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Table 3 Adaptive expectations – OLS estimates - equation in first differences

From: Do carrier expectations indicate industry structure in container shipping? An econometric analysis

Series

Constant

Vt

Kt − 4

Shocks

Wald Test

Breusch – Godfrey

Adj R-Squared

F-Statistic

Full Sample N = 75

 All Trades

0.002 (0.044)

0.305c (3.99)

0.470c (5.20)

−0.0003 (− 0.020)

82.3c

0.024 (Pr = 0.876)

0.58

35.06c

 ETP

−0.001 (− 0.26)

0.604c (8.17)

0.151a (1.75)

−0.007 (− 0.43)

50.4c

0.010Pr = 0.9194

0.67

52.08c

 WTA

0.008 (1.14)

0.067 (1.06)

0.421c (4.07)

−0.037b (−2.03)

168.3c

.0901 (Pr = 0.764)

0.22

8.03c

Pre-Block Exemption (WTA, N = 41)

 WTA

0.006 (0.66)

−0.021 (− 0.27)

0.422b (2.98)

− 0.041 (−1.49)

167.6c

0.002 (Pr = 0.967)

0.16

3.45b

Post-Block Exemption (WTA, N = 29)

 WTA

0.010 (0.88)

0.232 (1.84)a

0.371 (2.19)b

−0.060 (− 0.99)

37.12c

0.209 (Pr = 0.647)

0.22

3.65b

  1. aSignificant at the 10% level, bsignificant at the 5% level, csignificant at the 1% level