| . | Specification . | ||
|---|---|---|---|
| Parameter . | (i) . | (ii) . | (iii) . |
| λ | 0.0123 | 0.0125 | 0.0115 |
| μ | – | 0.1725 | 0.1425 |
| ρ | – | – | 2.98 |
| Incremental likelihood ratio | – | 212.2 | 115.8 |
| Observations | 4,080 | 4,080 | 4,080 |
| . | Specification . | ||
|---|---|---|---|
| Parameter . | (i) . | (ii) . | (iii) . |
| λ | 0.0123 | 0.0125 | 0.0115 |
| μ | – | 0.1725 | 0.1425 |
| ρ | – | – | 2.98 |
| Incremental likelihood ratio | – | 212.2 | 115.8 |
| Observations | 4,080 | 4,080 | 4,080 |
Notes:(i) No incumbency effects.
(ii) Incumbency effects.
(iii) Incumbency effects + change in valuation above |$\, \min \lbrace x^L, x^H\rbrace$|.
| . | Specification . | ||
|---|---|---|---|
| Parameter . | (i) . | (ii) . | (iii) . |
| λ | 0.0123 | 0.0125 | 0.0115 |
| μ | – | 0.1725 | 0.1425 |
| ρ | – | – | 2.98 |
| Incremental likelihood ratio | – | 212.2 | 115.8 |
| Observations | 4,080 | 4,080 | 4,080 |
| . | Specification . | ||
|---|---|---|---|
| Parameter . | (i) . | (ii) . | (iii) . |
| λ | 0.0123 | 0.0125 | 0.0115 |
| μ | – | 0.1725 | 0.1425 |
| ρ | – | – | 2.98 |
| Incremental likelihood ratio | – | 212.2 | 115.8 |
| Observations | 4,080 | 4,080 | 4,080 |
Notes:(i) No incumbency effects.
(ii) Incumbency effects.
(iii) Incumbency effects + change in valuation above |$\, \min \lbrace x^L, x^H\rbrace$|.
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