Estimation Results Sample Clauses

Estimation Results. In what follows, we present estimation results in the order laid out in the methodology section above. We start with the determinants of the timing of marriage, moving onto the determinants of fertility ending with the nested logit participation model.
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Estimation Results. Table 6 shows the main estimation results showing the impact of the change in the level of competition in the auction stage on bids and prices. Columns (1) and (2) show the effect on submitted and awarded bids (regression 1); columns (3) and (4) show the effect on posted 5Using a window of 13 months ensured that all 52 calendar weeks are considered. and transaction prices (regression 2). Appendix B contains robustness analyses and alternative regression specifications. The results obtained from these alternative regression specifications are qualitatively similar to the ones obtained with the main specifications described in the previous subsection. Bids Prices Submitted Awarded (1) (2) Posted Transaction (3) (4) New −0.141∗∗∗ −0.055∗∗∗ −0.025∗∗∗ 0.004∗∗∗ (0.006) (0.007) (0.001) (0.002) New×Comp −0.002 (0.010) −0.081∗∗∗ (0.013) −0.092∗∗∗ (0.001) −0.082∗∗∗ (0.002) Observations 12,349 11,382 973,195 180,421 R2 0.923 0.892 0.961 0.974 Adjusted R2 0.920 0.887 0.961 0.974 Note: ∗p<0.1; ∗∗p<0.05; ∗∗∗p<0.01 Table 6: Main estimation results measuring the effect of the new FA design and the level of competition in the auction stage on bids and prices. All the specifications include product and region fixed effects. Regressions with posted and transaction prices include product category-specific calendar week dummies to control for seasonality. Robust standard errors for each estimated coefficient are reported in parentheses for all the models. The estimation results in columns (1) and (2) suggest that the baseline groups in FA 2017— which were awarded 80% of the bids—exhibited lower bids relative to FA 2014: the New coeffi- cient estimates that submitted bids were reduced by 14.1% and awarded bids were reduced by 5.5%. Although part of this effect may be attributed to changes in the auction design, it is not possible to disentangle this effect from other external factors, such as changes in food prices or other fluctuations in the open market. Hence, we cannot interpret α as a causal effect of the new design on prices. The effect of the competitive treatment —which was induced through a randomized ex- perimental design— can be interpreted as a causal effect of inducing more competition in the auction stage of the FA. The interaction term New × Comp shows that auctions that had lower thresholds for assigning winners led to lower awarded bids —on average 8.1% lower (column (2))— providing support for Hypothesis 1. However, there appears to be no effect on the bids su...

Related to Estimation Results

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