OLS coe‰ients; and col. 4 reports two stage least squares.
Robust standard errors in parenthesis.
* denotes significance at the 10 percent level, ** at the 5 percent level.
All regressions include GROUP fixed effects.
(a) Coe‰ients and standard errors multiplied by 100.
(b) Coe‰ients and standard errors multiplied by 10,000
(c) Instruments for wealth are: income earned before joining the group (in logs), number of
other groups to which respondent belongs, dummy=1 if group is main source of income.
27
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