The Value of Pets: The Quantifiable Impact of Pets on Life Satisfaction

Table 12 Robustness Check: First stage regression results for Income (dependent variable) for Cats and Dogs when instrumenting simultaneously

Instrument	Coefficient	Robust Standard Errors	t-statistic
TOTORO	− 0.037	0.031	− 1.21
Payslip	0.128***	0.026	4.99
Father’s education	0.004***	0.001	4.12
F test (Prob > F)	16.71 (0.00)
Sanderson-Windmeijer F test (Prob > F)	63.92 (0.00)
Weak Identification Test – Kleinberger Papp Wald F statistic	20.39
Weak-instrument-robust inference Anderson-Rubin Wald test Chi sq	90.29

Standard errors are clustered at the household level, *, **, ***Significance at 10, 5, 1%
“TOTORO” is our instrumental variable and is a dummy that takes the value 1 if the answer to the question: “When a neighbour is not at home, how often do you and other neighbours watch over their property?” is 1 or 2 (often or sometimes) and 0 if the answer to the question is 3 or 4 (rarely or never)