Equation  21
					restricted
					============

		Method of estimation = Ordinary Least Squares


 Dependent variable: LPSE
 Number of observations:  132

        Mean of dep. var. = 5.17995      LM het. test = 4.01884 [.045]
   Std. dev. of dep. var. = 1.00166     Durbin-Watson = 2.09121 [<.908]
 Sum of squared residuals = 46.4518  Jarque-Bera test = 13.4367 [.001]
    Variance of residuals = .377657   Ramsey's RESET2 = 4.97126 [.028]
 Std. error of regression = .614538   F (zero slopes) = 28.1284 [.000]
                R-squared = .648285    Schwarz B.I.C. = 140.343
       Adjusted R-squared = .625409    Log likelihood = -118.370

            Estimated    Standard
 Variable  Coefficient     Error       t-statistic       P-value
 LPRICE2   .235254       .109291       2.15255       *   [.033]
 LPRICE3   .297799       .205361       1.45012           [.150]
 LPRICE4   .260194       .265484       .980072           [.329]
 LPRICE5   .067671       .201308       .336155           [.737]
 LSUPPLY1  -.250532      .117625       -2.12993      *   [.035]
 LSUPPLY2  .312105       .129560       2.40896       *   [.017]
 LSUPPLY3  .031367       .096859       .323843           [.747]
 LSUPPLY4  .175859       .100222       1.75470           [.082]
 LSUPPLY5  -.057254      .080359       -.712477          [.478]


					Equation  22
					unrestricted
					============

		Method of estimation = Ordinary Least Squares


 Dependent variable: LPSE
 Number of observations:  132

        Mean of dep. var. = 5.17995      LM het. test = 4.41015 [.036]
   Std. dev. of dep. var. = 1.00166     Durbin-Watson = 2.03482 [<1.00]
 Sum of squared residuals = 34.0305  Jarque-Bera test = 33.1355 [.000]
    Variance of residuals = .343742   Ramsey's RESET2 = 5.69621 [.019]
 Std. error of regression = .586295   F (zero slopes) = 8.85514 [.000]
                R-squared = .741085    Schwarz B.I.C. = 178.400
       Adjusted R-squared = .657395    Log likelihood = -97.8339

            Estimated    Standard
 Variable  Coefficient     Error       t-statistic       P-value
 LPRICE2   .236296       .117082       2.01821       *   [.046]
 LPRICE3   .550943       .217024       2.53863       *   [.013]
 LPRICE4   .122001       .293178       .416133           [.678]
 LPRICE5   -.124121      .217759       -.569995          [.570]
 LSUPPLY1  -.281723      .152147       -1.85165          [.067]
 LSUPPLY2  .311556       .135839       2.29357       *   [.024]
 LSUPPLY3  .679820E-02   .105921       .064182           [.949]
 LSUPPLY4  .134734       .120760       1.11572           [.267]
 LSUPPLY5  -.048530      .086377       -.561840          [.575]
 C         4.49707       3.40678       1.32004           [.190]
 LTNS      -.253706      .267732       -.947610          [.346]
 LSUPPLY1  0.            0.            0.                [1.00]
 FOWNER1   -.086772      .090927       -.954297          [.342]
 FOWNER2   -.013238      .061024       -.216928          [.829]
 FOWNER3   -.067717      .071710       -.944322          [.347]
 FOWNER4   -.025852      .056650       -.456345          [.649]
 FOWNER5   -.058697      .045490       -1.29033          [.200]
 FDUMMY1   .165051       .094493       1.74670           [.084]
 FDUMMY2   -.134618      .061008       -2.20655      *   [.030]
 FDUMMY3   -.108449      .064197       -1.68932          [.094]
 FDUMMY4   .125562       .082554       1.52096           [.131]
 FDUMMY5   -.030186      .086219       -.350107          [.727]
 FDUMMY6   .023847       .090766       .262730           [.793]
 FDUMMY7   .073632       .075283       .978072           [.330]
 FDUMMY8   .067679       .076827       .880927           [.380]
 FDUMMY9   -.961292E-02  .061338       -.156720          [.876]
 FDUMMY10  -.011830      .063578       -.186064          [.853]
 FDUMMY11  -.139444      .099351       -1.40354          [.164]
 FDUMMY12  -.107968      .091262       -1.18305          [.240]
 FSTAT1    -.612528      .515482       -1.18826          [.238]
 FSTAT2    .142883       .289091       .494250           [.622]
 FSTAT3    -.269151      .295856       -.909736          [.365]
 FSTAT4    -.259072      .192237       -1.34767          [.181]


 F(24,99)  Test Statistic: 1.505647, Upper tail area: .08341