Table 6. Comparison of models

Variable	Model 1 (FE IV)	Model 2 (RE IV)	Model3 (FE)	Model 4 (RE)
Social media use	0.476*** (0.093)	0.539*** (0.087)	0.117*** (0.005)	0.122*** (0.004)
Privacy concerns	0.007*** (0.002)	0.01*** (0.002)	0.001* (0.001)	0.005*** (0.001)
Income level	–0.001(0.004)	0.012*** (0.003)	0.001(0.003)	0.007*** (0.002)
Age group	–0.007(0.01)	0.032*** (0.007)	0.005(0.007)	0.004* (0.002)
Education level	–0.128*** (0.042)	–0.052*** (0.019)	0.021* (0.011)	0.028*** (0.003)
Marriage status (1=married)	0.01(0.04)	–0.126*** (0.038)	0.015(0.03)	0.047*** (0.01)
Religious affiliation (1=yes)	0.011(0.012)	0.004* (0.011)	0.047*** (0.006)	0.045*** (0.005)
Employment status (1=hired)	–0.026** (0.013)	–0.022** (0.01)	–0.017* (0.01)	–0.014** (0.006)
Year 2014	0.118*** (0.025)	0.173*** (0.031)	0.026*** (0.007)	0.032*** (0.006)
Year 2015	0.106*** (0.018)	0.148*** (0.022)	0.045*** (0.007)	0.05*** (0.006)
Year 2016	0.071*** (0.014)	0.104*** (0.018)	0.026*** (0.006)	0.03*** (0.006)
Year 2017	0.086*** (0.014)	0.107*** (0.017)	0.04*** (0.006)	0.04*** (0.006)
Year 2018	0.019** (0.008)	0.029*** (0.009)	0.017*** (0.006)	0.019*** (0.006)
Telecommunication costs (IV)	NA	NA	0.009*** (0.002)	0.01*** (0.001)

Model specification information
NOBS	46,658	46,658	46,658	46,658
CLUSTER (pid)	9,282	9,282	9,282	9,282
Model fit	χ² (13)=761.49***	χ² (13)=753.59***	F (14, 9281)= 54.27***	χ² (14)=1,717.90***
Hausman test	χ² (13)=198.73***		χ² (14)=329.85***
σu	0.377	0.329	0.248	0.168
σe	0.480	0.480	0.355	0.355
ρ	0.382	0.319	0.329	0.184

p<0.1,
p<0.05,
p<0.01;
The values within parentheses represent robust clustered standard error estimates.
NA: not applicable