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Reduction in variation
| Model | R-squared (%) | Standard deviation of residuals | |
|---|---|---|---|
| Std. dev. | Reduction (%) | ||
| Unadjusted model | 0 | 1.075 | 0 |
| Model with control variables | |||
| Demand-side variables | 51.78 | 0.747 | 30.562 |
| Demand-side + supply-side variables | 54.04 | 0.729 | 32.240 |
Notes: The complete regression results for the specification with all observable control variables are to be found in Table 3
