| | Fixed-effects model | Lag-model |
|---|
Income elasticity (Std. error) | 0.90*** (0.345) | 1.362*** (0.029) |
R-squared | 0.689 | 0.781 |
Sample size | 211 | 176 |
- Notes:
- (***) p < 0.01; (**) p < 0.05; (*) p < 0.10
- All models include as controls total current health expenditure, population, country’s income classification data, life expectancy, percentage of people above age 65. In the lag-models, to control for time-variant unobservable factors, parameters are estimated using two waves of data resulting in a smaller sample size. All missing variables for the control variables were imputed at the mean value and a corresponding dummy for missing was added. Robust standard errors were computed
