Estimated parameters for determinants of the total weight of feeder and fed cattle insured with LRP insurance
| Feeder cattle | Fed cattle | |||
|---|---|---|---|---|
| Variable | Ordinary least square | GMM-instrumental variable | Ordinary least square | GMM-instrumental variable |
| Intercept | 14.341*** (0.407) | 14.9227*** (0.4122) | 22.765*** (2.8697) | 21.689*** (2.893) |
| Ln of subsidy per liability | −0.027 (0.011) | 0.1135*** (0.0134) | 0.1099*** (0.0316) | 0.0723*** (0.0426) |
| Ln of expected ending price | −1.413*** (0.0735) | −1.426*** (0.074) | −2.960*** (0.565) | −2.904* (0.562) |
| Year effects | Yes | Yes | Yes | Yes |
| Month effects | Yes | Yes | Yes | Yes |
| State effects | Yes | Yes | Yes | Yes |
| R-squared | 0.0964 | 0.0974 | 0.1724 | 0.180 |
| GMM C statistic | 127.11 | 2.107 | ||
| Observations | 36,488 | 36,488 | 4,489 | 4,489 |
| Feeder cattle | Fed cattle | |||
|---|---|---|---|---|
| Variable | Ordinary least square | GMM-instrumental variable | Ordinary least square | GMM-instrumental variable |
| Intercept | 14.341*** (0.407) | 14.9227*** (0.4122) | 22.765*** (2.8697) | 21.689*** (2.893) |
| Ln of subsidy per liability | −0.027 (0.011) | 0.1135*** (0.0134) | 0.1099*** (0.0316) | 0.0723*** (0.0426) |
| Ln of expected ending price | −1.413*** (0.0735) | −1.426*** (0.074) | −2.960*** (0.565) | −2.904* (0.562) |
| Year effects | Yes | Yes | Yes | Yes |
| Month effects | Yes | Yes | Yes | Yes |
| State effects | Yes | Yes | Yes | Yes |
| 0.0964 | 0.0974 | 0.1724 | 0.180 | |
| GMM C statistic | 127.11 | 2.107 | ||
| Observations | 36,488 | 36,488 | 4,489 | 4,489 |
Note(s): *, **, *** represent significance at the 10%, 5% and 1% levels, respectively
Source(s): Authors’ own work
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