RDP 2024-02: Valuing Safety and Privacy in Retail Central Bank Digital Currency Appendix B: Regression Results
April 2024
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Variable | (1) | (2) | (3) | |||||
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Baseline probit model | Average marginal effects^{(a)} | Extension probit model (age, income) | Average marginal effects^{(a)} | Extension probit model (cash use) | Average marginal effects^{(a)} | |||
$\text{\Delta}HighFe{e}_{i}$ | −0.48 (−0.56, −0.39) |
−0.15 (−0.18, −0.13) |
−0.49 (−0.58, −0.41) |
−0.16 (−0.18, −0.13) |
−0.50 (−0.59, −0.41) |
−0.16 (−0.18, 0.14) |
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$\text{\Delta}CommercialAcc{t}_{i}$ | 0.07 (−0.09, 0.23) |
0.02 (0.03, 0.08) |
0.03 (−0.15, 0.20) |
0.01 (−0.05, 0.06) |
0.02 (−0.15, 0.19) |
0.01 (−0.05, 0.06) |
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$\text{\Delta}RbaVi{s}_{i}$ | −0.48 (−0.73, −0.23) |
−0.16 (−0.24, −0.08) |
−0.48 (−0.74, −0.23) |
−0.15 (−0.23, −0.07) |
−0.51 (−0.77, −0.26) |
−0.16 (−0.24, −0.08) |
||
$\text{\Delta}CommercialVi{s}_{i}$ | −0.61 (−0.85, −0.37) |
−0.20 (−0.27, −0.12) |
−0.59 (−0.85, −0.34) |
−0.19 (−0.27, −0.11) |
−0.60 (−0.85, −0.34) |
−0.19 (−0.27, −0.11) |
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$\text{\Delta}AustracVi{s}_{i}$ | −0.41 (−0.56, −0.27) |
−0.13 (−0.18, −0.09) |
−0.40 (−0.55, −0.25) |
−0.13 (−0.17, −0.08) |
−0.43 (−0.58, −0.28) |
−0.13 (−0.18, −0.09) |
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$\text{\Delta}AustracRbaVi{s}_{i}$ | −0.44 (−0.68, −0.21) |
−0.14 (−0.22, −0.07) |
−0.45 (−0.20, −0.20) |
−0.14 (−0.22, −0.07) |
−0.48 (−0.73, −0.22) |
−0.15 (−0.23, −0.07) |
||
$\text{\Delta}AustracCommercialVi{s}_{i}$ | −0.95 (−1.19, −0.71) |
−0.31 (−0.38, −0.24) |
−0.91 (−1.16, −0.66) |
−0.29 (−0.36, −0.22) |
−0.90 (−1.15, −0.66) |
−0.29 (−0.36, −0.21) |
||
$\left(Ag{e}_{i}-\overline{Age}\right)\times \text{\Delta}HighFe{e}_{i}$ | 0.04 (−0.02, 0.09) |
|||||||
$\left(Ag{e}_{i}-\overline{Age}\right)\times \text{\Delta}CommercialAcc{t}_{i}$ | −0.01 (−0.11, 0.09) |
|||||||
$\left(Ag{e}_{i}-\overline{Age}\right)\times \text{\Delta}RbaVi{s}_{i}$ | 0.09 (−0.06, 0.24) |
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$\left(Ag{e}_{i}-\overline{Age}\right)\times \text{\Delta}CommercialVi{s}_{i}$ | 0.03 (−0.12, 0.17) |
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$\left(Ag{e}_{i}-\overline{Age}\right)\times \text{\Delta}AustracVi{s}_{i}$ | 0.07 (−0.02, 0.15) |
|||||||
$\left(Ag{e}_{i}-\overline{Age}\right)\times \text{\Delta}AustracRbaVi{s}_{i}$ | 0.04 (−0.11,0.18) |
|||||||
$\left(Ag{e}_{i}-\overline{Age}\right)\times \text{\Delta}AustracCommercialVi{s}_{i}$ | 0.07 (−0.08, 0.22) |
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$\left(HhIn{c}_{i}-\overline{HhInc}\right)\times \text{\Delta}HighFe{e}_{i}$ | 0.05 (−0.08, 0.18) |
|||||||
$\left(HhIn{c}_{i}-\overline{HhInc}\right)\times \text{\Delta}CommercialAcc{t}_{i}$ | −0.08 (−0.33, 0.17) |
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$\left(HhIn{c}_{i}-\overline{HhInc}\right)\times \text{\Delta}RbaVi{s}_{i}$ | −0.08 (−0.46, 0.29) |
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$\left(HhIn{c}_{i}-\overline{HhInc}\right)\times \text{\Delta}CommercialVi{s}_{i}$ | −0.05 (−0.40, 0.30) |
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$\left(HhIn{c}_{i}-\overline{HhInc}\right)\times \text{\Delta}AustracVi{s}_{i}$ | −0.10 (−0.32, 0.12) |
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$\left(HhIn{c}_{i}-\overline{HhInc}\right)\times \text{\Delta}AustracRbaVi{s}_{i}$ | −0.01 (−0.37, 0.36) |
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$\left(HhIn{c}_{i}-\overline{HhInc}\right)\times \text{\Delta}AustracCommercialVi{s}_{i}$ | −0.10 (−0.48, 0.28) |
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$\left(CashUs{e}_{i}-\overline{CashUse}\right)\times \text{\Delta}HighFe{e}_{i}$ | 0.03 (0.00, 0.06) |
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$\left(CashUs{e}_{i}-\overline{CashUse}\right)\times \text{\Delta}CommercialAcc{t}_{i}$ | −0.02 (−0.08, 0.04) |
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$\left(CashUs{e}_{i}-\overline{CashUse}\right)\times \text{\Delta}RbaVi{s}_{i}$ | 0.04 (−0.04, 0.13) |
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$\left(CashUs{e}_{i}-\overline{CashUse}\right)\times \text{\Delta}CommercialVi{s}_{i}$ | 0.04 (−0.04, 0.13) |
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$\left(CashUs{e}_{i}-\overline{CashUse}\right)\times \text{\Delta}AustracVi{s}_{i}$ | 0.02 (−0.03, 0.08) |
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$\left(CashUs{e}_{i}-\overline{CashUse}\right)\times \text{\Delta}AustracRbaVi{s}_{i}$ | 0.07 (−0.02, 0.16) |
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$\left(CashUs{e}_{i}-\overline{CashUse}\right)\times \text{\Delta}AustracCommercialVi{s}_{i}$ | 0.03 (−0.06, 0.11) |
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Constant | −0.06 (−0.15, 0.04) |
−0.07 (−0.17, 0.03) |
−0.08 (−0.18, 0.02) |
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No of observations | 997 | 997 | 983^{(b)} | |||||
Notes: 95 per cent confidence intervals are in parentheses. The delta symbol ‘$\text{\Delta}$’ represents a difference between dummy variables for accounts A and B, e.g. $\text{\Delta}$HighFee_{i} = HighFee_{iA} – HighFee_{iB}. Age variables are scaled by 10 (to represent decades), HhInc variables are scaled by $100,000, and CashUse variables are scaled by 10, for presentational purposes. The income interactions should be treated as approximations, since respondents only report income ranges and 10 per cent of the sample has its income top-coded.
Source: RBA calculations, based on data from Ipsos. |