Table 5.
Baseline Case: Unite Sales Prices [ln(sales price/area)]
| OLS | Heckman | IV | ||
|---|---|---|---|---|
| 2-step | MLE | LIML | ||
|
Dummy: two stage
auction [2SLS] |
−.170** (.037) |
−.410** (.122) |
−.707** (.217) |
−.428** [−.428*] (.112) [(.225)] |
| Ln (reserve price) | .923** (.028) |
.916** (.012) |
.907** (.025) |
.915** (.015) |
|
Dummy: Residential
use |
.023 (.049) |
−.018 (.033) |
−.068 (.078) |
−.021 (.036) |
| Dummy: Mixed use | .078** (.034) |
.039 (.032) |
−.0091 (.059) |
.036 (.034) |
| Ln (dist. To CBD) | .0083 (.037) |
−.000064 (.014) |
−.010 (.037) |
−.00069 (.017) |
| Ln (area) | −.069** (.011) |
−.069** (.0075) |
−.070** (.013) |
−.069** (.011) |
|
Dummy: railway within
2.5 kms. |
−.025 (.035) |
−.015 (.026) |
−.0034 (.035) |
−.015 (.025) |
|
Dummy: highway
within 2.5 kms. |
−.067 (.038) |
−.077** (.023) |
−.089* (.046) |
−.077** (.023) |
|
Season, year, city
dummies |
Yes | yes | yes | yes |
| N | 2302 | 2302 | 2302 | 2302 |
| Rsq | .85 | .84 | ||
|
Lambda [rho] {Sargan
p-value; 4 instruments} |
.140** (.069) |
[.641** (.235)] |
{.15} | |
*
significant at 10% level
**
significant at 5% level or higher. All standard errors (except in Heckman 2-step estimation and IV LIML) are robust clustered by city-code.