Table 4 Estimates of the model parameters.
From: Sugarcane expansion and farmland prices in São Paulo State, Brazil
| Variables | P1 (First-class cropland price) | P2 (Second-class cropland price) | ||||
|---|---|---|---|---|---|---|
| FE AR(1) | PCSE | FGLS | FE AR(1) | PCSE | FGLS | |
| Intercept | 0.02416 (0.062) |
3.4682*** (1.028) |
1.97274 (0.876) |
0.03615 (0.060) |
3.55010 (1027) |
2.0945** (0.915) |
| Price_Sugarcane |
0.26090*** (0.067) |
0.23288*** (0.062) |
0.24315*** (0.052) |
0.26495*** (0.066) |
0.24573*** (0.065) |
0.25992*** (0.055) |
| Price_Corn |
0.01582 (0.057) |
− 0.01448 (0.050) |
− 0.00602 (0.042) |
0.01666 (0.057) |
− 0.02361 (0.052) |
− 0.00847 (0.045) |
| Price_Soy |
0.22768*** (0.063) |
0.2746*** (0.051) |
0.27197*** (0.041) |
0.22237*** (0.062) |
0.28032*** (0.052) |
0.27343*** (0.045) |
| IGP |
0.82923*** (0.060) |
0.72557*** (0.034) |
0.74679*** (0.030) |
0.84081*** (0.061) |
0.75657*** (0.036) |
0.77879*** (0.032) |
| Vp_Total |
0.25616*** (0.032) |
0.10688** (0.043) |
0.16672*** (0.036) |
0.25569*** (0.032) |
0.10488** (0.044) |
0.16977*** (0.038) |
| Area_Sugarcane |
0.11624*** (0.028) |
0.09807*** (0.023) |
0.10064*** (0.019) |
0.12252*** (0.028) |
0.09338*** (0.023) |
0.08439*** (0.021) |
| Area_Corn |
0.06761 (0.042) |
− 0.01166 (0.033) |
0.00476 (0.027) |
0.03236 (0.042) |
− 0.03105 (0.033) |
− 0.03170 (0.029) |
| Area_Soy |
0.02049 (0.016) |
0.04422*** (0.013) |
0.03608*** (0.010) |
0.02058*** (0.1604) |
0.04190*** (0.013) |
0.042417*** (0.010) |
| Lease_Sugarcane |
0.07078* (0.039) |
0.07066** (0.034) |
0.08083*** (0.029) |
0.08977** (0.039) |
0.07850** (0.034) |
0.09110*** (0.032) |
| Lease_Corn |
− 0.0001 (0.037) |
− 0.02019 (0.032) |
− 0.01676 (0.028) |
− 0.00159 (0.037) |
− 0.01605 (0.033) |
− 0.00517 (0.029) |
| Lease_Soy |
0.00732 (0.034) |
0.04943* (0.029) |
0.05109** (0.024) |
0.00134 (0.033) |
0.04004 (0.030) |
0.04582* (0.026) |
| T2011 |
0.36371*** (0.035) |
0.40579*** (0.032) |
0.38605*** (0.027) |
0.36712*** (0.035) |
0.40801*** (0.033) |
0.038111*** (0.029) |
| T2012 |
− 0.21345*** (0.041) |
− 0.1937*** (0.034) |
− 0.1948*** (0.028) |
− 0.1964*** (0.041) |
− 0.18658*** (0.036) |
− 0.1975*** (0.031) |
| T2013 |
− 0.1089*** (0.039) |
− 0.1056*** (0.032) |
− 0.1005** (0.026) |
− 0.0780*** (0.040) |
− 0.07820** (0.034) |
− 0.0853*** (0.029) |
| R 2 |
W. = 0.9702 B. = 0.0577 O. = 0.3478 | 0.9978 | – |
W. = 0.9698 B. = 0.0568 O. = 0.3800 | 0.9972 | – |