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Appendix B<br />
Full Regression Results, Time Trend Specification<br />
Dependent Variable = Log <strong>of</strong> Price Per Unit<br />
Model 1 Model 2 Model 3<br />
Ring500 -0.195<br />
(0.019)<br />
Ring1000 -0.158<br />
(0.012)<br />
Ring2000 -0.125<br />
(0.009)<br />
Postring500 0.039<br />
(0.012)<br />
Postring1000 0.019<br />
(0.008)<br />
Postring2000 0.018<br />
(0.005)<br />
TPost500 -0.008<br />
(0.002)<br />
TPost1000 -0.005<br />
(0.001)<br />
TPost2000 -0.001<br />
(0.001)<br />
TRing500, 1-5 year segment -0.000<br />
(0.005)<br />
TRing500, 6-10 year segment -0.007<br />
(0.003)<br />
TRing500, 11-15 year segment 0.025<br />
(0.003)<br />
TRing500, 16-20 year segment 0.026<br />
(0.003)<br />
TRing500, 21-25 year segment -0.009<br />
(0.004)<br />
TRing1000, 1-5 year segment -0.010<br />
(0.003)<br />
TRing1000, 6-10 year segment -0.008<br />
(0.002)<br />
TRing1000, 11-15 year segment 0.025<br />
(0.002)<br />
TRing1000, 16-20 year segment 0.016<br />
(0.002)<br />
TRing1000, 21-25 year segment -0.004<br />
(0.003)<br />
TRing2000, 1-5 year segment -0.007<br />
(0.002)<br />
TRing2000, 6-10 year segment -0.011<br />
(0.001)<br />
TRing2000, 11-15 year segment 0.019<br />
(0.002)<br />
TRing2000, 16-20 year segment 0.015<br />
(0.002)<br />
TRing2000, 21-25 year segment -0.007<br />
32
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