Table 2. Pass-through rates using the real prices and taxes.

	Cigarette prices at 25%		Cigarette prices at 50%		Cigarette prices at 75%
	(1)	(2)	(3)	(4)	(5)	(6)
Federal and state excise taxes	1.079*** (<0.001)	1.032*** (<0.001)	1.073*** (<0.001)	1.006*** (<0.001)	1.125***(<0.001)	1.069*** (<0.001)
Tax*EC uptake		0.043 (0.429)		0.035 (0.111)		0.059 (0.278)
Tax*nicotine salt evolution		0.022 (0.475)		0.073*** (0.001)		0.011 (0.853)
Pass-through rates
2006–2011	–	1.032*** (<0.001)	–	1.006*** (<0.001)	–	1.069*** (<0.001)
2012–2016	–	1.074*** (<0.001)	–	1.041*** (<0.001)	–	1.128*** (<0.001)
2017 and later	–	1.096*** (<0.001)	–	1.114*** (<0.001)	–	1.139*** (<0.001)

^*P<0.05; **p<0.01; ***p<0.001.

^†P<0.1.

EC, e-cigarette.