Skip to main content

Table 7 IV Estimates

From: Driving competition in local markets with near-perfect substitutes: an application on the Spanish retail gasoline market

  1 min 2 min 3 min 4 min 5 min 6 min 7 min 8 min
Constant 45.931***
(0.414)
46.093***
(0.406)
46.265***
(0.321)
47.056***
(0.000)
46.539***
(0.875)
46.035***
(0.753)
46.071***
(0.504)
45.955***
(0.502)
N_rival(.) 51.715
(53.963)
− 1.282
(5.570)
− 2.546
(1.882)
− 0.633
(1.431)
− 2.456
(2.161)
− 1.376
(1.215)
− 0.645
(0.827)
− 0.538
(0.612)
N_rival(.)2 − 48.265
(53.282)
− 1.924
(3.554)
0.862
(1.014)
0.295
(0.581)
0.288
(0.413)
0.065
(0.205)
− 0.011
(0.102)
− 0.007
(0.060)
N_own(.) − 0.147
(4.036)
3.081
(2.677)
0.063
(1.476)
− 1.484
(1.716)
0.737
(1.747)
1.150
(1.091)
0.697
(0.916)
0.680
(0.736)
N_own(.)2 2.453
(4.590)
− 0.273
(1.058)
0.482
(0.540)
0.447
(0.293)
0.099
(0.252)
− 0.039
(0.125)
− 0.016
(0.097)
− 0.021
(0.065)
F(4172) 1.52
(0.1983)
0.71
(0.5853)
1.78
(0.1350)
2.58**
(0.0391)
1.44
(0.2225)
2.30*
(0.0607)
3.37**
(0.0110)
3.98***
(0.0041)
Overidentification Hansen J Statistic 0.313
(0.9575)
2.495
(0.4762)
6.163
(0.1039)
8.417**
(0.0381)
1.630
(0.6525)
3.658
(0.3009)
3.648
(0.3021)
4.601
(0.2034)
Cragg–Donald Wald F statistic 0.144 0.441 0.332 0.261 0.321 0.725 0.297 0.169
F test excluded instruments 3.68***
(0.0010)
3.38***
(0.0021)
2.53**
(0.0168)
2.02*
(0.0547)
4.49***
(0.0001)
4.05***
(0.0004)
3.74***
(0.0009)
2.75***
(0.0098)
7.53***
(0.0000)
2.44**
(0.0208)
7.98***
(0.0000)
7.29***
(0.0000)
9.55***
(0.0000)
5.82***
(0.0000)
8.24***
(0.0000)
5.56***
(0.0000)
8.00***
(0.0000)
8.65***
(0.0000)
7.90***
(0.0000)
6.22***
(0.0000)
8.43***
(0.0000)
9.78***
(0.0000)
7.05***
(0.0000)
5.79***
(0.0000)
10.53***
(0.0000)
6.41***
(0.0000)
7.68***
(0.0000)
5.33***
(0.0000)
10.89***
(0.0000)
9.05***
(0.0000)
7.62***
(0.0000)
5.76***
(0.0000)
  9 min 10 min 11 min 12 min 13 min 14 min 15 min
Constant 45.671***
(0.468)
45.749***
(0.568)
45.639***
(0.580)
45.739***
(0.587)
45.320***
(0.804)
45.666***
(0.691)
45.704***
(0.737)
N_rival(.) − 0.365
(0.364)
− 0.217
(0.391)
− 0.335
(0.337)
− 0.143
(0.378)
− 0.304
(0.364)
− 0.400
(0.259)
− 0.447**
(0.182)
N_rival(.)2 0.0001
(0.037)
− 0.010
(0.037)
0.003
(0.026)
− 0.008
(0.026)
0.003
(0.021)
0.010
(0.013)
0.012*
(0.007)
N_own(.) 0.690**
(0.349)
0.498*
(0.302)
0.542**
(0.264)
0.441**
(0.226)
0.524**
(0.233)
0.449***
(0.174)
0.427***
(0.146)
N_own(.)2 − 0.031
(0.027)
− 0.017
(0.019)
− 0.018
(0.014)
− 0.013
(0.010)
− 0.014*
(0.008)
− 0.011**
(0.005)
− 0.009**
(0.004)
F(4172) 6.19***
(0.0001)
6.18***
(0.0001)
6.36***
(0.0001)
5.78***
(0.0002)
4.17***
(0.0030)
4.41***
(0.0020)
4.08***
(0.0035)
Overidentification Hansen J Statistic 7.879**
(0.0486)
9.126**
(0.0277)
7.415*
(0.0598)
6.722*
(0.0813)
7.986**
(0.0463)
6.691*
(0.0824)
3.617
(0.3059)
Cragg–Donald Wald F statistic 0.396 0.634 0.610 0.526 0.610 0.684 1.226
F test excluded instruments 15.06***
(0.0000)
17.95***
(0.0000)
6.71***
(0.0000)
6.27***
(0.0000)
14.43***
(0.0000)
20.77
(0.0000)
6.13***
(0.0000)
6.41***
(0.0000)
15.29***
(0.0000)
22.92***
(0.0000)
5.76***
(0.0000)
6.40***
(0.0000)
12.94***
(0.0000)
18.27***
(0.0000)
5.76***
(0.0000)
7.90***
(0.0000)
10.21***
(0.0000)
15.00***
(0.0000)
6.81***
(0.0000)
7.71***
(0.0000)
10.02***
(0.0000)
14.60***
(0.0000)
7.69***
(0.0000)
7.56***
(0.0000)
10.27***
(0.0000)
15.36***
(0.0000)
8.04***
(0.0000)
8.21***
(0.0000)
  1. Robust SE within parentheses (*10%, **5%, ***1%)
\( P_{i} = \alpha_{0} + \alpha_{1} N_{i}^{r} + \alpha_{2} N_{i}^{o} + \alpha_{3} N_{i}^{o2} + \varepsilon_{i} \) Observations: 590; Endogenous regressor: \( N_{i}^{r} \), \( N_{i}^{r2} \), \( N_{i}^{o} \), \( N_{i}^{o2} \); Instruments: population, dummy brand of closest rival, MDI