Agriculture Reference
In-Depth Information
Table 3.2
Logit coefficient estimate of oral-written contract choice
(dependent variable=1ifthecontract is oral;=0ifwritten)
Independent variables
Estimated coefficients
Data sets
Nebraska-South Dakota (1986)
British Columbia-Louisiana (1992)
Predicted signs
CONSTANT
−
1.094
−
2.30
(
−
3.822)
∗
(
−
2.49)
∗
Specific Assets
IRRIGATED
−
0.389
0.33
−
(
−
5.165)
∗
(
−
2.23)
∗
−
−
TREES
0.75
2.29)
∗
(
−
Reputation
AGE
0.147
0.108
+
(2.77)
∗
(1.562)
AGE
2
−
0.019
−
0.001
−
3.04)
∗
(
−
1.543)
(
−
CHANGED PARTIES
−
0.226
−
2.125)
∗
(
−
YEARS DURATION
0.015
0.36
+
(4.016)
∗
(4.57)
∗
Controls
ACRES
−
0.0002
−
0.001
−
(
−
6.262)
∗
(
−
4.33)
∗
INFORMATION
0.934
(4.270)
∗
FAMILY
0.944
−
1.66
(12.537)
∗
(
−
0.91)
VALUE
−
0.0004
−
(
−
0.587)
Log likelihood
−
2,194.95
−
692.6
2
(df )
χ
303.8(9)
62.1(7)
Observations
3,432
1,000
Note:
t-statistics are in parentheses.
∗
significant at the 5 percent level (one-tailed test for coefficients with predicted signs).
