Bid behavior
Average bid vs number of large hydro
Bid vs own stock of water
Strategic bunching
BCM
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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
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(Intercept) 340.088 *** 341.038 *** 341.977 *** 466.918 *** 468.238 *** 470.171 *** 420.112 *** 421.409 *** 423.257 *** 436.016 *** 441.682 *** 450.008 *** 436.670 *** 442.772 *** 451.862 ***
(57.250) (57.511) (57.792) (36.839) (37.190) (37.671) (38.679) (38.921) (39.231) (38.632) (38.988) (39.399) (38.591) (39.038) (39.610)
own_stock_rel -178.557 * -180.831 * -183.182 * -137.354 -139.354 -141.287 -153.366 -155.415 -157.396 -135.539 -139.416 -144.011 -136.462 -139.902 -144.030
(74.645) (74.624) (74.615) (93.769) (93.908) (94.067) (87.074) (87.208) (87.371) (90.044) (89.939) (89.793) (88.452) (88.517) (88.578)
own_inflow_rel_l1 -1256.660 * -1188.901 * -1207.599 * -1063.418 -1064.392
(538.342) (546.302) (557.481) (523.849) (509.686)
own_inflow_rel_l3 -1234.123 * -1166.763 * -1185.073 * -1045.546 -1045.242
(531.500) (541.345) (551.824) (521.377) (507.090)
own_inflow_rel_l7 -1208.260 * -1143.728 * -1160.601 * -1029.036 -1026.990
(522.442) (534.652) (544.050) (516.619) (502.503)
rivals_stock_rel_incl -230.731 ** -231.527 ** -233.330 **
(75.941) (75.958) (75.876)
rivals_stock_rel_excl -145.477 * -146.208 * -147.883 * -102.024 -112.406 -127.957 -100.624 -111.630 -128.176
(64.508) (64.545) (64.404) (62.988) (63.483) (64.203) (64.673) (64.790) (64.945)
rivals_inflow_rel_l1_incl -7320.691 ***
(1029.250)
rivals_inflow_rel_l3_incl -6918.513 ***
(997.523)
rivals_inflow_rel_l7_incl -6362.509 ***
(928.129)
rivals_inflow_rel_l1_excl -7278.329 ***
(919.013)
rivals_inflow_rel_l3_excl -6923.430 ***
(870.963)
rivals_inflow_rel_l7_excl -6431.555 ***
(804.974)
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Num. obs. 170654 170654 170654 170654 170654 170654 170654 170654 170654 170654 170654 170654 170654 170654 170654
R^2 (full model) 0.022 0.022 0.021 0.028 0.027 0.027 0.025 0.024 0.024 0.032 0.031 0.030 0.033 0.032 0.031
R^2 (proj model)
Adj. R^2 (full model) 0.022 0.022 0.021 0.028 0.027 0.027 0.025 0.024 0.024 0.032 0.031 0.030 0.033 0.032 0.031
Adj. R^2 (proj model)
=========================================================================================================================================================================================================================================================================
*** p < 0.001; ** p < 0.01; * p < 0.05
=============================================================================================================================================================
1 2 3 4 5 6 7 8 9
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own_stock_rel -40.385 -46.528 -54.467 -39.227 -44.560 -51.141 -45.216 -49.349 -54.617
(37.798) (37.582) (37.061) (49.740) (49.730) (49.656) (47.122) (47.649) (48.214)
own_inflow_rel_l1 -3380.735 *** -3377.699 *** -2565.499 **
(582.522) (587.834) (727.793)
own_inflow_rel_l3 -3133.954 *** -3129.308 *** -2397.463 **
(550.614) (551.979) (698.217)
own_inflow_rel_l7 -2736.282 *** -2730.130 *** -2113.891 **
(476.546) (476.476) (627.729)
rivals_stock_rel_excl -4.256 -7.195 -12.087 14.125 4.269 -9.068
(73.317) (73.569) (74.683) (74.355) (74.376) (75.201)
rivals_inflow_rel_l1_excl -3695.360 **
(852.422)
rivals_inflow_rel_l3_excl -3309.700 **
(832.626)
rivals_inflow_rel_l7_excl -2771.886 *
(854.785)
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Num. obs. 61780 61780 61780 61780 61780 61780 61780 61780 61780
Num. groups: firm_id 10 10 10 10 10 10 10 10 10
Num. groups: year 26 26 26 26 26 26 26 26 26
R^2 (full model) 0.290 0.289 0.287 0.290 0.289 0.287 0.293 0.291 0.288
R^2 (proj model) 0.017 0.015 0.012 0.017 0.015 0.012 0.021 0.018 0.014
Adj. R^2 (full model) 0.290 0.288 0.286 0.290 0.288 0.286 0.293 0.291 0.288
Adj. R^2 (proj model) 0.017 0.015 0.012 0.017 0.015 0.012 0.021 0.018 0.014
=============================================================================================================================================================
*** p < 0.001; ** p < 0.01; * p < 0.05