Table 7B.
Second stage results (2SLS regressions) according to different specifications of f in Local Airbnb Demand (i,r,t,f).
| RC2 - Spec 1.1 |
RC2 - Spec 1.2 |
RC2 - Spec 2.1 |
RC2 - Spec 2.2 |
RC2 - Spec 3.1 |
RC2 - Spec 3.2 |
RC2 - Spec 4.1 |
RC2 - Spec 4.2 |
|
|---|---|---|---|---|---|---|---|---|
|
f = 2 |
f = 4 |
f = 2 |
f = 4 |
f = 2 |
f = 4 |
f = 2 |
f = 4 |
|
| r = 250m | r = 250m | r = 500m | r = 500m | r = 750m | r = 750m | r = 1000m | r = 1000m | |
| ln Local Airbnb Demand (i,r,t,f) | 0.027* | 0.062* | 0.027* | 0.063** | 0.030** | 0.062** | 0.023* | 0.043+ |
| (0.013) | (0.026) | (0.012) | (0.023) | (0.011) | (0.022) | (0.011) | (0.022) | |
| ln Average Market Price (i,r,t) | 0.684*** | 0.696*** | 0.758*** | 0.779*** | 0.795*** | 0.822*** | 0.825*** | 0.860*** |
| (0.007) | (0.010) | (0.008) | (0.013) | (0.009) | (0.015) | (0.010) | (0.016) | |
| ln RGDP (g,t) | 0.440*** | 0.506*** | 0.405*** | 0.454*** | 0.373*** | 0.425*** | 0.375*** | 0.453*** |
| (0.027) | (0.054) | (0.026) | (0.051) | (0.024) | (0.048) | (0.023) | (0.048) | |
| ln CPI(g,t) | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
| (.) | (.) | (.) | (.) | (.) | (.) | (.) | (.) | |
| ln Experience (i,t) | 0.001 | 0.001 | 0.002** | 0.002** | 0.003*** | 0.003** | 0.003*** | 0.003*** |
| (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 |
| Individual Fixed Effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Number of Observations | 2,649,779 | 1,877,764 | 2,649,779 | 1,877,764 | 2,649,779 | 1,877,764 | 2,649,779 | 1,877,764 |
| Robust Standard Errors | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| F | 42,699.919 | 31,286.331 | 47,843.176 | 35,577.604 | 49,190.863 | 36,594.511 | 50,065.905 | 36,816.781 |
| R2 Adjusted | 0.185 | 0.207 | 0.197 | 0.222 | 0.205 | 0.228 | 0.204 | 0.223 |
| R2 Uncentered | 0.185 | 0.207 | 0.197 | 0.222 | 0.205 | 0.228 | 0.204 | 0.223 |
| AIC | −2,246,477.121 | −1,772,142.787 | −2,286,494.820 | −1,807,912.947 | −2,310,336.991 | −1,821,719.064 | −2,306,917.582 | −1,811,055.374 |
| BIC | −2,246,425.961 | −1,772,093.004 | −2,286,443.660 | −1,807,863.164 | −2,310,285.831 | −1,821,669.281 | −2,306,866.422 | −1,811,005.592 |
| Kleibergen-Paap Underid. Test (rk LM) | 1739.146 | 658.856 | 1989.568 | 728.352 | 2276.719 | 825.248 | 2445.904 | 805.491 |
| Kleibergen-Paap Weak Id. Test (Wald F) | 1701.859 | 635.848 | 1956.491 | 705.460 | 2262.170 | 804.105 | 2440.587 | 783.313 |
| Cragg-Donald Weak Id. Test (Wald F) | 3589.873 | 1610.170 | 4184.810 | 1781.372 | 4687.678 | 1924.656 | 4957.665 | 1828.674 |
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, f = definition of Demand Moving Average filter. 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.