Table B1 Estimated General Model

Table B1
Estimated General Model

Dependent variable: D(LTRAFFIC)
Estimation method: weighted least squares
Total system (unbalanced) observations: 990

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  Coefficient Std. error t-statistic P-value
D(LGDP) 0.8942 0.0410 21.8117 0.0000
D(LPGAS) –0.3369 0.0157 –21.4261 0.0000
D(LTRAFFIC(-1)) 0.3642 0.0160 22.6942 0.0000
D(LTOLL1) –0.0371 0.2279 –0.1626 0.8709
D(LTOLL2) –0.2754 0.2630 –1.0471 0.2954
D(LTOLL3) –0.2338 0.2631 –0.8886 0.3745
D(LTOLL4) –0.3237 0.2548 –1.2704 0.2043
D(LTOLL5) –0.1799 0.2101 –0.8565 0.3920
D(LTOLL6) –0.4766 0.1451 –3.2853 0.0011
D(LTOLL7) –0.4758 0.1274 –3.7354 0.0002
D(LTOLL8) –0.4630 0.1362 –3.3982 0.0007
D(LTOLL9) –0.2811 0.1296 –2.1689 0.0304
D(LTOLL10) –0.4903 0.1258 –3.8977 0.0001
D(LTOLL11) –0.4512 0.1157 –3.9003 0.0001
D(LTOLL12) –0.5876 0.1893 –3.1042 0.0020
D(LTOLL13) –0.3588 0.1705 –2.1048 0.0356
D(LTOLL14) –0.3555 0.2371 –1.4994 0.1341
D(LTOLL15) –0.1118 0.1281 –0.8725 0.3832
D(LTOLL16) –0.3144 0.1504 –2.0901 0.0369
D(LTOLL17) –0.0580 0.1998 –0.2902 0.7717
D(LTOLL18) –0.1894 0.1477 –1.2828 0.1999
D(LTOLL19) –0.3475 0.2299 –1.5118 0.1309
D(LTOLL20) –0.3417 0.1964 –1.7398 0.0822
D(LTOLL21) –0.4309 0.2585 –1.6672 0.0958
D(LTOLL22) –0.3609 0.4125 –0.8748 0.3819
D(LTOLL23) –0.1517 0.0422 –3.5972 0.0003
D(LTOLL24) –0.1716 0.0390 –4.4061 0.0000
D(LTOLL25) –0.1815 0.0456 –3.9764 0.0001
D(LTOLL26) –0.2204 0.0629 –3.5052 0.0005
D(LTOLL27) –0.2831 0.0827 –3.4209 0.0007
D(LTOLL28) –0.2653 0.0608 –4.3657 0.0000
D(LTOLL29) –0.3136 0.0413 –7.5963 0.0000
D(LTOLL30) –0.4182 0.0646 –6.4717 0.0000
D(LTOLL31) –0.4387 0.0534 –8.2101 0.0000
D(LTOLL32) –0.4062 0.0465 –8.7398 0.0000
D(LTOLL33) –0.3620 0.0537 –6.7361 0.0000
D(LTOLL34) –0.3915 0.0414 –9.4648 0.0000
D(LTOLL35) –0.3447 0.0342 –10.0812 0.0000
D(LTOLL36) –0.3582 0.1184 –3.0254 0.0026
D(LTOLL37) –0.3701 0.0445 –8.3134 0.0000
D(LTOLL38) –0.3904 0.0512 –7.6203 0.0000
D(LTOLL39) –0.3992 0.0489 –8.1651 0.0000
D(LTOLL40) –0.5231 0.2504 –2.0892 0.0370
D(LTOLL41) –0.4556 0.2466 –1.8476 0.0650
D(LTOLL42) –0.4489 0.1657 –2.7082 0.0069
D(LTOLL43) –0.4662 0.2451 –1.9018 0.0575
D(LTOLL44) –0.3729 0.1515 –2.4614 0.0140
D(LTOLL45) –0.4115 0.1619 –2.5420 0.0112
D(LTOLL46) –0.4045 0.2312 –1.7495 0.0806
D(LTOLL47) –0.5029 0.1554 –3.2366 0.0013
D(LTOLL48) –0.0931 0.2265 –0.4108 0.6813
D(LTOLL49) –0.2227 0.1657 –1.3439 0.1793
D(LTOLL50) –0.1935 0.0913 –2.1199 0.0343
D(LTOLL51) –0.3617 0.0650 –5.5628 0.0000
D(LTOLL52) –0.4411 0.0647 –6.8186 0.0000
D(LTOLL53) –0.8415 0.1494 –5.6340 0.0000
D(LTOLL54) –0.8140 0.1435 –5.6730 0.0000
D(LTOLL55) –0.8301 0.1714 –4.8438 0.0000
D(LTOLL56) –0.3729 0.1065 –3.5004 0.0005
D(LTOLL57) –0.3294 0.0839 –3.9255 0.0001
D(LTOLL58) –0.3569 0.1728 –2.0648 0.0392
D(LTOLL59) –0.3863 0.0936 –4.1281 0.0000
D(LTOLL60) –0.5015 0.0830 –6.0381 0.0000
D(LTOLL61) –0.5248 0.1946 –2.6970 0.0071
D(LTOLL62) –0.4816 0.1138 –4.2314 0.0000
D(LTOLL63) –0.3233 0.1335 –2.4213 0.0157
D(LTOLL64) –0.3922 0.0990 –3.9625 0.0001
D(LTOLL65) –0.4431 0.1168 –3.7933 0.0002
D(LTOLL66) –0.3706 0.1427 –2.5963 0.0096
D(LTOLL67) –0.3451 0.0534 –6.4635 0.0000
D(LTOLL68) –0.3692 0.0562 –6.5701 0.0000
D(LTOLL69) –0.4417 0.1117 –3.9532 0.0001
D(LTOLL70) –0.8108 0.2983 –2.7182 0.0067
D(LTOLL71) –0.8798 0.3854 –2.2825 0.0227
D(LTOLL72) –0.2516 0.3066 –0.8208 0.4120
D(Z1) –0.0517 0.0259 –1.9918 0.0467
D(Z2) –0.0688 0.0240 –2.8680 0.0042
D(Z3) –0.0720 0.0246 –2.9222 0.0036
D(Z4) –0.0518 0.0259 –1.9971 0.0461
D(Z5) 0.1548 0.0395 3.9192 0.0001
D(Z6) 0.1689 0.0363 4.6490 0.0000
D(Z7) 0.1197 0.0577 2.0755 0.0382
D(Z8) –0.0687 0.0214 –3.2092 0.0014
D(Z9) –0.0621 0.0198 –3.1309 0.0018
D(Z10) –0.0689 0.0283 –2.4343 0.0151
D(Z11) –0.0428 0.0228 –1.8769 0.0609
D(Z12) –0.0554 0.0242 –2.2876 0.0224
D(Z13) 0.0726 0.0248 2.9326 0.0034
D(Z14) –0.0337 0.0198 –1.7058 0.0884
D(Z15) 0.0622 0.0202 3.0823 0.0021
D(Z16) –0.0365 0.0172 –2.1197 0.0343
D(Z17) 0.0474 0.0175 2.7040 0.0070
D(Z18) 0.0439 0.0194 2.2611 0.0240
D(Z19) 0.0419 0.0155 2.7086 0.0069
D(Z20) 0.0515 0.0130 3.9495 0.0001
D(Z21) 0.1690 0.0440 3.8452 0.0001
D(Z22) 0.0812 0.0168 4.8386 0.0000
D(Z23) 0.0836 0.0209 4.0077 0.0001
D(Z24) 0.1399 0.0187 7.4758 0.0000
D(Z25) –0.1377 0.0492 –2.7967 0.0053
D(Z26) 0.0863 0.0178 4.8569 0.0000
D(Z27) 0.0749 0.0175 4.2714 0.0000
D(Z28) 0.0449 0.0206 2.1811 0.0294

Notes: All the variables are defined in first differences (D) of the logarithm (L). GDP = gross domestic product; PGAS = gasoline price; TRAFFIC = average daily traffic volume; TOLL = toll paid per km for the 72 motorway sections; D(Z1)-D(Z28) = the first differences of dummy variables to account for changes in the road network.