113)

−0.0001

(0.0002)

−0.0225^b

(0.0118)

−0.0090

(0.0047)

GEN

0.4470

(0.3950)

0.1768

(0.1543)

0.3923

(0.5025)

0.0972

(0.1093)

0.9459^c

(0.4832)

0.0245

(0.0348)

−0.3017

(0.5086)

−0.0953

(0.2041)

EDUC

−0.0598^b

(0.0324)

−0.0234

(0.0127)

−0.0189

(0.0340)

−0.0053

(0.0097)

−0.0525

(0.0465)

−0.0006

(0.0008)

−0.0652

(0.0402)

−0.0263

(0.0159)

MARST

−0.1022

(0.3474)

−0.0397

(0.1342)

−0.3323

(0.4172)

−0.1021

(0.1399)

0.0662

(0.4888)

0.0008

(0.0060)

−0.0961

(0.4390)

−0.0374

(0.1742)

HHSIZE

−0.1072^a

(0.0300)

−0.0420

(0.0119)

0.0050

(0.0374)

0.0014

(0.0107)

−0.0024

(0.0319)

−2.59e-05

(0.0003)

0.0765^c

(0.0335)

0.0302

(0.0131)

YIELD

0.0025^a

(0.0005)

0.0010

(0.0002)

0.0009^c

(0.0004)

0.0003

(0.0001)

0.0130^a

(0.0028)

0.0001

(0.0002)

0.0022^b

(0.0012)

0.0010

(0.0005)

ACCRE

1.5477^a

(0.4811)

0.4811

(0.0927)

0.8197^a

(0.3000)

0.2670

(0.1215)

−0.7232

(0.6565)

−0.0160

(0.0317)

−0.0863

(0.4873)

−0.0500

(0.1865)

MKTINFO

0.7481^a

(0.2730)

0.2905

(0.1024)

−0.6561

(0.4191)

−0.1962

(0.1355)

0.9187^b

(0.4937)

0.0295

(0.0428)

0.0875

(0.8415)

0.0640

(0.3269)

MFBO

1.2993

(0.8678)

0.3849

(0.1503)

1.4231^c

(0.5841)

0.5103

(0.2079)

−0.7104

(0.5089)

−0.0165

(0.0276)

1.7933^a

(0.6487)

0.5489

(0.1148)

EXTCON

0.0881

(0.2552)

0.0345

(0.0997)

−0.4719^b

(0.2773)

−0.1279

(0.0788)

−0.3739

(0.4541)

0.0031

(0.0048)

0.3491

(0.4152)

0.1416

(0.1630)

PRICE

0.7366^b

(0.4331)

0.2075

(0.0822)

2.7987^a

(0.5189)

1.1071

(0.1989)

FOS

1.8253^a

(0.3885)

0.6336

(0.0982)

CONSTANT

0.3104

(0.6962)

−0.2152 (0.9901)

−3.1013^a

(0.9559)

−5.1517^a

(1.5237)

Rho

Number of observations

Censored observations

Wald χ ²

Log likelihood

Likel. ratio test of ρ χ ²(1)