1^st stage least squares

Regress and is C

$R_{adj}^2=0.94$

2^nd stage least squares

Regress and is g

$R_{adj}^2=0.74$

Coefficient

Estimate

|ᵵ|

Coefficient

Estimate

|ᵵ|

${\alpha }_0$

0.04

3.27

${\beta }_0$

0.00

0.02

${\alpha }_l$

−0.10

3.77

${\beta }_{\widehat{c}}$

1.30

2.66

${\alpha }_d$

−0.16

4.64

${\beta }_d$

0.12

0.88

${\alpha }_r$

0.22

6.43

${\beta }_r$

0.28

1.95

${\alpha }_{cdr}$

1.11

27.11

${\beta }_{\widehat{c}dr}$

−0.98

1.88

${\alpha }_n$

−0.02

0.61

${\beta }_n$

0.39

4.45