Variance Decomposition of LNPRICE

Period

S.E

LMARKET

LNPRICE

LNVENUES

1

0.138553

7.113

(2.902)

92.886

(2.902)

0.000

(0.000)

2

0.189979

8.123

(3.701)

82.199

(4.597)

9.676

(2.762)

3

0.228211

8.359

(4.321)

75.364

(5.831)

16.276

(4.148)

4

0.260798

8.421

(4.692)

71.736

(6.516)

19.842

(4.863)

5

0.290216

8.419

(4.954)

69.459

(6.975)

22.120

(5.334

6

0.317380

8.386

(5.175)

67.808

(7.310)

23.804

(5.684)

7

0.342801

8.338

(5.385)

66.518

(7.573)

25.143

(5.962)

8

0.366833

8.281

(5.597)

65.464

(7.796)

26.253

(6.195)

9

0.389729

8.221

(5.816)

64.573

(7.993)

27.204

(6.398)

10

0.411676

8.160

(6.043)

63.800

(8.175)

28.038

(6.583)