(1)

(2)

(3)

2001-2007

Whole

East

Midwest

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

hp

−0.015***

−0.011***

0.002

(−5.57)

(−2.75)

(1.24)

Constant term

−3.212

−36.854**

12.871***

(−0.42)

(−2.15)

(8.00)

Observations

1368

552

816

Within R²

0.680

0.741

0.153

last land transfer area as IV (the second stage)

hp

−0.012***

−0.008**

0.002

(−4.62)

(−2.07)

(1.30)

Constant term

−2.348

−33.906**

12.773***

(−0.33)

(−2.06)

(8.03)

Observations

1376

550

826

Within R²

0.669

0.728

0.164