Null(Alt)

Model-1

Model-2

Model-3

Eigenvalue

Trace Statistic

5% Critical Value

Eigenvalue

Trace Statistic

5% Critical Value

Eigenvalue

Trace Statistic

5% Critical Value

r = 0

0.344280

226.6565*

76.97277

0.343899

225.5307*

69.81889

0.349888

256.9177*

88.80380

r ≤ 1 (r > 1)

0.230203

120.3071*

54.07904

0.229978

119.3277*

47.85613

0.231900

148.4039*

63.87610

r ≤ 2 (r > 2)

0.156440

54.37659*

35.19275

0.156270

53.47104*

29.79707

0.158628

81.91727*

42.91525

r ≤ 3 (r > 3)

0.034451

11.50519

20.26184

0.033778

10.65063

15.49471

0.111668

38.39143*

25.87211

r ≤ 4 (r > 4)

0.010541

2.670534

9.164546

0.007871

1.991434

3.841466

0.033368

8.552291

12.51798