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A peer-reviewed article of this preprint also exists.
This version is not peer-reviewed
Submitted:
31 December 2023
Posted:
03 January 2024
You are already at the latest version
ACI | Actuaries Climate Index™ |
IACI | Iberian Actuarial Climate Index |
SACI | Spanish Actuarial Climate Index |
Year | Total Insured sum (€) | Total Loss (€) | Crop Yield () | Number Of Policies | Number Of Plots | Number Of Claims |
---|---|---|---|---|---|---|
1990 | 217,652,835 | 6,200,518 | 1,388,430,463 | 28,100 | 134,050 | 15,291 |
1991 | 248,557,853 | 3,560,276 | 1,550,473,335 | 31,621 | 152,005 | 12,000 |
1992 | 307,714,572 | 7,904,540 | 1,912,566,029 | 39,929 | 198,611 | 19,235 |
1993 | 284,919,972 | 6,826,730 | 1,829,365,370 | 37,832 | 195,007 | 17,456 |
1994 | 297,271,994 | 2,738,423 | 1,901,295,250 | 38,984 | 204,313 | 8,619 |
1995 | 242,077,610 | 5,569,047 | 1,400,284,025 | 29,129 | 167,305 | 18,063 |
1996 | 327,901,655 | 4,593,910 | 1,605,894,257 | 32,859 | 193,004 | 9,282 |
1997 | 395,633,563 | 14,096,834 | 1,957,379,446 | 37,049 | 225,642 | 25,611 |
1998 | 441,049,489 | 13,007,045 | 1,971,311,184 | 34,288 | 213,158 | 17,656 |
1999 | 437,265,055 | 14,794,992 | 1,917,674,498 | 32,706 | 206,014 | 24,029 |
2000 | 568,328,639 | 9,741,835 | 2,090,534,475 | 34,000 | 219,489 | 10,682 |
2001 | 560,603,175 | 6,759,693 | 2,011,166,692 | 30,996 | 201,894 | 7,641 |
2002 | 522,149,823 | 7,945,331 | 1,943,561,894 | 28,876 | 190,731 | 13,152 |
2003 | 562,951,706 | 18,847,196 | 2,076,438,149 | 29,037 | 195,308 | 16,855 |
2004 | 598,344,779 | 18,271,523 | 2,163,019,536 | 28,823 | 199,977 | 17,954 |
2005 | 595,592,273 | 10,960,930 | 2,098,146,664 | 26,412 | 198,760 | 14,503 |
2006 | 551,669,449 | 23,246,532 | 1,899,984,824 | 23,194 | 183,900 | 22,537 |
2007 | 577,020,427 | 42,553,289 | 1,964,259,110 | 22,665 | 189,357 | 22,043 |
2008 | 653,256,796 | 15,265,573 | 2,230,822,485 | 24,461 | 210,449 | 14,725 |
2009 | 628,159,377 | 19,773,933 | 2,097,168,866 | 21,950 | 204,072 | 14,280 |
2010 | 597,317,970 | 10,530,360 | 1,951,036,257 | 19,993 | 193,284 | 13,732 |
2011 | 516,300,441 | 23,659,028 | 1,746,476,820 | 17,927 | 174,013 | 21,883 |
2012 | 644,892,414 | 15,259,638 | 2,292,548,909 | 21,480 | 209,162 | 11,043 |
2013 | 630,157,964 | 30,235,918 | 2,268,987,633 | 21,075 | 231,153 | 32,294 |
2014 | 687,759,537 | 18,986,141 | 2,389,698,870 | 20,650 | 238,865 | 26,823 |
2015 | 704,818,295 | 33,449,574 | 2,426,866,357 | 20,139 | 243,458 | 37,138 |
2016 | 772,792,789 | 11,049,778 | 2,633,586,202 | 20,947 | 268,232 | 11,205 |
2017 | 821,585,396 | 20,152,939 | 2,768,418,806 | 21,023 | 284,922 | 25,283 |
2018 | 939,523,058 | 37,068,415 | 3,010,843,844 | 22,839 | 333,156 | 39,809 |
2019 | 1,028,808,795 | 29,643,282 | 3,154,082,113 | 23,467 | 359,053 | 34,916 |
2020 | 1,038,651,982 | 41,498,451 | 3,159,232,107 | 23,636 | 368,346 | 40,465 |
2021 | 1,056,633,225 | 53,137,810 | 3,192,077,192 | 23,537 | 372,611 | 48,217 |
2022 | 1,091,289,076 | 30,551,509 | 3,279,107,478 | 23,520 | 387,991 | 28,479 |
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
1990 | 0.0015 | 0.3081 | 2.3514 | 0.4118 | 1.5308 | 3.1197 | 3.6792 | |||||
1991 | 0.0408 | 0.4092 | 0.1895 | 2.2058 | 0.3756 | 4.6512 | 0.0164 | 0.0007 | ||||
1992 | 0.0030 | 1.6162 | 1.2416 | 2.4082 | 3.4349 | 0.9415 | 0.0227 | |||||
1993 | 0.0021 | 0.3123 | 1.3200 | 2.8835 | 1.5353 | 1.9061 | 0.9230 | 0.0692 | ||||
1994 | 0.0015 | 0.4033 | 1.0053 | 1.2045 | 0.3132 | 0.9862 | 0.2966 | 0.0078 | ||||
1995 | 0.0048 | 0.7208 | 1.0663 | 1.0185 | 0.9091 | 5.9801 | 1.0831 | 0.0030 | ||||
1996 | 0.0047 | 0.3280 | 0.4000 | 0.9746 | 1.4430 | 1.0098 | 0.6124 | 0.0326 | ||||
1997 | 0.0004 | 0.0049 | 0.0315 | 1.3145 | 0.6107 | 3.8978 | 4.5687 | 0.9161 | 0.0031 | |||
1998 | 0.0033 | 0.0009 | 0.0033 | 1.6504 | 1.3586 | 2.4189 | 0.4372 | 1.9502 | 0.4199 | 0.0403 | ||
1999 | 0.0005 | 0.0010 | 0.2451 | 0.9053 | 2.4848 | 3.5968 | 0.4713 | 3.9575 | ||||
2000 | 0.0023 | 0.0838 | 1.5768 | 0.8388 | 0.5627 | 1.0215 | 0.7795 | |||||
2001 | 0.0490 | 1.2437 | 0.0064 | 0.9000 | 0.6142 | 0.8524 | 0.1184 | |||||
2002 | 0.0005 | 0.0661 | 0.2144 | 0.6218 | 1.0785 | 3.7844 | 1.0963 | 0.0131 | ||||
2003 | 0.0005 | 0.0046 | 0.5765 | 2.2529 | 0.9503 | 3.6619 | 1.1833 | |||||
2004 | 0.0020 | 0.1340 | 0.5636 | 1.4272 | 1.8632 | 1.7572 | 3.1424 | 0.0835 | ||||
2005 | 0.0010 | 0.0795 | 0.4593 | 2.3747 | 2.2228 | 1.3232 | 0.8226 | 0.0136 | ||||
2006 | 1.0962 | 0.5753 | 4.6688 | 4.4209 | 1.0120 | 0.4818 | ||||||
2007 | 0.0037 | 1.1259 | 8.2833 | 0.9670 | 0.0438 | 0.7763 | 0.4309 | 0.0048 | ||||
2008 | 0.0048 | 0.0889 | 2.6448 | 0.7579 | 1.5101 | 0.6781 | 1.2972 | 0.0048 | 0.0010 | |||
2009 | 0.0304 | 2.0101 | 1.7969 | 0.6243 | 2.0924 | 0.4425 | 0.0010 | |||||
2010 | 0.0005 | 0.0021 | 0.5143 | 1.8755 | 1.2003 | 1.8227 | 1.3855 | 0.3032 | ||||
2011 | 0.0086 | 1.0183 | 6.0122 | 1.5964 | 1.8861 | 1.9119 | 0.1419 | |||||
2012 | 0.0010 | 0.4174 | 2.0032 | 0.6574 | 1.7685 | 0.3151 | 0.1143 | 0.0029 | ||||
2013 | 0.0017 | 0.0346 | 4.3339 | 0.7419 | 4.9547 | 1.7841 | 1.3454 | 0.7735 | ||||
2014 | 0.0599 | 0.6962 | 3.8486 | 4.4770 | 0.8302 | 1.3162 | 0.0013 | |||||
2015 | 0.0008 | 0.2234 | 2.6530 | 2.7483 | 4.9491 | 3.2531 | 1.4265 | |||||
2016 | 0.0112 | 0.1831 | 1.0293 | 0.4351 | 1.0908 | 0.2427 | 1.1151 | 0.0701 | ||||
2017 | 0.8560 | 1.1796 | 3.4915 | 2.5200 | 0.5728 | 0.2538 | ||||||
2018 | 0.0018 | 0.3554 | 1.8739 | 1.9648 | 4.4922 | 2.0924 | 1.1679 | 0.0006 | ||||
2019 | 0.0042 | 0.3228 | 0.9428 | 0.0089 | 4.6236 | 2.9622 | 0.8600 | |||||
2020 | 0.0176 | 0.6532 | 0.9893 | 2.9904 | 3.8605 | 2.2446 | 0.2259 | 0.0041 | ||||
2021 | 0.3387 | 0.7536 | 5.1348 | 0.6975 | 2.4414 | 3.5740 | 0.0003 | |||||
2022 | 0.0034 | 0.1925 | 0.5289 | 0.1497 | 2.3617 | 3.7429 | 0.3593 | 0.0018 |
Dependent variable: | |||
Number of Claim | |||
Model 1 | Model 2 | Model 3 | |
SACI | 0.008*** | ||
(0.001) | |||
T90std | 0.002*** | 0.001 | |
(0.001) | (0.001) | ||
T10std | 0.002 | 0.0005 | |
(0.001) | (0.001) | ||
Pstd | -0.002 | 0.003*** | |
(0.001) | (0.001) | ||
Dstd | -0.001 | -0.0001 | |
(0.001) | (0.001) | ||
Wstd | -0.001 | -0.003*** | |
(0.001) | (0.001) | ||
Sstd | 0.002*** | 0.0004 | |
(0.0004) | (0.0004) | ||
April | 0.003* | ||
(0.002) | |||
May | 0.017*** | ||
(0.002) | |||
June | 0.017*** | ||
(0.002) | |||
July | 0.023*** | ||
(0.002) | |||
August | 0.020*** | ||
(0.002) | |||
September | 0.013*** | ||
(0.002) | |||
Constant | 0.004*** | 0.003*** | -0.0002 |
(0.001) | (0.001) | (0.001) | |
Observations | 396 | 396 | 396 |
R2 | 0.081 | 0.138 | 0.502 |
Adjusted R2 | 0.079 | 0.125 | 0.487 |
Residual Std. Error | 0.012 (df = 394) | 0.012 (df = 389) | 0.009 (df = 383) |
F Statistic | 34.868*** (df = 1; 394) | 10.398*** (df = 6; 389) | 32.197*** (df = 12; 383) |
Dependent variable: | |||
Number of Claim ( Normalized) | |||
= 0.9 | = 0.95 | = 0.99 | |
SACI | 0.018*** | 0.014 | 0.005* |
(0.013,0.023) | (-0.004,0.031) | (-0.001,0.011) | |
Constant | 0.012*** | 0.026*** | 0.045*** |
(0.008,0.015) | (0.014,0.038) | (0.041,0.049) | |
Observations | 396 | 396 | 396 |
Pseudo | 0.0928 | 0.0420 | 0.0173 |
Dependent variable: | ||||||
Number of Claim ( Normalized) | ||||||
Model 50.9 | Model 50.95 | Model 50.99 | Model 60.9 | Model 60.95 | Model 60.99 | |
SACI | 0.0001*** | 0.0001*** | 0.0008*** | |||
(0.00003,0.0001) | (0.0001,0.0002) | (0.0007,0.0010) | ||||
T90std | 0.00003*** | 0.0002*** | 0.0017*** | |||
(0.00002,0.00005) | (0.0001,0.0002) | (0.0015,0.0019) | ||||
T10std | 0.0001*** | 0.0001** | 0.0009*** | |||
(0.00003,0.0001) | (0.000003,0.0002) | (0.0006,0.0013) | ||||
Pstd | 0.0001*** | 0.0003*** | 0.0019*** | |||
(0.00005,0.0001) | (0.0002,0.0004) | (0.0015,0.0022) | ||||
Dstd | -0.00002 | 0.0001 | 0.0003 | |||
(-0.0001,0.00001) | (-0.00002,0.0002) | (-0.0001,0.0007) | ||||
Wstd | -0.00005*** | -0.0001*** | -0.0017*** | |||
(-0.0001,-0.00003) | (-0.0002,-0.0001) | (-0.0020,-0.0015) | ||||
Sstd | 0.00002*** | 0.0001*** | 0.0008*** | |||
(0.00002,0.00003) | (0.00002,0.0001) | (0.0007,0.0010) | ||||
April | 0.0101*** | 0.0111*** | 0.0153*** | 0.0099*** | 0.0105*** | 0.0163*** |
(0.0100,0.0101) | (0.0110,0.0112) | (0.0150,0.0156) | (0.0099,0.0100) | (0.0104,0.0107) | (0.0157,0.0169) | |
May | 0.0264*** | 0.0600*** | 0.0817*** | 0.0265*** | 0.0596*** | 0.0798*** |
(0.0264,0.0265) | (0.0599,0.0601) | (0.0814,0.0819) | (0.0264,0.0265) | (0.0594,0.0598) | (0.0792,0.0804) | |
June | 0.0348*** | 0.0465*** | 0.0495*** | 0.0347*** | 0.0461*** | 0.0422*** |
(0.0347,0.0348) | (0.0464,0.0466) | (0.0493,0.0498) | (0.0346,0.0347) | (0.0459,0.0463) | (0.0415,0.0428) | |
July | 0.0448*** | 0.0492*** | 0.0482*** | 0.0448*** | 0.0483*** | 0.0432*** |
(0.0448,0.0449) | (0.0491,0.0493) | (0.0480,0.0485) | (0.0447,0.0448) | (0.0481,0.0484) | (0.0426,0.0439) | |
August | 0.0373*** | 0.0455*** | 0.0589*** | 0.0372*** | 0.0449*** | 0.0572*** |
(0.0373,0.0374) | (0.0454,0.0456) | (0.0586,0.0591) | (0.0371,0.0372) | (0.0448,0.0451) | (0.0566,0.0579) | |
September | 0.0356*** | 0.0394*** | 0.0457*** | 0.0355*** | 0.0392*** | 0.0423*** |
(0.0356,0.0357) | (0.0393,0.0395) | (0.0454,0.0460) | (0.0355,0.0356) | (0.0390,0.0394) | (0.0416,0.0429) | |
Constant | 0.00003*** | 0.0001*** | 0.0006*** | 0.0001*** | 0.0003*** | 0.0020*** |
(0.00001,0.0001) | (0.00004,0.0001) | (0.0005,0.0007) | (0.0001,0.0001) | (0.0002,0.0004) | (0.0017,0.0023) | |
Observations | 396 | 396 | 396 | 396 | 396 | 396 |
Pseudo | 0.5607 | 0.5771 | 0.5780 | 0.5609 | 0.5780 | 0.6475 |
Dependent variable: | ||
Number of Cliam (Loss Cost = 1) | ||
Model 7 | Model 8 | |
SACI | 0.0003*** | 0.0002* |
(0.0001) | (0.0001) | |
April | -0.00001 | |
(0.0002) | ||
May | 0.001*** | |
(0.0002) | ||
June | 0.0003 | |
(0.0002) | ||
July | 0.001*** | |
(0.0002) | ||
August | 0.0004** | |
(0.0002) | ||
September | 0.0002 | |
(0.0002) | ||
Constant | 0.0001 | -0.0001 |
(0.0001) | (0.0001) | |
Observations | 396 | 396 |
R2 | 0.024 | 0.146 |
Adjusted R2 | 0.021 | 0.131 |
Residual Std. Error | 0.001 (df = 394) | 0.001 (df = 388) |
F Statistic | 9.608*** (df = 1; 394) | 9.475*** (df = 7; 388) |
Dependent variable: | |||
90th | 95th | 99th | |
SACI | 0.001*** | 0.001*** | 0.001 |
(0.0004,0.001) | (0.001,0.001) | (-0.008,0.010) | |
Constant | 0.0003*** | 0.001*** | 0.003 |
(0.0001,0.001) | (0.0003,0.001) | (-0.003,0.009) | |
Observations | 396 | 396 | 396 |
Pseudo | 0.0967 | 0.0742 | 0.0411 |
Dependent variable: | ||||||
Number of ( Normalized) | ||||||
Mod 10 | Mod 10 | Mod 10 | Mod 11 | Mod 11 | Mod 11 | |
SACI | 0.000 | 0.00000*** | 0.0003*** | |||
(-0.0003,0.0003) | (0.00000,0.00001) | (0.0002,0.0003) | ||||
T90std | 0.004*** | 0.010*** | 0.016*** | |||
(0.003,0.004) | (0.009,0.011) | (0.016,0.017) | ||||
T10std | 0.001** | 0.004*** | 0.003*** | |||
(0.0001,0.002) | (0.002,0.006) | (0.001,0.004) | ||||
Pstd | 0.0001 | 0.0001 | 0.0001 | |||
(-0.001,0.001) | (-0.002,0.002) | (-0.001,0.001) | ||||
Dstd | -0.0004 | 0.0002 | -0.001 | |||
(-0.002,0.001) | (-0.002,0.002) | (-0.002,0.001) | ||||
Wstd | -0.002*** | -0.003*** | -0.001 | |||
(-0.003,-0.001) | (-0.004,-0.001) | (-0.002,0.0002) | ||||
Sstd | 0.001*** | 0.002*** | -0.0001 | |||
(0.001,0.001) | (0.001,0.003) | (-0.001,0.0003) | ||||
April | 0.0002 | 0.0002*** | 0.0001 | 0.013*** | 0.008*** | 0.005*** |
(-0.0002,0.001) | (0.0002,0.0002) | (-0.0001,0.0002) | (0.011,0.015) | (0.005,0.011) | (0.003,0.007) | |
May | 0.003*** | 0.005*** | 0.017*** | 0.314*** | 0.493*** | 1.760*** |
(0.003,0.004) | (0.005,0.005) | (0.017,0.018) | (0.313,0.316) | (0.490,0.497) | (1.758,1.762) | |
June | 0.001*** | 0.001*** | 0.001*** | 0.096*** | 0.102*** | 0.106*** |
(0.001,0.002) | (0.001,0.001) | (0.001,0.001) | (0.094,0.098) | (0.098,0.105) | (0.104,0.109) | |
July | 0.002*** | 0.003*** | 0.004*** | 0.134*** | 0.248*** | 0.403*** |
(0.001,0.002) | (0.003,0.003) | (0.004,0.004) | (0.131,0.136) | (0.245,0.251) | (0.401,0.405) | |
August | 0.001*** | 0.002*** | 0.002*** | 0.095*** | 0.123*** | 0.168*** |
(0.001,0.002) | (0.002,0.002) | (0.002,0.002) | (0.092,0.097) | (0.119,0.126) | (0.166,0.170) | |
September | 0.001*** | 0.001*** | 0.002*** | 0.061*** | 0.122*** | 0.183*** |
(0.0002,0.001) | (0.001,0.001) | (0.002,0.002) | (0.059,0.063) | (0.119,0.126) | (0.181,0.186) | |
Constant | 0.000 | 0.00000** | 0.0002*** | 0.002*** | 0.005*** | 0.012*** |
(-0.0002,0.0002) | (0.00000,0.00000) | (0.0001,0.0002) | (0.001,0.003) | (0.004,0.007) | (0.011,0.013) | |
Observations | 396 | 396 | 396 | 396 | 396 | 396 |
Pseudo | 0.3559 | 0.4101 | 0.7156 | 0.3585 | 0.4150 | 0.7275 |
Dependent variable: | ||||
model 12 | model 13 | model 14 | model 15 | |
SACI | 5.350∗∗∗ | 0.878∗∗∗ | ||
(0.620) | (0.327) | |||
T90std | 0.737∗∗∗ | 0.226 | ||
(0.331) | (0.180) | |||
T10std | 1.204∗ | 0.621∗ | ||
(0.640) | (0.328) | |||
Pstd | −2.350∗∗∗ | 0.023 | ||
(0.532) | (0.289) | |||
Dstd | −0.312 | 0.414 | ||
(0.692) | (0.352) | |||
Wstd | 0.723 | −0.388∗ | ||
(0.442) | (0.229) | |||
Sstd | 1.759∗∗∗ | 0.344∗∗∗ | ||
(0.195) | (0.112) | |||
April | 9.371∗∗∗ | 9.214∗∗∗ | ||
(0.541) | (0.542) | |||
May | 11.861∗∗∗ | 11.863∗∗∗ | ||
(0.533) | (0.533) | |||
June | 11.066∗∗∗ | 10.852∗∗∗ | ||
(0.553) | (0.595) | |||
July | 11.547∗∗∗ | 11.360∗∗∗ | ||
(0.547) | (0.580) | |||
August | 11.482∗∗∗ | 11.385∗∗∗ | ||
(0.549) | (0.562) | |||
September | 11.028∗∗∗ | 10.853∗∗∗ | ||
(0.538) | (0.575) | |||
Constant | 5.083∗∗∗ | 1.922∗∗∗ | 4.444∗∗∗ | 1.925∗∗∗ |
(0.441) | (0.230) | (0.454) | (0.243) | |
Observations | 396 | 396 | 396 | 396 |
R2 | 0.159 | 0.809 | 0.266 | 0.814 |
Adjusted R2 | 0.157 | 0.805 | 0.255 | 0.808 |
Residual Std. Error | 5.859 (df = 394) | 2.815 (df = 388) | 5.509 (df = 389) | 2.794 (df = 383) |
F Statistic | 74.511∗∗∗ (df = 1; 394) | 234.536∗∗∗ (df = 7; 388) | 23.497∗∗∗ (df = 6; 389) | 139.809∗∗∗ (df = 12; 383) |
Dependent variable: | |||
90th | 95th | 99th | |
SACI | 1.141*** | 0.963*** | 0.591 |
(0.480,1.802) | (0.467,1.458) | (-0.274,1.455) | |
Constant | 14.031*** | 14.536*** | 15.256*** |
(13.561,14.501) | (14.183,14.888) | (14.641,15.871) | |
Observations | 396 | 396 | 396 |
Pseudo | 0.0319 | 0.0304 | 0.0292 |
Dependent variable: | ||||||
Model | Model | Model | Model | Model | Model | |
SACI | 0.541* | 0.578** | 0.619*** | |||
(-0.059,1.141) | (0.002,1.153) | (0.257,0.981) | ||||
T90std | 0.085 | 0.218** | 0.332*** | |||
(-0.128,0.299) | (0.032,0.404) | (0.183,0.481) | ||||
T10std | 0.121 | 0.422** | 0.143 | |||
(-0.268,0.510) | (0.083,0.760) | (-0.128,0.415) | ||||
Pstd | 0.277 | 0.528*** | 1.101*** | |||
(-0.065,0.619) | (0.231,0.826) | (0.863,1.340) | ||||
Dstd | 0.169 | 0.066 | 0.876*** | |||
(-0.248,0.587) | (-0.297,0.429) | (0.585,1.167) | ||||
Wstd | -0.338** | -0.268** | -0.484*** | |||
(-0.609,-0.067) | (-0.504,-0.032) | (-0.673,-0.295) | ||||
Sstd | 0.168** | 0.148** | 0.020 | |||
(0.036,0.300) | (0.033,0.264) | (-0.073,0.112) | ||||
April | 5.331*** | 4.495*** | 3.203*** | 5.165*** | 4.703*** | 3.826*** |
(4.338,6.324) | (3.543,5.447) | (2.604,3.802) | (4.522,5.808) | (4.144,5.263) | (3.378,4.275) | |
May | 6.994*** | 5.857*** | 4.934*** | 7.084*** | 6.077*** | 5.233*** |
(6.015,7.974) | (4.917,6.796) | (4.343,5.525) | (6.453,7.716) | (5.528,6.627) | (4.792,5.673) | |
June | 6.717*** | 5.249*** | 3.911*** | 6.594*** | 5.672*** | 4.694*** |
(5.702,7.732) | (4.275,6.222) | (3.299,4.523) | (5.889,7.299) | (5.059,6.285) | (4.202,5.185) | |
July | 7.003*** | 5.715*** | 3.955*** | 6.657*** | 5.707*** | 4.560*** |
(5.998,8.008) | (4.750,6.679) | (3.348,4.561) | (5.970,7.344) | (5.109,6.305) | (4.081,5.039) | |
August | 6.767*** | 5.388*** | 3.625*** | 6.387*** | 5.317*** | 3.719*** |
(5.759,7.776) | (4.420,6.355) | (3.017,4.234) | (5.720,7.054) | (4.737,5.897) | (3.253,4.184) | |
September | 6.687*** | 5.420*** | 3.639*** | 6.622*** | 5.624*** | 4.528*** |
(5.700,7.675) | (4.473,6.367) | (3.043,4.235) | (5.940,7.303) | (5.032,6.217) | (4.052,5.003) | |
Constant | 7.992*** | 9.540*** | 11.305*** | 8.142*** | 9.439*** | 11.018*** |
(7.570,8.414) | (9.135,9.945) | (11.050,11.560) | (7.854,8.430) | (9.189,9.690) | (10.817,11.219) | |
Observations | 396 | 396 | 396 | 396 | 396 | 396 |
Pseudo | 0.3711 | 0.3192 | 0.2531 | 0.38 | 0.3354 | 0.2857 |
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