Test of stationarity (ADF)
| Variable | Primary at level | Log returns at the level | ||
|---|---|---|---|---|
| Statistics | p-value | Statistics | p-value | |
| Auction price | −2.3956 | 0.4109 | −8.2349 | 0.01 |
| Spot price | −2.155 | 0.5127 | −7.317 | 0.01 |
| Future price | −2.435 | 0.3942 | −7.8795 | 0.01 |
| Variable | Primary at level | Log returns at the level | ||
|---|---|---|---|---|
| Statistics | Statistics | |||
| Auction price | −2.3956 | 0.4109 | −8.2349 | 0.01 |
| Spot price | −2.155 | 0.5127 | −7.317 | 0.01 |
| Future price | −2.435 | 0.3942 | −7.8795 | 0.01 |
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