Hypothesized

No. of CE(s)

Eigenvalue

Trace Statistic

0.05

Critical Value

Prob.

Max-Eigen Statistic

0.05

Critical Value

Prob.

None**

0.950977

103.4193

47.85613

0.0000

45.23186

27.58434

0.0001

At most 1**

0.917295

58.18748

29.79707

0.0000

37.38711

21.13162

0.0001

At most 2**

0.613747

20.80037

15.49471

0.0072

14.26893

14.26460

0.0499

At most 3**

0.353013

6.531440

3.841466

0.0106

6.531440

3.841466

0.0106