Table 2. Maximum Likelihood Parameter Estimates and Standard Errors of the
Nonnested Model
|
Parameter |
Estimate |
Standard error |
t-value |
Pr > |t| |
|
intercept |
-10.80 |
825 |
-131 |
0.2086 |
|
cattle inventory (shwlst) |
-0.01 |
0.07 |
-0.08 |
0.9343 |
|
total demand (todem) |
0.13 |
0.12 |
1.04 |
0.3129 |
|
cattle from Feedlot 1 (fdlt1) |
0.17 |
0.19 |
0.87 |
0.3979 |
|
cattle from Feedlot 2 (fdlt2) |
-0.06 |
0.20 |
-0.32 |
0.7522 |
|
cattle from Feedlot 3 (fdlt3) |
-0.59 |
0.19 |
-3.05 |
0.0076 |
|
cattle from Feedlot 4 (fdlt4) |
0.24 |
0.19 |
1.22 |
0.2401 |
|
cattle from Feedlot 5 (fdlt5) |
-0.83 |
0.20 |
-4.22 |
0.0006 |
|
cattle from Feedlot 6 (fdlt6) |
-0.41 |
0.20 |
-2.05 |
0.0575 |
|
cattle from Feedlot 7 (fdlt7) |
0.44 |
0.21 |
2.1 |
0.0515 |
|
medium generic carcass (GenM) |
1.25 |
0.12 |
10.82 |
< 0.0001 |
|
high generic carcass (GenH) |
3.03 |
0.13 |
22.7 |
< 0.0001 |
|
cattle sold at 1500 lbs. (wt150) |
1.07 |
0.19 |
5.74 |
< 0.0001 |
|
cattle sold at 1500 lbs. (wt175) |
3.92 |
0.31 |
12.62 |
< 0.0001 |
|
Herfindahl index (HHI) |
11.95 |
6.04 |
1.98 |
0.0654 |
|
indicator for bidder 1 (bidder1) |
0.47 |
0.44 |
1.06 |
0.3053 |
|
indicator for bidder 2 (bidder2) |
0.38 |
0.22 |
1.78 |
0.0947 |
|
indicator for bidder 3 (bidder3) |
0.28 |
0.15 |
1.86 |
0.0811 |
|
intercept of the variance equation |
0.44 |
0.87 |
0.51 |
0.619 |
|
slope of inventory in the variance |
-0.02 |
0.01 |
-2.55 |
0.0215 |
|
equation | ||||
|
slope of total demand in the variance |
0.05 |
0.01 |
3.32 |
0.0043 |
|
equation | ||||
|
variance of time random effect |
4.38 |
1.52 |
2.88 |
0.011 |
|
-2 log-likelihood |
1916.6 |
34
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