Full Professor, Colorado State University
WINNER'S CURSE:

Work-in-Progress Results

OLS of bid by mid and range (veteran winners) including bankrupt       10:34 Thursday, October 7, 1999   1

GRPSIZE=1 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Number of observations in by group = 60

OLS of bid by mid and range (veteran winners) including bankrupt       10:34 Thursday, October 7, 1999   2

GRPSIZE=1 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      2074126902.29134000     2074126902.29134000   7969.90     0.0001

Error                   58        15094203.44199090         260244.88693088

Corrected Total         59      2089221105.73333000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.992775                 3.548584            510.14202623       14375.93333333


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      2074126902.29134000     2074126902.29134000   7969.90     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      2074126902.29134000     2074126902.29134000   7969.90     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                  -733.4889310              -4.04         0.0002        181.6094821
MID                           0.9979584              89.27         0.0001          0.0111786



OLS of bid by mid and range (veteran winners) including bankrupt       10:34 Thursday, October 7, 1999   3

GRPSIZE=1 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Number of observations in by group = 60

OLS of bid by mid and range (veteran winners) including bankrupt       10:34 Thursday, October 7, 1999   4

GRPSIZE=1 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      1753935431.20486000     1753935431.20486000   1489.60     0.0001

Error                   58        68292210.12847270        1177451.89876677

Corrected Total         59      1822227641.33333000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.962523                 7.248689           1085.10455661       14969.66666667


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      1753935431.20486000     1753935431.20486000   1489.60     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      1753935431.20486000     1753935431.20486000   1489.60     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                   507.8350088               1.27         0.2093        400.0339113
MID                           0.9326153              38.60         0.0001          0.0241639



OLS of bid by mid and range (veteran winners) including bankrupt       10:34 Thursday, October 7, 1999   5

GRPSIZE=1 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Number of observations in by group = 60

OLS of bid by mid and range (veteran winners) including bankrupt       10:34 Thursday, October 7, 1999   6

GRPSIZE=1 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      1963656072.11352000     1963656072.11352000   2008.94     0.0001

Error                   58        56692532.73648020         977457.46097380

Corrected Total         59      2020348604.85000000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.971939                 6.869327            988.66448352       14392.45000000


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      1963656072.11352000     1963656072.11352000   2008.94     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      1963656072.11352000     1963656072.11352000   2008.94     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                   392.6815407               1.16         0.2493        337.4188596
MID                           0.9453203              44.82         0.0001          0.0210909



OLS of bid by mid and range (veteran winners) including bankrupt       10:34 Thursday, October 7, 1999   7

GRPSIZE=1 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Number of observations in by group = 115

OLS of bid by mid and range (veteran winners) including bankrupt       10:34 Thursday, October 7, 1999   8

GRPSIZE=1 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      3708429464.29524000     3708429464.29524000   4238.54     0.0001

Error                  113        98867183.65258550         874930.82878394

Corrected Total        114      3807296647.94782000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.974032                 6.433886            935.37737239       14538.29565217


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      3708429464.29524000     3708429464.29524000   4238.54     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      3708429464.29524000     3708429464.29524000   4238.54     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                   320.2337305               1.36         0.1760        235.1641485
MID                           0.9587820              65.10         0.0001          0.0147269



OLS of bid by mid and range (veteran winners) including bankrupt       10:34 Thursday, October 7, 1999   9

GRPSIZE=5 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Number of observations in by group = 90

OLS of bid by mid and range (veteran winners) including bankrupt       10:34 Thursday, October 7, 1999  10

GRPSIZE=5 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      3081063185.65433000     3081063185.65433000  16851.76     0.0001

Error                   88        16089329.50121680         182833.28978655

Corrected Total         89      3097152515.15555000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.994805                 3.022773            427.59009552       14145.62222222


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      3081063185.65433000     3081063185.65433000  16851.76     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      3081063185.65433000     3081063185.65433000  16851.76     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                  -757.0807493              -6.14         0.0001        123.3310620
MID                           0.9826563             129.81         0.0001          0.0075697



OLS of bid by mid and range (veteran winners) including bankrupt       10:34 Thursday, October 7, 1999  11

GRPSIZE=5 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Number of observations in by group = 60

OLS of bid by mid and range (veteran winners) including bankrupt       10:34 Thursday, October 7, 1999  12

GRPSIZE=5 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      1921517137.87294000     1921517137.87294000   3221.69     0.0001

Error                   58        34593068.71039150         596432.21914468

Corrected Total         59      1956110206.58333000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.982315                 5.328559            772.29024281       14493.41666667


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      1921517137.87294000     1921517137.87294000   3221.69     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      1921517137.87294000     1921517137.87294000   3221.69     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                  -931.8127089              -3.22         0.0021        289.4746444
MID                           0.9970297              56.76         0.0001          0.0175657



OLS of bid by mid and range (veteran winners) including bankrupt       10:34 Thursday, October 7, 1999  13

GRPSIZE=5 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Number of observations in by group = 90

OLS of bid by mid and range (veteran winners) including bankrupt       10:34 Thursday, October 7, 1999  14

GRPSIZE=5 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      2897226242.66920000     2897226242.66920000   2372.66     0.0001

Error                   88       107455712.45302000        1221087.64151159

Corrected Total         89      3004681955.12222000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.964237                 7.671541           1105.02834421       14404.25555556


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      2897226242.66920000     2897226242.66920000   2372.66     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      2897226242.66920000     2897226242.66920000   2372.66     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                   461.2177680               1.49         0.1392        309.0379991
MID                           0.9520819              48.71         0.0001          0.0195459



OLS of bid by mid and range (veteran winners) including bankrupt       10:34 Thursday, October 7, 1999  15

GRPSIZE=5 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Number of observations in by group = 60

OLS of bid by mid and range (veteran winners) including bankrupt       10:34 Thursday, October 7, 1999  16

GRPSIZE=5 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      1975247436.88720000     1975247436.88720000   2245.11     0.0001

Error                   58        51028456.09613350         879800.96717472

Corrected Total         59      2026275892.98333000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.974817                 6.443338            937.97706111       14557.31666667


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      1975247436.88720000     1975247436.88720000   2245.11     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      1975247436.88720000     1975247436.88720000   2245.11     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                   603.8955598               1.90         0.0629        318.4091081
MID                           0.9549256              47.38         0.0001          0.0201535



Restricted regression of bid_y = mid (veteran winners) including bankrupt                       17
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=1

Model: MODEL1
NOTE: No intercept in model. R-square is redefined.
Dependent Variable: Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            1   35058441.6   35058441.6      136.957       0.0001
Error           59   15102884.4 255981.09153
U Total         60     50161326

    Root MSE     505.94574     R-square       0.6989
    Dep Mean    -764.40000     Adj R-sq       0.6938
    C.V.         -66.18861

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

Z          1   -764.400000   65.31731413       -11.703        0.0001

Restricted regression of bid_y = mid (veteran winners) including bankrupt                       18
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=5

Model: MODEL1
NOTE: No intercept in model. R-square is redefined.
Dependent Variable: Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            1 93656401.111 93656401.111      488.906       0.0001
Error           89 17049132.889 191563.29089
U Total         90    110705534

    Root MSE     437.67944     R-square       0.8460
    Dep Mean   -1020.11111     Adj R-sq       0.8443
    C.V.         -42.90508

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

Z          1  -1020.111111   46.13546369       -22.111        0.0001

Restricted regression of bid_y = mid (veteran winners) including bankrupt                       19
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=1

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  15150584081       .              .           .
Error           60    117098767 1951646.1167
U Total         60  15267682848

    Root MSE    1397.01328     R-square       0.9923
    Dep Mean   14969.66667     Adj R-sq       0.9923
    C.V.           9.33229

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1  -1350.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1     620457164  179145402.22         3.463        0.0010
RESTRICT  -1         48775  10821.218369         4.507        0.0001

Restricted regression of bid_y = mid (veteran winners) including bankrupt                       20
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=5

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  14516734225       .              .           .
Error           60     42923582 715393.03333
U Total         60  14559657807

    Root MSE     845.80910     R-square       0.9971
    Dep Mean   14493.41667     Adj R-sq       0.9971
    C.V.           5.83582

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1  -1350.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1     339791881  107967238.27         3.147        0.0026
RESTRICT  -1         22334  6551.6091153         3.409        0.0012

Restricted regression of bid_y = mid (veteran winners) including bankrupt                       21
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=1

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  14385156101       .              .           .
Error           60     63749524 1062492.0667
U Total         60  14448905625

    Root MSE    1030.77256     R-square       0.9956
    Dep Mean   14392.45000     Adj R-sq       0.9956
    C.V.           7.16190

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -327.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1    -200213105  127735794.99        -1.567        0.1223
RESTRICT  -1  -5406.000000  7984.3299030        -0.677        0.5010

Restricted regression of bid_y = mid (veteran winners) including bankrupt                       22
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=5

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  21562646441       .              .           .
Error           90    115467544 1282972.7111
U Total         90  21678113985

    Root MSE    1132.68385     R-square       0.9947
    Dep Mean   14404.25556     Adj R-sq       0.9947
    C.V.           7.86354

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -327.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1     -39190184  169896857.44        -0.231        0.8181
RESTRICT  -1   7782.000000  10745.582534         0.724        0.4708

Restricted regression of bid_y = mid (veteran winners) including bankrupt                       23
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=1

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  28001363798       .              .           .
Error          115    112567504 978847.86087
U Total        115  28113931302

    Root MSE     989.36740     R-square       0.9960
    Dep Mean   14538.29565     Adj R-sq       0.9960
    C.V.           6.80525

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -535.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1     249831169  169420479.01         1.475        0.1430
RESTRICT  -1         28060  10609.783410         2.645        0.0093

Restricted regression of bid_y = mid (veteran winners) including bankrupt                       24
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=5

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  14671935283       .              .           .
Error           60     69268722    1154478.7
U Total         60  14741204005

    Root MSE    1074.46670     R-square       0.9953
    Dep Mean   14557.31667     Adj R-sq       0.9953
    C.V.           7.38094

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -535.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1     323424371  131493127.23         2.460        0.0168
RESTRICT  -1         28816  8322.7833085         3.462        0.0010

OLS of bid by mid and range (veteran winners)                          10:34 Thursday, October 7, 1999  25

GRPSIZE=1 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Number of observations in by group = 46

OLS of bid by mid and range (veteran winners)                          10:34 Thursday, October 7, 1999  26

GRPSIZE=1 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      1673376926.60506000     1673376926.60506000   7971.06     0.0001

Error                   44         9236984.35146012         209931.46253318

Corrected Total         45      1682613910.95652000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.994510                 3.140904            458.18278289       14587.60869565


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      1673376926.60506000     1673376926.60506000   7971.06     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      1673376926.60506000     1673376926.60506000   7971.06     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                  -909.2882607              -4.88         0.0001        186.2577021
MID                           1.0003301              89.28         0.0001          0.0112043



OLS of bid by mid and range (veteran winners)                          10:34 Thursday, October 7, 1999  27

GRPSIZE=1 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Number of observations in by group = 34

OLS of bid by mid and range (veteran winners)                          10:34 Thursday, October 7, 1999  28

GRPSIZE=1 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      1051114699.70211000     1051114699.70211000   2839.16     0.0001

Error                   32        11847070.56258810         370220.95508088

Corrected Total         33      1062961770.26470000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.988855                 3.823858            608.45784988       15912.14705882


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      1051114699.70211000     1051114699.70211000   2839.16     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      1051114699.70211000     1051114699.70211000   2839.16     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                  -1113.425247              -3.31         0.0023        336.1341515
MID                            0.999516              53.28         0.0001          0.0187584



OLS of bid by mid and range (veteran winners)                          10:34 Thursday, October 7, 1999  29

GRPSIZE=1 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Number of observations in by group = 49

OLS of bid by mid and range (veteran winners)                          10:34 Thursday, October 7, 1999  30

GRPSIZE=1 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      1662811440.92813000     1662811440.92813000   1901.51     0.0001

Error                   47        41099992.05146190         874467.91598855

Corrected Total         48      1703911432.97959000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.975879                 6.339013            935.12989258       14751.97959184


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      1662811440.92813000     1662811440.92813000   1901.51     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      1662811440.92813000     1662811440.92813000   1901.51     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                   168.6887525               0.47         0.6417        360.1251078
MID                           0.9545224              43.61         0.0001          0.0218895



OLS of bid by mid and range (veteran winners)                          10:34 Thursday, October 7, 1999  31

GRPSIZE=1 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Number of observations in by group = 90

OLS of bid by mid and range (veteran winners)                          10:34 Thursday, October 7, 1999  32

GRPSIZE=1 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      3017901069.53600000     3017901069.53600000   3440.54     0.0001

Error                   88        77189892.41955290         877157.86840401

Corrected Total         89      3095090961.95555000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.975061                 6.358046            936.56706562       14730.42222222


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      3017901069.53600000     3017901069.53600000   3440.54     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      3017901069.53600000     3017901069.53600000   3440.54     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                   118.7389208               0.44         0.6588        267.9565196
MID                           0.9663577              58.66         0.0001          0.0164750



OLS of bid by mid and range (veteran winners)                          10:34 Thursday, October 7, 1999  33

GRPSIZE=5 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Number of observations in by group = 77

OLS of bid by mid and range (veteran winners)                          10:34 Thursday, October 7, 1999  34

GRPSIZE=5 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      2690093775.92700000     2690093775.92700000  17351.34     0.0001

Error                   75        11627748.95611630         155036.65274822

Corrected Total         76      2701721524.88311000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.995696                 2.762369            393.74693999       14253.96103896


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      2690093775.92699000     2690093775.92699000  17351.34     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      2690093775.92699000     2690093775.92699000  17351.34     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                  -854.5823885              -6.94         0.0001        123.1629344
MID                           0.9840743             131.72         0.0001          0.0074707



OLS of bid by mid and range (veteran winners)                          10:34 Thursday, October 7, 1999  35

GRPSIZE=5 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Number of observations in by group = 39

OLS of bid by mid and range (veteran winners)                          10:34 Thursday, October 7, 1999  36

GRPSIZE=5 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      1257791853.60263000     1257791853.60263000   5315.23     0.0001

Error                   37         8755653.47428935         236639.28308890

Corrected Total         38      1266547507.07692000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.993087                 3.258714            486.45583879       14927.84615385


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      1257791853.60263000     1257791853.60263000   5315.23     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      1257791853.60263000     1257791853.60263000   5315.23     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                  -1587.718116              -6.63         0.0001        239.5518809
MID                            1.015179              72.91         0.0001          0.0139246



OLS of bid by mid and range (veteran winners)                          10:34 Thursday, October 7, 1999  37

GRPSIZE=5 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Number of observations in by group = 82

OLS of bid by mid and range (veteran winners)                          10:34 Thursday, October 7, 1999  38

GRPSIZE=5 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      2606408940.58237000     2606408940.58237000   2197.18     0.0001

Error                   80        94899961.03957460        1186249.51299468

Corrected Total         81      2701308901.62195000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.964869                 7.415877           1089.15082197       14686.74390244


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      2606408940.58237000     2606408940.58237000   2197.18     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      2606408940.58237000     2606408940.58237000   2197.18     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                   373.6803457               1.14         0.2583        328.1854506
MID                           0.9558136              46.87         0.0001          0.0203911



OLS of bid by mid and range (veteran winners)                          10:34 Thursday, October 7, 1999  39

GRPSIZE=5 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Number of observations in by group = 53

OLS of bid by mid and range (veteran winners)                          10:34 Thursday, October 7, 1999  40

GRPSIZE=5 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      1829425510.10748000     1829425510.10748000   1947.31     0.0001

Error                   51        47912565.81704020         939462.07484393

Corrected Total         52      1877338075.92452000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.974478                 6.800878            969.25851807       14251.96226415


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      1829425510.10748000     1829425510.10748000   1947.31     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      1829425510.10748000     1829425510.10748000   1947.31     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                   601.3999878               1.79         0.0801        336.7721632
MID                           0.9556906              44.13         0.0001          0.0216571



Restricted regression of bid_y = mid (veteran winners)         10:34 Thursday, October 7, 1999  41

GRPSIZE=1

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  11462099006       .              .           .
Error           46      9237968  200825.3913
U Total         46  11471336974

    Root MSE     448.13546     R-square       0.9992
    Dep Mean   14587.60870     Adj R-sq       0.9992
    C.V.           3.07203

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -900.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1      -2422350  50526270.029        -0.048        0.9620
RESTRICT  -1   -192.000000  3039.4025729        -0.063        0.9499

Restricted regression of bid_y = mid (veteran winners)         10:34 Thursday, October 7, 1999  42

GRPSIZE=5

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  18330843373       .              .           .
Error           77     15384360 199796.88312
U Total         77  18346227733

    Root MSE     446.98645     R-square       0.9992
    Dep Mean   14253.96104     Adj R-sq       0.9992
    C.V.           3.13588

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -900.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1    -279601861  64663377.468        -4.324        0.0001
RESTRICT  -1        -15330  3922.2901474        -3.908        0.0002

Restricted regression of bid_y = mid (veteran winners)         10:34 Thursday, October 7, 1999  43

GRPSIZE=1

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0 9658020394.0       .              .           .
Error           34     13619793 400582.14706
U Total         34   9671640187

    Root MSE     632.91559     R-square       0.9986
    Dep Mean   15912.14706     Adj R-sq       0.9986
    C.V.           3.97756

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1  -1350.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1     131723916  66130662.502         1.992        0.0545
RESTRICT  -1   7763.000000  3690.5003726         2.104        0.0429

Restricted regression of bid_y = mid (veteran winners)         10:34 Thursday, October 7, 1999  44

GRPSIZE=5

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0 9948290358.0       .              .           .
Error           39      9040190 231799.74359
U Total         39   9957330548

    Root MSE     481.45586     R-square       0.9991
    Dep Mean   14927.84615     Adj R-sq       0.9991
    C.V.           3.22522

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1  -1350.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1      24382614  51725715.655         0.471        0.6400
RESTRICT  -1    360.000000  3006.6908720         0.120        0.9053

Restricted regression of bid_y = mid (veteran winners)         10:34 Thursday, October 7, 1999  45

GRPSIZE=1

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  12320518242       .              .           .
Error           49     46817383 955456.79592
U Total         49  12367335625

    Root MSE     977.47470     R-square       0.9962
    Dep Mean   14751.97959     Adj R-sq       0.9962
    C.V.           6.62606

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -327.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1    -232066541  112569412.47        -2.062        0.0446
RESTRICT  -1  -9757.000000  6842.3229243        -1.426        0.1602

Restricted regression of bid_y = mid (veteran winners)         10:34 Thursday, October 7, 1999  46

GRPSIZE=5

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  20288150589       .              .           .
Error           82    100594922 1226767.3415
U Total         82  20388745511

    Root MSE    1107.59530     R-square       0.9951
    Dep Mean   14686.74390     Adj R-sq       0.9951
    C.V.           7.54146

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -327.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1     -78173002  161423742.37        -0.484        0.6295
RESTRICT  -1   3198.000000  10029.701990         0.319        0.7506

Restricted regression of bid_y = mid (veteran winners)         10:34 Thursday, October 7, 1999  47

GRPSIZE=1

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  22541030237       .              .           .
Error           90     82741221     919346.9
U Total         90  22623771458

    Root MSE     958.82579     R-square       0.9963
    Dep Mean   14730.42222     Adj R-sq       0.9963
    C.V.           6.50915

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -535.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1      88675157  147945234.65         0.599        0.5504
RESTRICT  -1         13055  9096.2201491         1.435        0.1547

Restricted regression of bid_y = mid (veteran winners)         10:34 Thursday, October 7, 1999  48

GRPSIZE=5

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  12577333042       .              .           .
Error           53     65281738 1231730.9057
U Total         53  12642614780

    Root MSE    1109.83373     R-square       0.9948
    Dep Mean   14251.96226     Adj R-sq       0.9948
    C.V.           7.78723

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -535.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1     292416770  125641306.53         2.327        0.0238
RESTRICT  -1         26686  8079.7115048         3.303        0.0017

OLS of bid by mid and range (intermediate winners) including bankrupt                         49
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=1 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Number of observations in by group = 60

OLS of bid by mid and range (intermediate winners) including bankrupt                         50
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=1 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      1469853978.14603000     1469853978.14603000  10859.96     0.0001

Error                   58         7850080.25396054         135346.21127518

Corrected Total         59      1477704058.40000000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.994688                 2.682501            367.89429362       13714.60000000


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      1469853978.14603000     1469853978.14603000  10859.96     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      1469853978.14603000     1469853978.14603000  10859.96     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                  -776.0525122              -5.28         0.0001        146.9385290
MID                           1.0017803             104.21         0.0001          0.0096130



OLS of bid by mid and range (intermediate winners) including bankrupt                         51
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=1 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Number of observations in by group = 58

OLS of bid by mid and range (intermediate winners) including bankrupt                         52
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=1 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      1350603113.87485000     1350603113.87485000   1958.81     0.0001

Error                   56        38612042.05618320         689500.75100327

Corrected Total         57      1389215155.93103000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.972206                 5.799412            830.36181933       14318.03448276


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      1350603113.87485000     1350603113.87485000   1958.81     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      1350603113.87485000     1350603113.87485000   1958.81     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                  -887.7839630              -2.46         0.0169        360.4542088
MID                           1.0266081              44.26         0.0001          0.0231957



OLS of bid by mid and range (intermediate winners) including bankrupt                         53
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=1 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Number of observations in by group = 87

OLS of bid by mid and range (intermediate winners) including bankrupt                         54
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=1 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      2063361817.23305000     2063361817.23305000   2208.12     0.0001

Error                   85        79427694.58303730         934443.46568279

Corrected Total         86      2142789511.81609000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.962933                 7.208930            966.66616041       13409.28735632


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      2063361817.23305000     2063361817.23305000   2208.12     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      2063361817.23305000     2063361817.23305000   2208.12     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                  -227.0470561              -0.74         0.4633        308.1436762
MID                           0.9868538              46.99         0.0001          0.0210011



OLS of bid by mid and range (intermediate winners) including bankrupt                         55
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=1 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Number of observations in by group = 172

OLS of bid by mid and range (intermediate winners) including bankrupt                         56
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=1 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      3849463432.49620000     3849463432.49620000   3342.94     0.0001

Error                  170       195758320.82356700        1151519.53425628

Corrected Total        171      4045221753.31976000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.951608                 7.620611           1073.08878209       14081.40116279


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      3849463432.49620000     3849463432.49620000   3342.94     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      3849463432.49620000     3849463432.49620000   3342.94     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                   509.8075754               2.05         0.0418        248.5809654
MID                           0.9607326              57.82         0.0001          0.0166164



OLS of bid by mid and range (intermediate winners) including bankrupt                         57
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=5 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Number of observations in by group = 90

OLS of bid by mid and range (intermediate winners) including bankrupt                         58
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=5 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      2125206798.25240000     2125206798.25240000   6765.09     0.0001

Error                   88        27644581.34759510         314142.96985904

Corrected Total         89      2152851379.60000000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.987159                 4.106836            560.48458485       13647.60000000


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      2125206798.25240000     2125206798.25240000   6765.09     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      2125206798.25240000     2125206798.25240000   6765.09     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                  -488.9301669              -2.69         0.0085        181.7431327
MID                           0.9800497              82.25         0.0001          0.0119155



OLS of bid by mid and range (intermediate winners) including bankrupt                         59
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=5 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Number of observations in by group = 60

OLS of bid by mid and range (intermediate winners) including bankrupt                         60
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=5 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      1364257230.44377000     1364257230.44377000   1844.89     0.0001

Error                   58        42889886.53956050         739480.80240622

Corrected Total         59      1407147116.98333000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.969520                 6.089737            859.93069628       14120.98333333


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      1364257230.44377000     1364257230.44377000   1844.89     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      1364257230.44377000     1364257230.44377000   1844.89     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                  -228.8868699              -0.65         0.5182        352.0521462
MID                           0.9867879              42.95         0.0001          0.0229741



OLS of bid by mid and range (intermediate winners) including bankrupt                         61
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=5 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Number of observations in by group = 90

OLS of bid by mid and range (intermediate winners) including bankrupt                         62
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=5 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      2102374952.20260000     2102374952.20260000   2741.33     0.0001

Error                   88        67488892.19739810         766919.22951589

Corrected Total         89      2169863844.40000000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.968897                 6.412165            875.73924745       13657.46666667


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      2102374952.20260000     2102374952.20260000   2741.33     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      2102374952.20260000     2102374952.20260000   2741.33     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                   488.4923920               1.82         0.0717        267.9242207
MID                           0.9532167              52.36         0.0001          0.0182059



OLS of bid by mid and range (intermediate winners) including bankrupt                         63
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=5 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Number of observations in by group = 58

OLS of bid by mid and range (intermediate winners) including bankrupt                         64
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=5 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      1331783939.21504000     1331783939.21504000   1377.50     0.0001

Error                   56        54141658.30219270         966815.32682487

Corrected Total         57      1385925597.51724000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.960935                 7.078346            983.26767811       13891.20689655


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      1331783939.21504000     1331783939.21504000   1377.50     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      1331783939.21504000     1331783939.21504000   1377.50     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                   310.7459010               0.80         0.4266        388.0159059
MID                           0.9530413              37.11         0.0001          0.0256783



Restricted regression of bid_y = mid (intermediate winners) including bankrupt                  65
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=1

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  12753919920       .              .           .
Error           60      9199328 153322.13333
U Total         60  12763119248

    Root MSE     391.56370     R-square       0.9993
    Dep Mean   13714.60000     Adj R-sq       0.9993
    C.V.           2.85509

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -900.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1     132531286  46361265.017         2.859        0.0058
RESTRICT  -1   8982.000000  3033.0393997         2.961        0.0044

Restricted regression of bid_y = mid (intermediate winners) including bankrupt                  66
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=5

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  18886086601       .              .           .
Error           90     29893497 332149.96667
U Total         90  18915980098

    Root MSE     576.32453     R-square       0.9984
    Dep Mean   13647.60000     Adj R-sq       0.9984
    C.V.           4.22290

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -900.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1     115924096  83394079.404         1.390        0.1679
RESTRICT  -1         11097  5467.4945816         2.030        0.0453

Restricted regression of bid_y = mid (intermediate winners) including bankrupt                  67
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=1

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  13197519065       .              .           .
Error           58     82050555 1414664.7414
U Total         58  13279569620

    Root MSE    1189.39680     R-square       0.9938
    Dep Mean   14318.03448     Adj R-sq       0.9938
    C.V.           8.30698

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1  -1350.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1     769751322  140761106.65         5.468        0.0001
RESTRICT  -1         49667  9058.1761409         5.483        0.0001

Restricted regression of bid_y = mid (intermediate winners) including bankrupt                  68
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=5

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  13276362284       .              .           .
Error           60     94915051 1581917.5167
U Total         60  13371277335

    Root MSE    1257.74302     R-square       0.9929
    Dep Mean   14120.98333     Adj R-sq       0.9929
    C.V.           8.90691

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1  -1350.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1     792045994  149291604.84         5.305        0.0001
RESTRICT  -1         55739  9742.4355784         5.721        0.0001

Restricted regression of bid_y = mid (intermediate winners) including bankrupt                  69
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=1

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  17705796830       .              .           .
Error           87     80374586 923845.81609
U Total         87  17786171416

    Root MSE     961.16898     R-square       0.9955
    Dep Mean   13409.28736     Adj R-sq       0.9955
    C.V.           7.16793

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -327.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1    -126071143  131543985.81        -0.958        0.3405
RESTRICT  -1  -7108.000000  8965.1874492        -0.793        0.4300

Restricted regression of bid_y = mid (intermediate winners) including bankrupt                  70
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=5

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  18882110827       .              .           .
Error           90     75128635 834762.61111
U Total         90  18957239462

    Root MSE     913.65344     R-square       0.9960
    Dep Mean   13657.46667     Adj R-sq       0.9960
    C.V.           6.68977

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -327.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1     102090402  127556727.66         0.800        0.4256
RESTRICT  -1         15225  8667.6776013         1.757        0.0824

Restricted regression of bid_y = mid (intermediate winners) including bankrupt                  71
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=1

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  37906885571       .              .           .
Error          172    243503880 1415720.2326
U Total        172  38150389451

    Root MSE    1189.84042     R-square       0.9936
    Dep Mean   14081.40116     Adj R-sq       0.9936
    C.V.           8.44973

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -535.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1    1027051209  233444007.26         4.400        0.0001
RESTRICT  -1         84298  15604.610857         5.402        0.0001

Restricted regression of bid_y = mid (intermediate winners) including bankrupt                  72
                                                                 10:34 Thursday, October 7, 1999

GRPSIZE=5

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  12518748205       .              .           .
Error           58     59183877 1020411.6724
U Total         58  12577932082

    Root MSE    1010.15428     R-square       0.9953
    Dep Mean   13891.20690     Adj R-sq       0.9953
    C.V.           7.27190

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -535.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1      77105174  116247768.25         0.663        0.5098
RESTRICT  -1         10243  7693.1058097         1.331        0.1882

OLS of bid by mid and range (intermediate winners)           10:34 Thursday, October 7, 1999  73

GRPSIZE=1 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Number of observations in by group = 30

OLS of bid by mid and range (intermediate winners)           10:34 Thursday, October 7, 1999  74

GRPSIZE=1 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1       621700228.28757900      621700228.28757900  18216.36     0.0001

Error                   28          955602.91242024          34128.67544358

Corrected Total         29       622655831.20000000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.998465                 1.455169            184.73947993       12695.40000000


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1       621700228.28758000      621700228.28758000  18216.36     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1       621700228.28758000      621700228.28758000  18216.36     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                  -1176.893280             -10.88         0.0001        108.1747731
MID                            1.010312             134.97         0.0001          0.0074856



OLS of bid by mid and range (intermediate winners)           10:34 Thursday, October 7, 1999  75

GRPSIZE=1 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Number of observations in by group = 35

OLS of bid by mid and range (intermediate winners)           10:34 Thursday, October 7, 1999  76

GRPSIZE=1 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1       724368852.62009700      724368852.62009700   3767.55     0.0001

Error                   33         6344760.06561633         192265.45653383

Corrected Total         34       730713612.68571400

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.991317                 3.300685            438.48085082       13284.54285714


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1       724368852.62009800      724368852.62009800   3767.55     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1       724368852.62009800      724368852.62009800   3767.55     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                  -1411.919018              -5.63         0.0001        250.6418501
MID                            1.028335              61.38         0.0001          0.0167535



OLS of bid by mid and range (intermediate winners)           10:34 Thursday, October 7, 1999  77

GRPSIZE=1 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Number of observations in by group = 83

OLS of bid by mid and range (intermediate winners)           10:34 Thursday, October 7, 1999  78

GRPSIZE=1 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      1958949866.02868000     1958949866.02868000   2161.49     0.0001

Error                   81        73410098.59782260         906297.51355337

Corrected Total         82      2032359964.62650000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.963879                 7.074505            951.99659325       13456.72289157


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      1958949866.02868000     1958949866.02868000   2161.49     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      1958949866.02868000     1958949866.02868000   2161.49     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                  -217.5893596              -0.70         0.4877        312.1340763
MID                           0.9841243              46.49         0.0001          0.0211677



OLS of bid by mid and range (intermediate winners)           10:34 Thursday, October 7, 1999  79

GRPSIZE=1 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Number of observations in by group = 110

OLS of bid by mid and range (intermediate winners)           10:34 Thursday, October 7, 1999  80

GRPSIZE=1 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      2860526283.21831000     2860526283.21831000   2539.02     0.0001

Error                  108       121675733.04532100        1126627.15782705

Corrected Total        109      2982202016.26363000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.959199                 7.767326           1061.42694418       13665.28181818


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      2860526283.21831000     2860526283.21831000   2539.02     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      2860526283.21831000     2860526283.21831000   2539.02     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                   144.7107815               0.50         0.6149        286.7764167
MID                           0.9696311              50.39         0.0001          0.0192430



OLS of bid by mid and range (intermediate winners)           10:34 Thursday, October 7, 1999  81

GRPSIZE=5 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Number of observations in by group = 63

OLS of bid by mid and range (intermediate winners)           10:34 Thursday, October 7, 1999  82

GRPSIZE=5 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      1694592167.74541000     1694592167.74541000   4942.97     0.0001

Error                   61        20912532.85775610         342828.40750420

Corrected Total         62      1715504700.60317000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.987810                 4.172527            585.51550578       14032.63492063


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      1694592167.74541000     1694592167.74541000   4942.97     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      1694592167.74541000     1694592167.74541000   4942.97     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                  -678.0256211              -3.06         0.0033        221.8597319
MID                           0.9828084              70.31         0.0001          0.0139790



OLS of bid by mid and range (intermediate winners)           10:34 Thursday, October 7, 1999  83

GRPSIZE=5 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Number of observations in by group = 19

OLS of bid by mid and range (intermediate winners)           10:34 Thursday, October 7, 1999  84

GRPSIZE=5 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1       391145223.95867400      391145223.95867400   1108.47     0.0001

Error                   17         5998784.14658853         352869.65568168

Corrected Total         18       397144008.10526300

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.984895                 4.587688            594.02832902       12948.31578947


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1       391145223.95867400      391145223.95867400   1108.47     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1       391145223.95867400      391145223.95867400   1108.47     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                  -973.6230017              -2.21         0.0408        439.8023961
MID                           0.9876591              33.29         0.0001          0.0296651



OLS of bid by mid and range (intermediate winners)           10:34 Thursday, October 7, 1999  85

GRPSIZE=5 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Number of observations in by group = 75

OLS of bid by mid and range (intermediate winners)           10:34 Thursday, October 7, 1999  86

GRPSIZE=5 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      1949206178.10342000     1949206178.10342000   2406.95     0.0001

Error                   73        59117181.81657850         809824.40844628

Corrected Total         74      2008323359.92000000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.970564                 6.708241            899.90244385       13414.88000000


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      1949206178.10342000     1949206178.10342000   2406.95     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      1949206178.10342000     1949206178.10342000   2406.95     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                   429.4394885               1.51         0.1353        284.3480957
MID                           0.9515774              49.06         0.0001          0.0193959



OLS of bid by mid and range (intermediate winners)           10:34 Thursday, October 7, 1999  87

GRPSIZE=5 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Number of observations in by group = 49

OLS of bid by mid and range (intermediate winners)           10:34 Thursday, October 7, 1999  88

GRPSIZE=5 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Dependent Variable: BID_Y

Source                  DF           Sum of Squares             Mean Square   F Value     Pr > F

Model                    1      1123532387.13743000     1123532387.13743000   1470.12     0.0001

Error                   47        35919448.53603910         764243.58587317

Corrected Total         48      1159451835.67346000

                  R-Square                     C.V.                Root MSE           BID_Y Mean

                  0.969020                 6.478070            874.21026411       13494.91836735


Source                  DF                Type I SS             Mean Square   F Value     Pr > F

MID                      1      1123532387.13743000     1123532387.13743000   1470.12     0.0001

Source                  DF              Type III SS             Mean Square   F Value     Pr > F

MID                      1      1123532387.13743000     1123532387.13743000   1470.12     0.0001


                                                T for H0:        Pr > |T|       Std Error of
Parameter                      Estimate        Parameter=0                        Estimate

INTERCEPT                   563.1494376               1.57         0.1241        359.6520587
MID                           0.9271387              38.34         0.0001          0.0241806



Restricted regression of bid_y = mid (intermediate winners)    10:34 Thursday, October 7, 1999  89

GRPSIZE=1

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0 5456281711.0       .              .           .
Error           30      1569555      52318.5
U Total         30   5457851266

    Root MSE     228.73238     R-square       0.9997
    Dep Mean   12695.40000     Adj R-sq       0.9997
    C.V.           1.80169

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -900.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1     -49452041  18104622.582        -2.731        0.0105
RESTRICT  -1  -4059.000000  1252.8188217        -3.240        0.0029

Restricted regression of bid_y = mid (intermediate winners)    10:34 Thursday, October 7, 1999  90

GRPSIZE=5

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  14099630029       .              .           .
Error           63     21509769 341424.90476
U Total         63  14121139798

    Root MSE     584.31576     R-square       0.9985
    Dep Mean   14032.63492     Adj R-sq       0.9985
    C.V.           4.16398

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -900.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1     -63494563  73607436.629        -0.863        0.3916
RESTRICT  -1  -2227.000000  4637.8625465        -0.480        0.6328

Restricted regression of bid_y = mid (intermediate winners)    10:34 Thursday, October 7, 1999  91

GRPSIZE=1

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0 6896468253.0       .              .           .
Error           35     11013122 314660.62857
U Total         35   6907481375

    Root MSE     560.94619     R-square       0.9984
    Dep Mean   13284.54286     Adj R-sq       0.9984
    C.V.           4.22255

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1  -1350.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1     190993282  49648201.419         3.847        0.0005
RESTRICT  -1         12006  3318.6024167         3.618        0.0009

Restricted regression of bid_y = mid (intermediate winners)    10:34 Thursday, October 7, 1999  92

GRPSIZE=5

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0 3575824398.0       .              .           .
Error           19      6838364 359913.89474
U Total         19   3582662762

    Root MSE     599.92824     R-square       0.9981
    Dep Mean   12948.31579     Adj R-sq       0.9981
    C.V.           4.63325

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1  -1350.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1      49264346  38769346.909         1.271        0.2192
RESTRICT  -1   3846.000000  2615.0265773         1.471        0.1577

Restricted regression of bid_y = mid (intermediate winners)    10:34 Thursday, October 7, 1999  93

GRPSIZE=1

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  16987335554       .              .           .
Error           83     74945862 902962.19277
U Total         83  17062281416

    Root MSE     950.24323     R-square       0.9956
    Dep Mean   13456.72289     Adj R-sq       0.9956
    C.V.           7.06148

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -327.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1    -160333359  127656027.57        -1.256        0.2126
RESTRICT  -1  -9228.000000  8657.1278147        -1.066        0.2895

Restricted regression of bid_y = mid (intermediate winners)    10:34 Thursday, October 7, 1999  94

GRPSIZE=5

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  15440397984       .              .           .
Error           75     64850782 864677.09333
U Total         75  15505248766

    Root MSE     929.88015     R-square       0.9958
    Dep Mean   13414.88000     Adj R-sq       0.9958
    C.V.           6.93171

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -327.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1      -6338014  118058506.51        -0.054        0.9573
RESTRICT  -1   7174.000000  8052.9983236         0.891        0.3759

Restricted regression of bid_y = mid (intermediate winners)    10:34 Thursday, October 7, 1999  95

GRPSIZE=1

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  23391889456       .              .           .
Error          110    131704549 1197314.0818
U Total        110  23523594005

    Root MSE    1094.21848     R-square       0.9944
    Dep Mean   13665.28182     Adj R-sq       0.9944
    C.V.           8.00729

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -535.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1     300642624  171029157.89         1.758        0.0816
RESTRICT  -1         28187  11476.260236         2.456        0.0156

Restricted regression of bid_y = mid (intermediate winners)    10:34 Thursday, October 7, 1999  96

GRPSIZE=5

Model: MODEL1
NOTE: Restrictions have been applied to parameter estimates.
NOTE: Restrictions on intercept. R-square is redefined.
Dependent Variable: BID_Y

Analysis of Variance

                         Sum of         Mean
Source          DF      Squares       Square      F Value       Prob>F

Model            0  10039793277       .              .           .
Error           49     43186824  881363.7551
U Total         49  10082980101

    Root MSE     938.80975     R-square       0.9957
    Dep Mean   13494.91837     Adj R-sq       0.9957
    C.V.           6.95676

Parameter Estimates

                 Parameter      Standard    T for H0:
Variable  DF      Estimate         Error   Parameter=0    Prob > |T|

INTERCEP   1   -535.000000    0.00000000          .            .
MID        1      1.000000    0.00000000          .            .
RESTRICT  -1     -39274640  97744055.528        -0.402        0.6896
RESTRICT  -1   4012.000000  6571.6682813         0.610        0.5444
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