. 2023 Feb 6;97:104738. doi: 10.1016/j.tourman.2023.104738

Table 6B.

Second stage results (2SLS regressions) according to different specifications of $P O S T_{t}$

	RC1 - Spec 1.1	RC1 - Spec 1.2	RC1 - Spec 1.3	RC1 - Spec 2.1	RC1 - Spec 2.2	RC1 - Spec 2.3	RC1 - Spec 3.1	RC1 - Spec 3.2	RC1 - Spec 3.3	RC1 - Spec 4.1	RC1 - Spec 4.2	RC1 - Spec 4.3
	s = 64	s = 65	s = 62	s = 64	s = 65	s = 62	s = 64	s = 65	s = 62	s = 64	s = 65	s = 62
	r = 250m	r = 250m	r = 250m	r = 500m	r = 500m	r = 500m	r = 750m	r = 750m	r = 750m	r = 1000m	r = 1000m	r = 1000m
ln Local Airbnb Demand (i,r,t)	0.090***	0.128***	0.073***	0.089***	0.129***	0.065***	0.086***	0.123***	0.065***	0.071***	0.105***	0.054***
ln Local Airbnb Demand (i,r,t)	(0.018)	(0.019)	(0.019)	(0.017)	(0.018)	(0.017)	(0.016)	(0.017)	(0.016)	(0.016)	(0.017)	(0.015)
ln Average Market Price (i,r,t)	0.671***	0.655***	0.679***	0.743***	0.719***	0.758***	0.781***	0.755***	0.796***	0.814***	0.787***	0.827***
ln Average Market Price (i,r,t)	(0.008)	(0.008)	(0.008)	(0.010)	(0.011)	(0.010)	(0.011)	(0.012)	(0.011)	(0.013)	(0.014)	(0.012)
ln RGDP (g,t)	0.387***	0.310***	0.420***	0.342***	0.258***	0.394***	0.320***	0.245***	0.364***	0.343***	0.272***	0.377***
ln RGDP (g,t)	(0.037)	(0.039)	(0.038)	(0.036)	(0.039)	(0.036)	(0.033)	(0.036)	(0.033)	(0.033)	(0.036)	(0.032)
ln CPI(g,t)	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
ln CPI(g,t)	(.)	(.)	(.)	(.)	(.)	(.)	(.)	(.)	(.)	(.)	(.)	(.)
ln Experience (i,t)	0.002**	0.003**	0.002*	0.003***	0.004***	0.003***	0.004***	0.004***	0.003***	0.004***	0.005***	0.004***
ln Experience (i,t)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
Time Fixed Effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Individual Fixed Effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Number of Observations	2,205,346	2,205,346	2,205,346	2,205,346	2,205,346	2,205,346	2,205,346	2,205,346	2,205,346	2,205,346	2,205,346	2,205,346
Robust Standard Errors	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
F	37,688.752	38,430.442	37,328.027	42,582.125	43,722.652	41,819.907	43,685.359	44,951.161	42,905.109	44,130.524	45,472.621	43,434.542
R² Adjusted	0.180	0.187	0.175	0.195	0.203	0.187	0.201	0.208	0.194	0.198	0.208	0.192
R² Uncentered	0.211	0.218	0.207	0.225	0.233	0.218	0.231	0.239	0.225	0.229	0.238	0.223
AIC	−2,023,566.852	−2,042,626.884	−2,011,415.303	−2,064,382.256	−2,085,980.456	−2,043,612.082	−2,080,564.492	−2,102,198.174	−2,062,099.418	−2,074,260.615	−2,100,446.529	−2,057,075.443
BIC	−2,023,516.426	−2,042,576.458	−2,011,364.878	−2,064,331.830	−2,085,930.030	−2,043,561.656	−2,080,514.066	−2,102,147.749	−2,062,048.992	−2,074,210.190	−2,100,396.104	−2,057,025.018
Kleibergen-Paap Underid. Test (rk LM)	1082.248	933.598	1193.196	1113.966	900.740	1323.847	1229.208	971.401	1545.349	1229.900	961.274	1611.162
Kleibergen-Paap Weak Id. Test (Wald F)	1030.080	873.237	1138.332	1060.824	840.859	1259.987	1172.391	906.258	1480.411	1173.351	896.859	1543.961
Cragg-Donald Weak Id. Test (Wald F)	2476.075	2034.140	2279.317	2623.212	2036.993	2554.966	2864.371	2194.635	2887.851	2833.554	2154.186	2943.777

Notes: a) Subscripts: i = Property, t = Time (Year-Week), g = Country, 250 m/500 m/750 m/1000 m = radius r defining the relevant market, s = definition of $P O S T_{s}$ . Individual Fixed Effects stands for property-level (i) fixed effects included in the model. b) Dependent variable = ln Average Weekly Price(i,t). c) Estimates were generated by the means of Stata 17 (command ivreghdfe). d) ***p < 0.001, **p < 0.01, *p < 0.5, + p < 0.1. e) The coefficient of ln CPI(g,t) is partialled out by the ivreghdfe estimation command because of collinearity with the fixed effects.