Agriculture Reference
In-Depth Information
Table 3.3
Logit coefficient estimates of annual-multiyear contract choice
(dependent variable=1ifthecontract is annual;=0ifmultiyear)
Independent variables
Estimated coefficients
Data set
Nebraska-South Dakota (1986)
British Columbia-Louisiana (1992)
Predicted signs
CONSTANT
0.021
−
1.34
(0.077)
(
−
1.42)
Specific assets
IRRIGATED
−
0.068
.68
−
(4.22)
∗
(
−
0.889)
−
−
TREES
.55
(
−
1.56)
Contract type
CONTRACT
−
0.126
−
1.34
−
2.41)
∗
(
−
1.532)
(
−
Reputation
AGE
0.292
.09
+
(3.175)
∗
(2.38)
∗
AGE
2
−
0.042
−
.001
−
3.392)
∗
2.66)
∗
(
−
(
−
CHANGED PARTIES
0.372
−
(3.260)
∗
YEARS DURATION
−
0.003
−
.012
−
(
−
0.699)
(
−
1.58)
Controls
ACRES
0.000
−
.001
(
−
2.88)
∗
(0.315)
INFORMATION
−
0.165
(
−
0.802)
FAMILY
0.344
−
.32
(4.642)
∗
(
−
1.75)
VALUE
0.001
(3.918)
∗
Log likelihood
−
2,207.4
−
651.1
2
(df )
χ
61.589(10)
49.66(8)
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).
