(1)

(2)

(3)

(4)

(5)

(6)

2001-2003

2004-2007

Whole

East

Midwest

Whole

East

Midwest

per capita land transfer area as IV (the second stage)

hp

0.009

0.069

−0.000

−0.006***

−0.006*

0.005

(0.76)

(0.57)

(−0.21)

(−2.61)

(−1.92)

(1.62)

Constantterm

−52.989**

−215.991

10.769***

18.475***

15.141

10.663***

(−2.52)

(−0.68)

(2.81)

(3.09)

(1.02)

(2.65)

Observations

493

195

298

875

357

518

Within R2

0.365

0.075

0.720

0.744

last land transfer area as IV (the second stage)

hp

−0.001

−0.026

−0.000

−0.007***

−0.008**

0.004

(−0.09)

(−0.87)

(−0.21)

(−3.28)

(−2.23)

(1.51)

Constant term

−27.744*

59.285

10.762***

19.145***

16.082

11.784***

(−1.75)

(0.78)

(2.81)

(3.23)

(1.08)

(3.46)

Observations

493

195

298

883

355

528

Within R2

0.363

0.587

0.075

0.719

0.746

0.120