Agriculture Reference
In-Depth Information
Table 8.4
Logit regression estimates of land control choice: British Columbia and Louisiana (1992)
(dependent variable=1ifland is leased;=0ifland is owned)
Independent variables
Predicted sign
CONSTANT
−
0.684
−
0.68
(
−
1.72)
(
−
1.73)
Capital constraints
WEALTH
−
0.02
−
(
−
1.50)
NET WEALTH
−
0.06
−
(
−
1.74)
∗
Asset moral hazard
GRAINS
−
0.11
−
0.07
+
(
−
0.59)
(
−
0.40)
HAY
−
2.71
−
2.69
−
(
−
7.14)
∗
(
−
7.10)
∗
IRRIGATION
−
0.327
−
0.368
−
(
−
2.29)
∗
(
−
2.37)
∗
PASTURE
−
2.60
−
2.57
−
(
−
4.79)
∗
(
−
4.73)
∗
ROW CROP
−
0.429
−
0.42
−
(
−
2.14)
∗
(
−
2.09)
∗
−
3.17
−
3.18
−
TREES
(
−
6.61)
∗
(
−
6.67)
∗
Effort specialization
LANDOWNER HUMAN CAPITAL
11.82
11.82
+
(1.54)
(1.54)
Controls
ACRES
0.000
0.000
(1.18)
(1.18)
CROP VALUE
0.001
0.001
(1.62)
(1.62)
EDUCATION
0.04
0.05
(1.71)
(1.73)
WORKERS
0.016
0.02
(0.63)
(0.71)
% correct predictions
77.7
78.1
Log likelihood
−
607
−
606.5
2
(df )
Model
χ
961 (13)
962 (13)
Number of observations
1,573
1,573
Note:
t-statistics in parentheses.
∗
significant at the 5 percent level (one-tailed test for coefficient with predicted signs).
