Variable

Coefficient

Robust standard error

T-statistic

P-value

Constant: endowment 125

76.765

1.869

41.07

0.000

Endowment 275

−6.878

0.888

−7.75

0.000

Endowment 640

−25.983

1.098

−23.67

0.000

Endowment 700

−29.320

1.423

−20.60

0.000

Endowment 1500

−51.558

1.923

−26.81

0.000

Context: neutral

2.439

1.491

1.64

0.110

Phase: second half

1.369

0.555

2.47

0.018