Variable [coefficient]

Model 0: Equation (3) that has varying elasticities (α_k ≠ α) and includes fixed effects

Model 1 under H₁: Identical elasticity

(α_k = α)

Model 2 under H₂: No fixed effects

Model 3 under H₃: Identical elasticity (α_k = α) and no fixed effects

R²: within

0.8460

0.8008

R²: between

0.0019

0.3470

R²: overall

0.0145

0.1046

0.8425

0.1361

ln(1 + number of cumulative confirmed cases): not country-specific [α]

−0.0345

−0.1308

ln(1 + number of cumulative confirmed cases): China [α₁]

−0.0219

−0.2539

ln(1 + number of cumulative confirmed cases): Hong Kong [α₂]

−0.0415

0.4293

ln(1 + number of cumulative confirmed cases): Taiwan [α₃]

−0.0571

−0.2965

ln(1 + number of cumulative confirmed cases): Japan [α₄]

−0.0394

0.1429

ln(1 + number of cumulative confirmed cases): Korea [α₅]

−0.0325

−0.1549

ln(1 + number of cumulative confirmed cases): Singapore [α₆]

−0.0674

0.1799

ln(1 + number of cumulative confirmed cases): Italy [α₇]

−0.0331

−0.1952

ln(1 + number of cumulative confirmed cases): France [α₈]

−0.0385

0.0239

ln(1 + number of cumulative confirmed cases): Germany [α₉]

−0.0382

0.0292

ln(1 + number of cumulative confirmed cases): Spain [α₁₀]

−0.0337

−0.1604

ln(1 + number of cumulative confirmed cases): UK [α₁₁]

−0.0458

−0.0573

ln(1 + number of cumulative confirmed cases): US [α₁₂]

−0.0287

0.0854

ln(1 + number of cumulative confirmed cases): Canada [α₁₃]

−0.0539

0.0117

ln(1 + number of cumulative confirmed cases): Australia [α₁₄]

−0.0743

−0.0924

p-value of the F-statistic statistic for testing H_m for m = 1, 2, 3

<0.0001

<0.0001

<0.0001