Summary of model variables
| Variable | Definition and measurement | Mean | Std. Dev | Min | Max |
|---|---|---|---|---|---|
| RPIit | House rental price index, the price index (Laspeyres index) of rental housing market of city i in month t | 1638.858 | 401.507 | 699.000 | 2367.000 |
| ENTit | Platform entry, equals to one if Xiaozhu has already entered city i in month t, otherwise zero | 0.531 | 0.499 | 0.000 | 1.000 |
| NPit | New house price, average transaction price (Chinese Yuan per square meter) of new houses of city i in month t | 16031.240 | 8159.994 | 4529.000 | 54096.610 |
| SPit | Second-hand house price, average transaction price (Chinese Yuan per square meter) of second-hand houses of city i in month t | 22800.320 | 14738.870 | 5192.000 | 63581.000 |
| GDPit | GDP, gross domestic product of city i in month t | 9417.165 | 6574.745 | 762.010 | 33106.000 |
| INCit | Income, per capita disposable income (Chinese Yuan) of residents of city i in month t | 24426.720 | 14068.090 | 1881.000 | 67990.000 |
| CPIit | CPI, consumer price index of city i in month t | 102.601 | 1.879 | 96.960 | 107.540 |
| POPit | Net population migration rate of city i in month t, (number of immigrants − number of emigrants)/total population | 85.848 | 41.422 | 29.978 | 247.069 |
| TNDt | Linear time trend, the time ID (starting from one) of each month t | 85.484 | 40.463 | 1.000 | 167.000 |
| Variable | Definition and measurement | Mean | Std. Dev | Min | Max |
|---|---|---|---|---|---|
| House rental price index, the price index (Laspeyres index) of rental housing market of city | 1638.858 | 401.507 | 699.000 | 2367.000 | |
| Platform entry, equals to one if Xiaozhu has already entered city | 0.531 | 0.499 | 0.000 | 1.000 | |
| New house price, average transaction price (Chinese Yuan per square meter) of new houses of city | 16031.240 | 8159.994 | 4529.000 | 54096.610 | |
| Second-hand house price, average transaction price (Chinese Yuan per square meter) of second-hand houses of city | 22800.320 | 14738.870 | 5192.000 | 63581.000 | |
| GDP, gross domestic product of city | 9417.165 | 6574.745 | 762.010 | 33106.000 | |
| Income, per capita disposable income (Chinese Yuan) of residents of city | 24426.720 | 14068.090 | 1881.000 | 67990.000 | |
| CPI, consumer price index of city | 102.601 | 1.879 | 96.960 | 107.540 | |
| Net population migration rate of city | 85.848 | 41.422 | 29.978 | 247.069 | |
| Linear time trend, the time ID (starting from one) of each month | 85.484 | 40.463 | 1.000 | 167.000 |
Note(s): Number of observations = 508. All variables are at the city–month level
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