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Table 4

Estimation results for the marginal price of water





Estimatep-valueEstimatep-valueEstimatep-valueEstimatep-value
 0.0412 0.0000 0.0512 0.0000 0.0005 0.8620 0.0003 0.0200 
 −0.0027 0.0000 −0.0039 0.0000 −0.0003 0.2820 0.0000 0.0820 
 0.2555 0.0000 0.0016 0.0000 −0.0659 0.0000 −0.0002 0.0000 
 0.0899 0.0000       
 0.0512 0.0000 0.0132 0.0000 0.0021 0.0000 0.0000 0.4550 
 0.0005 0.8620 0.0021 0.0000 0.0930 0.0000 0.0000 0.8640 
 0.0003 0.0200 0.0000 0.4550 0.0000 0.8640 0.0001 0.0000 
 0.0132 0.0000       
 0.0021 0.0000       
 0.0000 0.4550       
 0.0930 0.0000       
 0.0000 0.8640       
 0.0001 0.0000       
 0.0016 0.0000       
 −0.0659 0.0000       
 −0.0002 0.0000       
No. of observations 31,613 31,613 31,613 31,613 
No of parameters 33 23 23 23 
RMSE 0.1531 0.0423 0.0577 0.0016 
R2 0.8086 0.1010 0.2040 0.0071 
Chi2 163,726.1 3,656.4 12,347.2 92.8 
p-value 0.0000 0.0000 0.0000 0.0000 
Correlation matrix of residuals
        
   0.2708     
   −0.1816 −0.1896    
   −0.0367 −0.0339 0.1013   
Breusch–Pagan diagonality test for the SUR systemchi2(6)4,900.638p-value0.0000




Estimatep-valueEstimatep-valueEstimatep-valueEstimatep-value
 0.0412 0.0000 0.0512 0.0000 0.0005 0.8620 0.0003 0.0200 
 −0.0027 0.0000 −0.0039 0.0000 −0.0003 0.2820 0.0000 0.0820 
 0.2555 0.0000 0.0016 0.0000 −0.0659 0.0000 −0.0002 0.0000 
 0.0899 0.0000       
 0.0512 0.0000 0.0132 0.0000 0.0021 0.0000 0.0000 0.4550 
 0.0005 0.8620 0.0021 0.0000 0.0930 0.0000 0.0000 0.8640 
 0.0003 0.0200 0.0000 0.4550 0.0000 0.8640 0.0001 0.0000 
 0.0132 0.0000       
 0.0021 0.0000       
 0.0000 0.4550       
 0.0930 0.0000       
 0.0000 0.8640       
 0.0001 0.0000       
 0.0016 0.0000       
 −0.0659 0.0000       
 −0.0002 0.0000       
No. of observations 31,613 31,613 31,613 31,613 
No of parameters 33 23 23 23 
RMSE 0.1531 0.0423 0.0577 0.0016 
R2 0.8086 0.1010 0.2040 0.0071 
Chi2 163,726.1 3,656.4 12,347.2 92.8 
p-value 0.0000 0.0000 0.0000 0.0000 
Correlation matrix of residuals
        
   0.2708     
   −0.1816 −0.1896    
   −0.0367 −0.0339 0.1013   
Breusch–Pagan diagonality test for the SUR systemchi2(6)4,900.638p-value0.0000

Note: For simplicity, the estimates of the fixed effects (temporal and for company) have been omitted. RMSE is the root-mean-square error. Number of firms = 5,081, t = 1993–2012.

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