Agriculture Reference
In-Depth Information
Table 6.7
Estimated coefficients for wealth effects
Independent variables
British Columbia
Louisiana
Predicted sign
Logit regressions:
Y
=
1 if share contract
WEALTH
9.2 E
−
05
−
4.0 E
−
04
−
(0.15)
(
−
0.93)
BUILDINGS
−
2.1 E
−
07
−
3.4 E
−
06
−
(
−
1.91)
∗
(
−
0.14)
EQUIPMENT
−
5.4 E
−
07
3.13 E
−
06
−
(3.28)
∗
(
−
0.18)
LAND
3.8 E
−
08
−
1.6 E
−
06
−
(
−
2.96)
∗
(0.07)
FUTURES MARKET
0.98
1.00
1.11
1.54
−
(1.94)
∗
(1.86)
∗
(2.10)
∗
(2.71)
∗
INSTITUTION
−
1.04
−
0.96
0.07
−
0.48
+
(
−
1.48)
(
−
1.32)
(0.14)
(
−
0.86)
2
(df )
Model
χ
20.56 (9)
20.62 (9)
24.62 (9)
55.55 (11)
Correct prediction
70%
70%
69%
72%
Observations
176
176
355
355
Independent variables
British Columbia
Louisiana
Predicted sign
Tobit regressions:
Y
=
farmer's share
WEALTH
0.28 E
−
04
0.27 E
−
03
+
(0.82)
(1.31)
BUILDINGS
0.14 E
−
06
−
0.78 E
−
07
+
(
−
0.09)
(1.46)
−
−
−
−
+
EQUIPMENT
0.28 E
06
0.78 E
06
1.94)
∗
−
(0.16)
(
−
LAND
0.54 E
−
07
0.41 E
−
06
+
(1.83)
∗
(0.17)
FUTURES MARKET
−
0.38
−
0.36
0.19
−
1.77
+
5.96)
∗
(
−
1.36)
(
−
1.17)
(0.80)
(
−
INSTITUTION
0.55
0.41
0.31
0.34
−
(1.52)
(1.10)
(1.16)
(1.15)
Log likelihood
−
351.37
−
350.35
−
1204.75
−
2377.03
Observations
176
176
355
355
Note:
t-statistics in parentheses.
∗
significant at the 5 percent level in a one-tailed test.
