Heckman Vacant Land Sale Selection and Price Estimates
| (1) | (2) | (3) | |
|---|---|---|---|
| Estimation method | Heckman | Heckman | Heckman |
| Dependent variable | Sale (yes/no) ln(Sales price) | Sale (yes/no) ln(Sales price) | Sale (yes/no) ln(Sales price) |
| Independent variable: first-stage sale (yes/no) estimates | |||
| Effective tax rate | 0.001*** (20.46) | 0.001*** (20.46) | 0.001*** (20.46) |
| Residential (yes = 1, no = 0) | − 0.037*** (− 7.92) | − 0.037*** (−7.95) | − 0.037*** (− 7.95) |
| Commercial (yes = 1, no = 0) | − 0.019*** (− 4.69) | − 0.020*** (−4.76) | − 0.020*** (− 4.76) |
| ln(Size of lot) (square feet) | 0.002*** (3.61) | 0.002*** (3.66) | 0.002*** (3.66) |
| Buildable (yes = 1, no = 0) | 0.010*** (5.86) | 0.009*** (5.80) | 0.009*** (5.79) |
| ln(Distance to Packard plant) (feet) | 0.006* (1.95) | − 0.012 (0.77) | 0.002 (0.79) |
| ln(Distance to city center) (miles) | 0.009 (1.43) | − 0.001 (− 0.18) | |
| ln(Distance to border) (miles) | − 0.012*** (−3.98) | − 0.012*** (− 3.71) | |
| Independent variable: second-stage price estimates | |||
| Residential classification (yes = 1, no = 0) | 0.743*** (4.76) | 0.744*** (4.79) | 0.732*** (4.71) |
| Commercial classification (yes = 1, no = 0) | 1.542*** (6.61) | 1.557*** (6.68) | 1.519*** (6.52) |
| ln(Size of lot) (square feet) | 0.160* (1.81) | 0.164* (1.85) | 0.159* (1.78) |
| Buildable (yes = 1, no = 0) | 0.288* (1.71) | 0.288* (1.71) | 0.291* (1.73) |
| ln(Distance from Packard plant) (feet) | 1.441*** (4.24) | 0.743** (2.19) | 1.017*** (2.94) |
| ln(Distance from city center) (miles) | − 1.366* (− 1.77) | − 2.458*** (− 2.88) | |
| ln(Distance from border) (miles) | − 0.807** (− 2.55) | − 1.218*** (− 3.51) | |
| Sold in 2007 (yes = 1, no = 0) | 0.176 (1.15) | 0.163 (1.06) | 0.167 (1.09) |
| Sold in 2008 (yes = 1, no = 0) | − 0.394*** (− 2.59) | − 0.397*** (−2.62) | − 0.397*** (− 2.62) |
| Sold in 2009 (yes = 1, no = 0) | − 0.713*** (− 3.99) | − 0.696*** (−3.90) | − 0.720*** (− 4.03) |
| Sold in 2010 (yes = 1, no = 0) | − 0.724 (−1.28) | − 0.751 (− 1.33) | − 0.752 (− 1.33) |
| Lambda (inverse Mills ratio) | − 0.342 | − 0.128 | − 0.139 |
| Log pseudo-likelihood | − 23,584 | − 23,576 | − 23,571 |
| Number of observations | 81,376 | 81,376 | 81,376 |
| Number of uncensored observations | 3,788 | 3,788 | 3,788 |