Table 4 Asymmetry Parameter Estimates
Instrument SetQuadratic Loss
(p = 2)		Linear Loss
(p = 1)
(1)(2)(3)(4)(5)(6)
Indiana
Top0.150**
(0.072)		0.155**
(0.074)		0.151**
(0.072)		0.237**
(0.067)		0.251**
(0.069)		0.235**
(0.067)
Average0.117**
(0.059)		0.126**
(0.060)		0.117**
(0.059)		0.202**
(0.063)		0.228**
(0.066)		0.188**
(0.062)
Poor0.110**
(0.054)		0.112**
(0.052)		0.110**
(0.052)		0.167**
(0.059)		0.180**
(0.061)		0.165**
(0.059)
Transitional0.539
(0.104)		0.534
(0.104)		0.584
(0.103)		0.550
(0.079)		0.551
(0.079)		0.551
(0.079)
North
Top0.143**
(0.004)		0.142**
(0.004)		0.140**
(0.004)		0.210**
(0.004)		0.206**
(0.004)		0.206**
(0.004)
Average0.098**
(0.046)		0.107**
(0.047)		0.096**
(0.045)		0.225*
(0.066)		0.229*
(0.066)		0.225*
(0.066)
Poor0.125**
(0.047)		0.115**
(0.041)		0.112**
(0.040)		0.338
(0.075)		0.331
(0.074)		0.330
(0.074)
Northeast
Top0.297
(0.091)		0.297
(0.090)		0.290
(0.089)		0.322
(0.074)		0.331
(0.074)		0.314**
(0.073)
Average0.191**
(0.069)		0.191**
(0.069)		0.191**
(0.069)		0.224**
(0.066)		0.237**
(0.067)		0.221
(0.066)
Poor0.120**
(0.045)		0.121**
(0.045)		0.109**
(0.042)		0.239**
(0.067)		0.234**
(0.067)		0.233**
(0.067)
West Central
Top0.213**
(0.083)		0.201**
(0.081)		0.198**
(0.080)		0.260**
(0.069)		0.245**
(0.068)		0.239**
(0.067)
Average0.152**
(0.069)		0.158**
(0.070)		0.151**
(0.069)		0.263**
(0.070)		0.250**
(0.068)		0.248**
(0.068)
Poor0.186**
(0.080)		0.193**
(0.080)		0.182**
(0.080)		0.166**
(0.059)		0.177**
(0.060)		0.163**
(0.058)
Top0.183**
(0.068)		0.219**
(0.077)		0.179**
(0.067)		0.411
(0.078)		0.418
(0.078)		0.408
(0.078)
Average0.180**
(0.072)		0.204**
(0.075)		0.181**
(0.072)		0.296**
(0.072)		0.316**
(0.074)		0.291**
(0.072)
Poor0.188**
(0.072)		0.180**
(0.067)		0.188**
(0.066)		0.235**
(0.067)		0.256**
(0.069)		0.222**
(0.066)
Southwest
Top0.239**
(0.079)		0.222**
(0.075)		0.205**
(0.072)		0.348
(0.075)		0.346
(0.075)		0.335
(0.075)
Average0.174**
(0.064)		0.162**
(0.062)		0.163**
(0.062)		0.346
(0.075)		0.342
(0.075)		0.335
(0.075)
Poor0.169**
(0.068)		0.176**
(0.070)		0.164**
(0.067)		0.255**
(0.069)		0.259**
(0.069)		0.254**
(0.069)
Southeast
Top0.294
(0.085)		0.291**
(0.085)		0.301
(0.085)		0.345
(0.075)		0.349
(0.075)		0.318**
(0.074)
Average0.270**
(0.080)		0.268**
(0.080)		0.231**
(0.075)		0.375
(0.077)		0.375
(0.077)		0.365
(0.076)
Poor0.261**
(0.078)		0.265**
(0.078)		0.253**
(0.076)		0.288**
(0.072)		0.300**
(0.072)		0.285**
(0.071)

  • Note: Standard errors in parentheses are heteroskedasticity and autocorrelation consistent.

  • ↵**,* Restriction rejected at the 1% and 5% levels, respectively.