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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

  1. W. = R2 within. B. = R2 between; O. = R2 overall
  2. *** Significant at 1%; ** significant at 5%; * significant at 10%. Standard errors in parentheses