Table 3.

Dependent Var: $\Delta \overline{p}$.

	Round 1	Round 2	Round 3
Const	50.50	-0.234	49.39**
	(43.88)	(16.27)	(21.14)
$\overline{p_{bo}}$	–0.153	-0.003	-0.404***
	(0.292)	(0.101)	(0.141)
R2	0.009	0.000	0.214
N of Obs.	32	32	32

** Statistically significant at 5% level

*** Statistically significant at 1% level