Equation   7
					restricted
					============

		Method of estimation = Ordinary Least Squares


 Dependent variable: LPSE
 Number of observations:  78

        Mean of dep. var. = 5.96607      LM het. test = 5.64421 [.018]
   Std. dev. of dep. var. = 1.10687     Durbin-Watson = 2.26078 [<.970]
 Sum of squared residuals = 24.3621  Jarque-Bera test = 42.4430 [.000]
    Variance of residuals = .343128   Ramsey's RESET2 = .496989 [.483]
 Std. error of regression = .585771   F (zero slopes) = 33.9889 [.000]
                R-squared = .742388    Schwarz B.I.C. = 80.5421
       Adjusted R-squared = .720618    Log likelihood = -65.2936

            Estimated    Standard
 Variable  Coefficient     Error       t-statistic       P-value
 LPRICE2   .109093       .199393       .547126           [.586]
 LPRICE3   .603950       .337013       1.79207           [.077]
 LPRICE4   .153030       .250785       .610205           [.544]
 LSUPPLY1  -.016882      .197549       -.085455          [.932]
 LSUPPLY2  -.039934      .204902       -.194893          [.846]
 LSUPPLY3  .480239       .138723       3.46185       **  [.001]
 LSUPPLY4  -.214514      .100462       -2.13528      *   [.036]


					Equation   8
					unrestricted
					============

		Method of estimation = Ordinary Least Squares


 Dependent variable: LPSE
 Number of observations:  78

        Mean of dep. var. = 5.96607      LM het. test = 1.58295 [.208]
   Std. dev. of dep. var. = 1.10687     Durbin-Watson = 2.39863 [<1.00]
 Sum of squared residuals = 17.6321  Jarque-Bera test = 18.4405 [.000]
    Variance of residuals = .375150   Ramsey's RESET2 = .196756 [.659]
 Std. error of regression = .612495   F (zero slopes) = 6.81550 [.000]
                R-squared = .813095    Schwarz B.I.C. = 120.214
       Adjusted R-squared = .693794    Log likelihood = -52.6846

            Estimated    Standard
 Variable  Coefficient     Error       t-statistic       P-value
 LPRICE2   -.039914      .268406       -.148707          [.882]
 LPRICE3   .764620       .432714       1.76703           [.084]
 LPRICE4   .158152       .374808       .421955           [.675]
 LSUPPLY1  -.110208      .245596       -.448737          [.656]
 LSUPPLY2  .198673       .262971       .755497           [.454]
 LSUPPLY3  .274799       .180598       1.52161           [.135]
 LSUPPLY4  -.089826      .151074       -.594581          [.555]
 C         1.64931       2.50580       .658196           [.514]
 LTNS      -.186966      .190851       -.979643          [.332]
 LSUPPLY1  0.            0.            0.                [1.00]
 FOWNER1   -.068853      .156302       -.440514          [.662]
 FOWNER2   -.015173      .074537       -.203568          [.840]
 FOWNER3   -.130063      .102184       -1.27283          [.209]
 FOWNER4   .048292       .163866       .294706           [.769]
 FOWNER5   .184018E-02   .074998       .024536           [.981]
 FDUMMY1   .094820       .167871       .564837           [.575]
 FDUMMY2   .088995       .086678       1.02673           [.310]
 FDUMMY3   -.223425      .113144       -1.97469          [.054]
 FDUMMY4   -.020639      .090564       -.227893          [.821]
 FDUMMY5   .037272       .106452       .350126           [.728]
 FDUMMY6   .142928       .103266       1.38408           [.173]
 FDUMMY7   -.354339      .257454       -1.37632          [.175]
 FDUMMY8   -.076106      .087171       -.873066          [.387]
 FDUMMY9   .092798       .103830       .893744           [.376]
 FDUMMY10  -.011831      .106795       -.110783          [.912]
 FDUMMY11  -.215674      .096771       -2.22870      *   [.031]
 FDUMMY12  -.180545      .183208       -.985465          [.329]
 FSTAT1    .013661       .067753       .201627           [.841]
 FSTAT2    -.083698      .087797       -.953309          [.345]
 FSTAT3    .011557       .029328       .394054           [.695]
 FSTAT4    .026752       .038355       .697469           [.489]


 F(24,47)  Test Statistic: 0.7474786, Upper tail area: .77698