Full Professor, Colorado State University
WINNER'S CURSE:

TEST_3 OUTPUT

OLS of diff by entitys and individuals (veteran winners) including bankrupt                    1
                                                                 16:11 Tuesday, November 9, 1999

General Linear Models Procedure
Class Level Information

Class    Levels    Values

GRPSIZE       2    1 5

SIGSIZE       2    1 5

MARKET        2    3 7


Number of observations in data set = 595



OLS of diff by entitys and individuals (veteran winners) including bankrupt                    2
                                                                 16:11 Tuesday, November 9, 1999

General Linear Models Procedure

Dependent Variable: DIFF

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

Model                    7        40779359.77698650        5825622.82528379     15.76     0.0001

Error                  587       217008353.45342300         369690.55102798

Corrected Total        594       257787713.23040900

                  R-Square                     C.V.                Root MSE            DIFF Mean

                  0.158190                 290.1382            608.02183433         209.56281513


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

GRPSIZE                  1         2877669.53771812        2877669.53771812      7.78     0.0054
SIGSIZE                  1         1299257.70353666        1299257.70353666      3.51     0.0613
GRPSIZE*SIGSIZE          1         7578446.63149122        7578446.63149122     20.50     0.0001
MARKET                   1        25371071.57735940       25371071.57735940     68.63     0.0001
GRPSIZE*MARKET           1            4408.79299173           4408.79299173      0.01     0.9131
SIGSIZE*MARKET           1         2921099.18414351        2921099.18414351      7.90     0.0051
GRPSIZ*SIGSIZ*MARKET     1          727406.34974590         727406.34974590      1.97     0.1612

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

GRPSIZE                  1         1662849.07218100        1662849.07218100      4.50     0.0344
SIGSIZE                  1         2242353.91627161        2242353.91627161      6.07     0.0141
GRPSIZE*SIGSIZE          1         8014743.03991061        8014743.03991061     21.68     0.0001
MARKET                   1        26925056.10769890       26925056.10769890     72.83     0.0001
GRPSIZE*MARKET           1           58367.88342571          58367.88342571      0.16     0.6913
SIGSIZE*MARKET           1         2999537.92923408        2999537.92923408      8.11     0.0045
GRPSIZ*SIGSIZ*MARKET     1          727406.34974588         727406.34974588      1.97     0.1612




OLS of diff by entitys and individuals (veteran winners) including bankrupt                    3
                                                                 16:11 Tuesday, November 9, 1999

General Linear Models Procedure

Level of         -------------DIFF------------
GRPSIZE      N       Mean              SD

1          295     279.694068       707.558918
5          300     140.600417       600.228481

Level of         -------------DIFF------------
SIGSIZE      N       Mean              SD

1          270     253.462963       811.694888
5          325     173.091923       495.675126

Level of   Level of         -------------DIFF------------
GRPSIZE    SIGSIZE      N       Mean              SD

1          1          120     474.258333       945.197401
1          5          175     146.278571       436.917725
5          1          150      76.826667       636.611022
5          5          150     204.374167       556.330872

Level of         -------------DIFF------------
MARKET       N       Mean              SD

3          300       8.795833       514.006783
7          295     413.732627       724.690041

Level of   Level of         -------------DIFF------------
GRPSIZE    MARKET       N       Mean              SD

1          3          120      61.927083       504.004294
1          7          175     429.020000       785.525463
5          3          180     -26.625000       518.935761
5          7          120     391.438542       628.017808

Level of   Level of         -------------DIFF------------
SIGSIZE    MARKET       N       Mean              SD

1          3          150     -17.826667       481.231582
1          7          120     592.575000       995.303819
5          3          150      35.418333       545.131412
5          7          175     291.097857       415.550342

Level of   Level of   Level of         -------------DIFF------------
GRPSIZE    SIGSIZE    MARKET       N       Mean              SD

1          1          3           60     135.600000        505.94574
1          1          7           60     812.916667       1145.72719
1          5          3           60     -11.745833        495.30355
1          5          7          115     228.726087        380.00298

OLS of diff by entitys and individuals (veteran winners) including bankrupt                    4
                                                                 16:11 Tuesday, November 9, 1999

General Linear Models Procedure

Level of   Level of   Level of         -------------DIFF------------
GRPSIZE    SIGSIZE    MARKET       N       Mean              SD

5          1          3           90    -120.111111        437.67944
5          1          7           60     372.233333        765.90616
5          5          3           90      66.861111        576.52011
5          5          7           60     410.643750        456.21832

OLS of bid by mid and range (veteran winners) including bankrupt                               5
                                                                 16:11 Tuesday, November 9, 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 (veteran winners) including bankrupt                               6
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Dependent Variable: BID

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 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
RANGE                    0               0.00000000               .               .        .

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

MID                      1      2074126902.29134000     2074126902.29134000   7969.90     0.0001
RANGE                    0               0.00000000               .               .        .


                                                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
RANGE                         0.0000000 B              .            .               .

NOTE: The X'X matrix has been found to be singular and a generalized inverse was used to solve
      the normal equations.   Estimates followed by the letter 'B' are biased, and are not
      unique estimators of the parameters.




OLS of bid by mid and range (veteran winners) including bankrupt                               7
                                                                 16:11 Tuesday, November 9, 1999

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                               8
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Dependent Variable: BID

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 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
RANGE                    0               0.00000000               .               .        .

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

MID                      1      1753935431.20486000     1753935431.20486000   1489.60     0.0001
RANGE                    0               0.00000000               .               .        .


                                                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
RANGE                         0.0000000 B              .            .               .

NOTE: The X'X matrix has been found to be singular and a generalized inverse was used to solve
      the normal equations.   Estimates followed by the letter 'B' are biased, and are not
      unique estimators of the parameters.




OLS of bid by mid and range (veteran winners) including bankrupt                               9
                                                                 16:11 Tuesday, November 9, 1999

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
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Dependent Variable: BID

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

Model                    2      2007284082.37343000     1003642041.18671000   4378.85     0.0001

Error                   57        13064522.47656280         229202.14871163

Corrected Total         59      2020348604.85000000

                  R-Square                     C.V.                Root MSE             BID Mean

                  0.993534                 3.326401            478.75061223       14392.45000000


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

MID                      1      2007258064.39899000     2007258064.39899000   8757.59     0.0001
RANGE                    1           26017.97444656          26017.97444656      0.11     0.7374

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

MID                      1      2006344064.95263000     2006344064.95263000   8753.60     0.0001
RANGE                    1           26017.97444657          26017.97444657      0.11     0.7374


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

INTERCEPT                  -84.08867804              -0.23         0.8163        360.3188305
MID                          0.99784587              93.56         0.0001          0.0106652
RANGE                       -0.03956399              -0.34         0.7374          0.1174283




OLS of bid by mid and range (veteran winners) including bankrupt                              11
                                                                 16:11 Tuesday, November 9, 1999

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                              12
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Dependent Variable: BID

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

Model                    2      3792407577.69178000     1896203788.84589000  14263.81     0.0001

Error                  112        14889070.25603920         132938.12728606

Corrected Total        114      3807296647.94782000

                  R-Square                     C.V.                Root MSE             BID Mean

                  0.996089                 2.507906            364.60681190       14538.29565217


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

MID                      1      3789857088.87905000     3789857088.87905000  28508.43     0.0001
RANGE                    1         2550488.81273718        2550488.81273718     19.19     0.0001

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

MID                      1      3713454653.16820000     3713454653.16820000  27933.71     0.0001
RANGE                    1         2550488.81273718        2550488.81273718     19.19     0.0001


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

INTERCEPT                  -659.9450880              -4.52         0.0001        145.9248904
MID                           0.9957435             167.13         0.0001          0.0059578
RANGE                         0.2150980               4.38         0.0001          0.0491077




OLS of bid by mid and range (veteran winners) including bankrupt                              13
                                                                 16:11 Tuesday, November 9, 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 (veteran winners) including bankrupt                              14
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Dependent Variable: BID

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 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
RANGE                    0               0.00000000               .               .        .

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

MID                      1      3081063185.65433000     3081063185.65433000  16851.76     0.0001
RANGE                    0               0.00000000               .               .        .


                                                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
RANGE                         0.0000000 B              .            .               .

NOTE: The X'X matrix has been found to be singular and a generalized inverse was used to solve
      the normal equations.   Estimates followed by the letter 'B' are biased, and are not
      unique estimators of the parameters.




OLS of bid by mid and range (veteran winners) including bankrupt                              15
                                                                 16:11 Tuesday, November 9, 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 (veteran winners) including bankrupt                              16
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Dependent Variable: BID

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 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
RANGE                    0               0.00000000               .               .        .

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

MID                      1      1921517137.87294000     1921517137.87294000   3221.69     0.0001
RANGE                    0               0.00000000               .               .        .


                                                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
RANGE                         0.0000000 B              .            .               .

NOTE: The X'X matrix has been found to be singular and a generalized inverse was used to solve
      the normal equations.   Estimates followed by the letter 'B' are biased, and are not
      unique estimators of the parameters.




OLS of bid by mid and range (veteran winners) including bankrupt                              17
                                                                 16:11 Tuesday, November 9, 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 (veteran winners) including bankrupt                              18
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Dependent Variable: BID

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

Model                    2      2977462907.14383000     1488731453.57191000   4758.42     0.0001

Error                   87        27219047.97838880         312862.62044125

Corrected Total         89      3004681955.12222000

                  R-Square                     C.V.                Root MSE             BID Mean

                  0.990941                 3.883167            559.34123792       14404.25555556


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

MID                      1      2977448169.10532000     2977448169.10532000   9516.79     0.0001
RANGE                    1           14738.03851286          14738.03851286      0.05     0.8287

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

MID                      1      2958254834.68655000     2958254834.68655000   9455.44     0.0001
RANGE                    1           14738.03851286          14738.03851286      0.05     0.8287


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

INTERCEPT                  -38.33446458              -0.12         0.9059        323.2549796
MID                          0.99614009              97.24         0.0001          0.0102442
RANGE                       -0.02148085              -0.22         0.8287          0.0989711




OLS of bid by mid and range (veteran winners) including bankrupt                              19
                                                                 16:11 Tuesday, November 9, 1999

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                              20
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Dependent Variable: BID

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

Model                    2      2019442527.93452000     1009721263.96726000   8422.51     0.0001

Error                   57         6833365.04880564         119883.59734747

Corrected Total         59      2026275892.98333000

                  R-Square                     C.V.                Root MSE             BID Mean

                  0.996628                 2.378475            346.24210799       14557.31666667


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

MID                      1      2019133790.44908000     2019133790.44908000  16842.45     0.0001
RANGE                    1          308737.48544228         308737.48544228      2.58     0.1141

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

MID                      1      1973743096.53812000     1973743096.53812000  16463.83     0.0001
RANGE                    1          308737.48544228         308737.48544228      2.58     0.1141


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

INTERCEPT                   63.11755408               0.30         0.7633        208.5638163
MID                          1.01696648             128.31         0.0001          0.0079258
RANGE                       -0.11917400              -1.60         0.1141          0.0742620




Restricted regression of bid = mid (veteran winners) including bankrupt                       21
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1

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

Analysis of Variance

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

Model            0  14473062532       .              .           .
Error           60     16206126     270102.1
U Total         60  14489268658

    Root MSE     519.71348     R-square       0.9989
    Dep Mean   14375.93333     Adj R-sq       0.9989
    C.V.           3.61516

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     118929793  65402185.806         1.818        0.0740
RESTRICT  -1   8136.000000  4025.6832960         2.021        0.0477


Restricted regression of bid = mid (veteran winners) including bankrupt                       22
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5

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

Analysis of Variance

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

Model            0  21087681506       .              .           .
Error           90     18347534 203861.48889
U Total         90  21106029040

    Root MSE     451.51023     R-square       0.9991
    Dep Mean   14145.62222     Adj R-sq       0.9991
    C.V.           3.19187

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    -219281661  69788257.865        -3.142        0.0023
RESTRICT  -1        -10810  4283.4021525        -2.524        0.0134


Restricted regression of bid = mid (veteran winners) including bankrupt                       23
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1

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

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 = mid (veteran winners) including bankrupt                       24
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5

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

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 = mid and range (veteran winners) including bankrupt             25
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1

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

Analysis of Variance

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

Model            0  14434423136       .              .           .
Error           60 14482488.688 241374.81146
U Total         60  14448905625

    Root MSE     491.29911     R-square       0.9990
    Dep Mean   14392.45000     Adj R-sq       0.9990
    C.V.           3.41359

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          .            .
RANGE      1      0.250000    0.00000000          .            .
RESTRICT  -1     -15982944  59840484.264        -0.267        0.7903
RESTRICT  -1      -6763791  10653758.784        -0.635        0.5279
RESTRICT  -1   -704.750000  3805.5865103        -0.185        0.8537


Restricted regression of bid = mid and range (veteran winners) including bankrupt             26
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5

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

Analysis of Variance

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

Model            0  21648130235       .              .           .
Error           90  29983750.25 333152.78056
U Total         90  21678113985

    Root MSE     577.19388     R-square       0.9986
    Dep Mean   14404.25556     Adj R-sq       0.9986
    C.V.           4.00711

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          .            .
RANGE      1      0.250000    0.00000000          .            .
RESTRICT  -1      82603160  85751017.085         0.963        0.3380
RESTRICT  -1       7740987  15252882.088         0.508        0.6130
RESTRICT  -1   6017.500000  5475.7419817         1.099        0.2747


Restricted regression of bid = mid and range (veteran winners) including bankrupt             27
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1

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

Analysis of Variance

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

Model            0  28091453147       .              .           .
Error          115     22478155 195462.21739
U Total        115  28113931302

    Root MSE     442.11109     R-square       0.9992
    Dep Mean   14538.29565     Adj R-sq       0.9992
    C.V.           3.04101

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          .            .
RANGE      1      0.375000    0.00000000          .            .
RESTRICT  -1     362402740  74940699.126         4.836        0.0001
RESTRICT  -1      56404657  12273714.448         4.596        0.0001
RESTRICT  -1         26303  4741.1132659         5.548        0.0001


Restricted regression of bid = mid and range (veteran winners) including bankrupt             28
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5

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

Analysis of Variance

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

Model            0  14718806333       .              .           .
Error           60 22397671.516 373294.52526
U Total         60  14741204005

    Root MSE     610.97833     R-square       0.9985
    Dep Mean   14557.31667     Adj R-sq       0.9985
    C.V.           4.19705

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          .            .
RANGE      1      0.375000    0.00000000          .            .
RESTRICT  -1     374902124  73976506.782         5.068        0.0001
RESTRICT  -1      51831413  12307859.865         4.211        0.0001
RESTRICT  -1         24639  4732.6178290         5.206        0.0001


OLS of diff by entitys and individuals (veteran winners)     16:11 Tuesday, November 9, 1999  29

General Linear Models Procedure
Class Level Information

Class    Levels    Values

GRPSIZE       2    1 5

SIGSIZE       2    1 5

MARKET        2    3 7


Number of observations in data set = 470



OLS of diff by entitys and individuals (veteran winners)     16:11 Tuesday, November 9, 1999  30

General Linear Models Procedure

Dependent Variable: DIFF

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

Model                    7        14857803.11865670        2122543.30266525     11.07     0.0001

Error                  462        88567941.33599750         191705.50072727

Corrected Total        469       103425744.45465400

                  R-Square                     C.V.                Root MSE            DIFF Mean

                  0.143657                 831.8018            437.84186726          52.63776596


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

GRPSIZE                  1          401077.73406799         401077.73406799      2.09     0.1487
SIGSIZE                  1         2569597.49949591        2569597.49949591     13.40     0.0003
GRPSIZE*SIGSIZE          1         2586623.01027043        2586623.01027043     13.49     0.0003
MARKET                   1         8737994.44759926        8737994.44759926     45.58     0.0001
GRPSIZE*MARKET           1           81433.09934780          81433.09934780      0.42     0.5149
SIGSIZE*MARKET           1          340703.44356382         340703.44356382      1.78     0.1831
GRPSIZ*SIGSIZ*MARKET     1          140373.88431153         140373.88431153      0.73     0.3926

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

GRPSIZE                  1           54691.96977691          54691.96977691      0.29     0.5935
SIGSIZE                  1         1282728.40724844        1282728.40724844      6.69     0.0100
GRPSIZE*SIGSIZE          1         3562440.18148746        3562440.18148746     18.58     0.0001
MARKET                   1         7886728.35775487        7886728.35775487     41.14     0.0001
GRPSIZE*MARKET           1           62897.17427547          62897.17427547      0.33     0.5671
SIGSIZE*MARKET           1          302126.16970098         302126.16970098      1.58     0.2100
GRPSIZ*SIGSIZ*MARKET     1          140373.88431152         140373.88431152      0.73     0.3926




OLS of diff by entitys and individuals (veteran winners)     16:11 Tuesday, November 9, 1999  31

General Linear Models Procedure

Level of         -------------DIFF------------
GRPSIZE      N       Mean              SD

1          219     83.9115297       431.092634
5          251     25.3510956       500.045436

Level of         -------------DIFF------------
SIGSIZE      N       Mean              SD

1          196     -37.750000       490.959285
5          274     117.294708       443.413224

Level of   Level of         -------------DIFF------------
GRPSIZE    SIGSIZE      N       Mean              SD

1          1           80      94.637500       529.404496
1          5          139      77.738309       364.726878
5          1          116    -129.051724       442.253574
5          5          135     158.023148       510.172594

Level of         -------------DIFF------------
MARKET       N       Mean              SD

3          254     -77.672244       426.223231
7          216     205.872685       472.889212

Level of   Level of         -------------DIFF------------
GRPSIZE    MARKET       N       Mean              SD

1          3           95     -50.976316       362.168765
1          7          124     187.253024       452.013832
5          3          159     -93.622642       460.625465
5          7           92     230.968750       501.068549

Level of   Level of         -------------DIFF------------
SIGSIZE    MARKET       N       Mean              SD

1          3          123    -126.195122       431.006517
1          7           73     111.273973       549.698207
5          3          131     -32.112595       418.206041
5          7          143     254.164336       422.403761

Level of   Level of   Level of        -------------DIFF------------
GRPSIZE    SIGSIZE    MARKET      N       Mean              SD

1          1          3          46      -4.173913       453.067731
1          1          7          34     228.323529       599.174114
1          5          3          49     -94.913265       245.675252
1          5          7          90     171.737500       385.183395
5          1          3          77    -199.090909       402.823854

OLS of diff by entitys and individuals (veteran winners)     16:11 Tuesday, November 9, 1999  32

General Linear Models Procedure

Level of   Level of   Level of        -------------DIFF------------
GRPSIZE    SIGSIZE    MARKET      N       Mean              SD

5          1          7          39       9.230769       487.660012
5          5          3          82       5.414634       491.039234
5          5          7          53     394.134434       448.971307

OLS of bid by mid and range (veteran winners)                16:11 Tuesday, November 9, 1999  33

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)                16:11 Tuesday, November 9, 1999  34

GRPSIZE=1 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Dependent Variable: BID

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 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
RANGE                    0               0.00000000               .               .        .

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

MID                      1      1673376926.60506000     1673376926.60506000   7971.06     0.0001
RANGE                    0               0.00000000               .               .        .


                                                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
RANGE                         0.0000000 B              .            .               .

NOTE: The X'X matrix has been found to be singular and a generalized inverse was used to solve
      the normal equations.   Estimates followed by the letter 'B' are biased, and are not
      unique estimators of the parameters.




OLS of bid by mid and range (veteran winners)                16:11 Tuesday, November 9, 1999  35

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)                16:11 Tuesday, November 9, 1999  36

GRPSIZE=1 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Dependent Variable: BID

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 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
RANGE                    0               0.00000000               .               .        .

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

MID                      1      1051114699.70211000     1051114699.70211000   2839.16     0.0001
RANGE                    0               0.00000000               .               .        .


                                                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
RANGE                          0.000000 B              .            .               .

NOTE: The X'X matrix has been found to be singular and a generalized inverse was used to solve
      the normal equations.   Estimates followed by the letter 'B' are biased, and are not
      unique estimators of the parameters.




OLS of bid by mid and range (veteran winners)                16:11 Tuesday, November 9, 1999  37

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)                16:11 Tuesday, November 9, 1999  38

GRPSIZE=1 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Dependent Variable: BID

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

Model                    2      1701233012.77369000      850616506.38684500  14608.75     0.0001

Error                   46         2678420.20590107          58226.52621524

Corrected Total         48      1703911432.97959000

                  R-Square                     C.V.                Root MSE             BID Mean

                  0.998428                 1.635724            241.30173272       14751.97959184


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

MID                      1      1699597588.21608000     1699597588.21608000  29189.40     0.0001
RANGE                    1         1635424.55760452        1635424.55760452     28.09     0.0001

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

MID                      1      1696076351.98954000     1696076351.98954000  29128.93     0.0001
RANGE                    1         1635424.55760452        1635424.55760452     28.09     0.0001


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

INTERCEPT                  -1351.897972              -6.02         0.0001        224.4123959
MID                            0.997675             170.67         0.0001          0.0058456
RANGE                          0.390375               5.30         0.0001          0.0736593




OLS of bid by mid and range (veteran winners)                16:11 Tuesday, November 9, 1999  39

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)                16:11 Tuesday, November 9, 1999  40

GRPSIZE=1 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Dependent Variable: BID

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

Model                    2      3083494492.87134000     1541747246.43567000  11566.63     0.0001

Error                   87        11596469.08421110         133292.74809438

Corrected Total         89      3095090961.95555000

                  R-Square                     C.V.                Root MSE             BID Mean

                  0.996253                 2.478495            365.09279381       14730.42222222


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

MID                      1      3081885242.66768000     3081885242.66768000  23121.18     0.0001
RANGE                    1         1609250.20366002        1609250.20366002     12.07     0.0008

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

MID                      1      3041946580.77895000     3041946580.77895000  22821.55     0.0001
RANGE                    1         1609250.20366002        1609250.20366002     12.07     0.0008


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

INTERCEPT                  -651.2075045              -3.93         0.0002        165.9066324
MID                           0.9951520             151.07         0.0001          0.0065874
RANGE                         0.1920207               3.47         0.0008          0.0552636




OLS of bid by mid and range (veteran winners)                16:11 Tuesday, November 9, 1999  41

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)                16:11 Tuesday, November 9, 1999  42

GRPSIZE=5 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Dependent Variable: BID

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 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
RANGE                    0               0.00000000               .               .        .

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

MID                      1      2690093775.92699000     2690093775.92699000  17351.34     0.0001
RANGE                    0               0.00000000               .               .        .


                                                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
RANGE                         0.0000000 B              .            .               .

NOTE: The X'X matrix has been found to be singular and a generalized inverse was used to solve
      the normal equations.   Estimates followed by the letter 'B' are biased, and are not
      unique estimators of the parameters.




OLS of bid by mid and range (veteran winners)                16:11 Tuesday, November 9, 1999  43

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)                16:11 Tuesday, November 9, 1999  44

GRPSIZE=5 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Dependent Variable: BID

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 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
RANGE                    0               0.00000000               .               .        .

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

MID                      1      1257791853.60263000     1257791853.60263000   5315.23     0.0001
RANGE                    0               0.00000000               .               .        .


                                                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
RANGE                          0.000000 B              .            .               .

NOTE: The X'X matrix has been found to be singular and a generalized inverse was used to solve
      the normal equations.   Estimates followed by the letter 'B' are biased, and are not
      unique estimators of the parameters.




OLS of bid by mid and range (veteran winners)                16:11 Tuesday, November 9, 1999  45

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)                16:11 Tuesday, November 9, 1999  46

GRPSIZE=5 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Dependent Variable: BID

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

Model                    2      2683091508.23040000     1341545754.11520000   5817.63     0.0001

Error                   79        18217393.39154790         230599.91634871

Corrected Total         81      2701308901.62195000

                  R-Square                     C.V.                Root MSE             BID Mean

                  0.993256                 3.269671            480.20820104       14686.74390244


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

MID                      1      2683040203.35803000     2683040203.35803000  11635.04     0.0001
RANGE                    1           51304.87236514          51304.87236514      0.22     0.6385

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

MID                      1      2665351843.85444000     2665351843.85444000  11558.34     0.0001
RANGE                    1           51304.87236514          51304.87236514      0.22     0.6385


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

INTERCEPT                  -328.5192448              -1.13         0.2639        291.9672918
MID                           1.0002431             107.51         0.0001          0.0093037
RANGE                         0.0414197               0.47         0.6385          0.0878127




OLS of bid by mid and range (veteran winners)                16:11 Tuesday, November 9, 1999  47

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)                16:11 Tuesday, November 9, 1999  48

GRPSIZE=5 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Dependent Variable: BID

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

Model                    2      1871850430.80573000      935925215.40286600   8527.57     0.0001

Error                   50         5487645.11879567         109752.90237591

Corrected Total         52      1877338075.92452000

                  R-Square                     C.V.                Root MSE             BID Mean

                  0.997077                 2.324520            331.28975592       14251.96226415


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

MID                      1      1871418497.93404000     1871418497.93404000  17051.20     0.0001
RANGE                    1          431932.87169160         431932.87169160      3.94     0.0528

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

MID                      1      1838547686.65885000     1838547686.65885000  16751.70     0.0001
RANGE                    1          431932.87169160         431932.87169160      3.94     0.0528


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

INTERCEPT                   196.2845272               0.89         0.3756        219.5583479
MID                           1.0136029             129.43         0.0001          0.0078314
RANGE                        -0.1576104              -1.98         0.0528          0.0794483




Restricted regression of bid = mid (veteran winners)         16:11 Tuesday, November 9, 1999  49

GRPSIZE=1

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

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 = mid (veteran winners)         16:11 Tuesday, November 9, 1999  50

GRPSIZE=5

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

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 = mid (veteran winners)         16:11 Tuesday, November 9, 1999  51

GRPSIZE=1

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

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 = mid (veteran winners)         16:11 Tuesday, November 9, 1999  52

GRPSIZE=5

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

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 = mid and range (veteran winners)                                53
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1

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

Analysis of Variance

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

Model            0  12363997103       .              .           .
Error           49 3338521.6875 68133.095663
U Total         49  12367335625

    Root MSE     261.02317     R-square       0.9997
    Dep Mean   14751.97959     Adj R-sq       0.9997
    C.V.           1.76941

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          .            .
RANGE      1      0.250000    0.00000000          .            .
RESTRICT  -1     -73495462  29533524.319        -2.489        0.0163
RESTRICT  -1     -11486751  5173270.7045        -2.220        0.0310
RESTRICT  -1  -4650.750000  1827.1621952        -2.545        0.0141


Restricted regression of bid = mid and range (veteran winners)                                54
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5

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

Analysis of Variance

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

Model            0  20369212425       .              .           .
Error           82     19533086 238208.36585
U Total         82  20388745511

    Root MSE     488.06594     R-square       0.9990
    Dep Mean   14686.74390     Adj R-sq       0.9990
    C.V.           3.32317

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          .            .
RANGE      1      0.250000    0.00000000          .            .
RESTRICT  -1      12348418  70533444.897         0.175        0.8615
RESTRICT  -1      -5076955  12364858.556        -0.411        0.6824
RESTRICT  -1    444.000000  4419.6250972         0.100        0.9202


Restricted regression of bid = mid and range (veteran winners)                                55
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1

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

Analysis of Variance

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

Model            0  22607912423       .              .           .
Error           90 15859035.266 176211.50295
U Total         90  22623771458

    Root MSE     419.77554     R-square       0.9993
    Dep Mean   14730.42222     Adj R-sq       0.9993
    C.V.           2.84972

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          .            .
RANGE      1      0.375000    0.00000000          .            .
RESTRICT  -1     210163505  64058799.736         3.281        0.0015
RESTRICT  -1      30163888  10275221.025         2.936        0.0042
RESTRICT  -1         15456  3982.3404256         3.881        0.0002


Restricted regression of bid = mid and range (veteran winners)                                56
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5

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

Analysis of Variance

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

Model            0  12623899744       .              .           .
Error           53 18715035.672  353113.8806
U Total         53  12642614780

    Root MSE     594.23386     R-square       0.9985
    Dep Mean   14251.96226     Adj R-sq       0.9985
    C.V.           4.16949

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          .            .
RANGE      1      0.375000    0.00000000          .            .
RESTRICT  -1     308512282  66721999.911         4.624        0.0001
RESTRICT  -1      43690078  11217246.588         3.895        0.0003
RESTRICT  -1         20889  4326.0878021         4.829        0.0001


OLS of diff by entitys and individuals (intermediate winners) including bankrupt              57
                                                                 16:11 Tuesday, November 9, 1999

General Linear Models Procedure
Class Level Information

Class    Levels    Values

GRPSIZE       2    1 5

SIGSIZE       2    1 5

MARKET        2    3 7


Number of observations in data set = 675



OLS of diff by entitys and individuals (intermediate winners) including bankrupt              58
                                                                 16:11 Tuesday, November 9, 1999

General Linear Models Procedure

Dependent Variable: DIFF

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

Model                    7        81724192.76721620       11674884.68103080     30.43     0.0001

Error                  667       255917247.42408000         383684.02912156

Corrected Total        674       337641440.19129600

                  R-Square                     C.V.                Root MSE            DIFF Mean

                  0.242044                 174.3447            619.42233502         355.28592593


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

GRPSIZE                  1         2162428.50696218        2162428.50696218      5.64     0.0179
SIGSIZE                  1         7378592.35176045        7378592.35176045     19.23     0.0001
GRPSIZE*SIGSIZE          1         1215028.22291684        1215028.22291684      3.17     0.0756
MARKET                   1        60689178.56113440       60689178.56113440    158.17     0.0001
GRPSIZE*MARKET           1         2509423.53466678        2509423.53466678      6.54     0.0108
SIGSIZE*MARKET           1         3230068.16783461        3230068.16783461      8.42     0.0038
GRPSIZ*SIGSIZ*MARKET     1         4539473.42194098        4539473.42194098     11.83     0.0006

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

GRPSIZE                  1          167518.98475991         167518.98475991      0.44     0.5090
SIGSIZE                  1        15077368.64912940       15077368.64912940     39.30     0.0001
GRPSIZE*SIGSIZE          1          478379.55653238         478379.55653238      1.25     0.2646
MARKET                   1        53856732.51640850       53856732.51640850    140.37     0.0001
GRPSIZE*MARKET           1         2328486.20384956        2328486.20384956      6.07     0.0140
SIGSIZE*MARKET           1         3583024.58467354        3583024.58467354      9.34     0.0023
GRPSIZ*SIGSIZ*MARKET     1         4539473.42194099        4539473.42194099     11.83     0.0006




OLS of diff by entitys and individuals (intermediate winners) including bankrupt              59
                                                                 16:11 Tuesday, November 9, 1999

General Linear Models Procedure

Level of         -------------DIFF------------
GRPSIZE      N       Mean              SD

1          377     405.607759       761.966544
5          298     291.623742       628.117916

Level of         -------------DIFF------------
SIGSIZE      N       Mean              SD

1          268     468.227612       767.560680
5          407     280.916462       655.910880

Level of   Level of         -------------DIFF------------
GRPSIZE    SIGSIZE      N       Mean              SD

1          1          118     497.025424       728.538162
1          5          259     363.958012       774.515849
5          1          150     445.573333       798.607045
5          5          148     135.593750       319.328006

Level of         -------------DIFF------------
MARKET       N       Mean              SD

3          327      48.016820       435.573865
7          348     644.012931       788.803719

Level of   Level of         -------------DIFF------------
GRPSIZE    MARKET       N       Mean              SD

1          3          147     -16.528912       419.418181
1          7          230     675.408152       808.476795
5          3          180     100.729167       442.533027
5          7          118     582.818856       748.539274

Level of   Level of         -------------DIFF------------
SIGSIZE    MARKET       N       Mean              SD

1          3          150     133.860000       494.296667
1          7          118     893.271186       841.292571
5          3          177     -24.731638       364.653207
5          7          230     516.132609       729.913799

Level of   Level of   Level of         -------------DIFF------------
GRPSIZE    SIGSIZE    MARKET       N       Mean              SD

1          1          3           60     149.700000       364.871062
1          1          7           58     856.327586       832.659371
1          5          3           87    -131.169540       418.010992
1          5          7          172     614.400436       793.336280

OLS of diff by entitys and individuals (intermediate winners) including bankrupt              60
                                                                 16:11 Tuesday, November 9, 1999

General Linear Models Procedure

Level of   Level of   Level of         -------------DIFF------------
GRPSIZE    SIGSIZE    MARKET       N       Mean              SD

5          1          3           90     123.300000       566.134507
5          1          7           60     928.983333       855.039388
5          5          3           90      78.158333       268.947479
5          5          7           58     224.717672       369.789842

OLS of bid by mid and range (intermediate winners) including bankrupt                         61
                                                                 16:11 Tuesday, November 9, 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                         62
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Dependent Variable: BID

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 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
RANGE                    0               0.00000000               .               .        .

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

MID                      1      1469853978.14603000     1469853978.14603000  10859.96     0.0001
RANGE                    0               0.00000000               .               .        .


                                                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
RANGE                         0.0000000 B              .            .               .

NOTE: The X'X matrix has been found to be singular and a generalized inverse was used to solve
      the normal equations.   Estimates followed by the letter 'B' are biased, and are not
      unique estimators of the parameters.




OLS of bid by mid and range (intermediate winners) including bankrupt                         63
                                                                 16:11 Tuesday, November 9, 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                         64
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Dependent Variable: BID

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 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
RANGE                    0               0.00000000               .               .        .

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

MID                      1      1350603113.87485000     1350603113.87485000   1958.81     0.0001
RANGE                    0               0.00000000               .               .        .


                                                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
RANGE                         0.0000000 B              .            .               .

NOTE: The X'X matrix has been found to be singular and a generalized inverse was used to solve
      the normal equations.   Estimates followed by the letter 'B' are biased, and are not
      unique estimators of the parameters.




OLS of bid by mid and range (intermediate winners) including bankrupt                         65
                                                                 16:11 Tuesday, November 9, 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                         66
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Dependent Variable: BID

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

Model                    2      2127983020.06539000     1063991510.03269000   6036.22     0.0001

Error                   84        14806491.75069490         176267.75893684

Corrected Total         86      2142789511.81609000

                  R-Square                     C.V.                Root MSE             BID Mean

                  0.993090                 3.130983            419.84254065       13409.28735632


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

MID                      1      2124061623.42487000     2124061623.42487000  12050.20     0.0001
RANGE                    1         3921396.64052162        3921396.64052162     22.25     0.0001

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

MID                      1      2122801356.09560000     2122801356.09560000  12043.05     0.0001
RANGE                    1         3921396.64052162        3921396.64052162     22.25     0.0001


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

INTERCEPT                  -1230.809365              -5.60         0.0001        219.6955504
MID                            1.000277             109.74         0.0001          0.0091149
RANGE                          0.327666               4.72         0.0001          0.0694701




OLS of bid by mid and range (intermediate winners) including bankrupt                         67
                                                                 16:11 Tuesday, November 9, 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                         68
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Dependent Variable: BID

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

Model                    2      3942121320.93383000     1971060660.46691000   3230.92     0.0001

Error                  169       103100432.38593700         610061.73009431

Corrected Total        171      4045221753.31976000

                  R-Square                     C.V.                Root MSE             BID Mean

                  0.974513                 5.546781            781.06448523       14081.40116279


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

MID                      1      3934248845.27212000     3934248845.27212000   6448.94     0.0001
RANGE                    1         7872475.66170535        7872475.66170535     12.90     0.0004

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

MID                      1      3850984525.98201000     3850984525.98201000   6312.45     0.0001
RANGE                    1         7872475.66170535        7872475.66170535     12.90     0.0004


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

INTERCEPT                  -155.7052982              -0.60         0.5493        259.5209885
MID                           0.9691347              79.45         0.0001          0.0121979
RANGE                         0.3118153               3.59         0.0004          0.0868018




OLS of bid by mid and range (intermediate winners) including bankrupt                         69
                                                                 16:11 Tuesday, November 9, 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                         70
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Dependent Variable: BID

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 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
RANGE                    0               0.00000000               .               .        .

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

MID                      1      2125206798.25240000     2125206798.25240000   6765.09     0.0001
RANGE                    0               0.00000000               .               .        .


                                                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
RANGE                         0.0000000 B              .            .               .

NOTE: The X'X matrix has been found to be singular and a generalized inverse was used to solve
      the normal equations.   Estimates followed by the letter 'B' are biased, and are not
      unique estimators of the parameters.




OLS of bid by mid and range (intermediate winners) including bankrupt                         71
                                                                 16:11 Tuesday, November 9, 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                         72
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Dependent Variable: BID

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 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
RANGE                    0               0.00000000               .               .        .

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

MID                      1      1364257230.44377000     1364257230.44377000   1844.89     0.0001
RANGE                    0               0.00000000               .               .        .


                                                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
RANGE                         0.0000000 B              .            .               .

NOTE: The X'X matrix has been found to be singular and a generalized inverse was used to solve
      the normal equations.   Estimates followed by the letter 'B' are biased, and are not
      unique estimators of the parameters.




OLS of bid by mid and range (intermediate winners) including bankrupt                         73
                                                                 16:11 Tuesday, November 9, 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                         74
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Dependent Variable: BID

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

Model                    2      2164119874.92146000     1082059937.46073000  16389.23     0.0001

Error                   87         5743969.47853948          66022.63768436

Corrected Total         89      2169863844.40000000

                  R-Square                     C.V.                Root MSE             BID Mean

                  0.997353                 1.881379            256.94870633       13657.46666667


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

MID                      1      2163760679.97402000     2163760679.97402000  32773.01     0.0001
RANGE                    1          359194.94743738         359194.94743738      5.44     0.0220

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

MID                      1      2066596229.66839000     2066596229.66839000  31301.33     0.0001
RANGE                    1          359194.94743738         359194.94743738      5.44     0.0220


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

INTERCEPT                  -422.6609003              -3.25         0.0016        130.0790290
MID                           0.9965521             176.92         0.0001          0.0056327
RANGE                         0.1094209               2.33         0.0220          0.0469117




OLS of bid by mid and range (intermediate winners) including bankrupt                         75
                                                                 16:11 Tuesday, November 9, 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                         76
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Dependent Variable: BID

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

Model                    2      1378535614.03273000      689267807.01636800   5129.88     0.0001

Error                   55         7389983.48450368         134363.33608189

Corrected Total         57      1385925597.51724000

                  R-Square                     C.V.                Root MSE             BID Mean

                  0.994668                 2.638763            366.55604767       13891.20689655


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

MID                      1      1377329042.36667000     1377329042.36667000  10250.78     0.0001
RANGE                    1         1206571.66606232        1206571.66606232      8.98     0.0041

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

MID                      1      1210527002.63692000     1210527002.63692000   9009.36     0.0001
RANGE                    1         1206571.66606232        1206571.66606232      8.98     0.0041


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

INTERCEPT                  -815.8625936              -3.95         0.0002        206.5551853
MID                           1.0004910              94.92         0.0001          0.0105406
RANGE                         0.2414551               3.00         0.0041          0.0805750




Restricted regression of bid = mid (intermediate winners) including bankrupt                  77
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1

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

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 = mid (intermediate winners) including bankrupt                  78
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5

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

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 = mid (intermediate winners) including bankrupt                  79
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1

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

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 = mid (intermediate winners) including bankrupt                  80
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5

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

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 = mid and range (intermediate winners) including bankrupt        81
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1

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

Analysis of Variance

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

Model            0  17769647488       .              .           .
Error           87 16523928.312 189930.21049
U Total         87  17786171416

    Root MSE     435.80983     R-square       0.9991
    Dep Mean   13409.28736     Adj R-sq       0.9991
    C.V.           3.25006

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          .            .
RANGE      1      0.250000    0.00000000          .            .
RESTRICT  -1    -156871554  59618976.141        -2.631        0.0101
RESTRICT  -1     -25934620  10581833.615        -2.451        0.0163
RESTRICT  -1        -11412  4064.9635069        -2.807        0.0062


Restricted regression of bid = mid and range (intermediate winners) including bankrupt        82
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5

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

Analysis of Variance

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

Model            0  18950252062       .              .           .
Error           90 6987399.6875 77637.774306
U Total         90  18957239462

    Root MSE     278.63556     R-square       0.9996
    Dep Mean   13657.46667     Adj R-sq       0.9996
    C.V.           2.04017

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          .            .
RANGE      1      0.250000    0.00000000          .            .
RESTRICT  -1      82677509  38851689.730         2.128        0.0361
RESTRICT  -1      13012076  6788830.5521         1.917        0.0585
RESTRICT  -1   7034.250000  2643.3690033         2.661        0.0092


Restricted regression of bid = mid and range (intermediate winners) including bankrupt        83
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1

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

Analysis of Variance

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

Model            0  37977837134       .              .           .
Error          172 172552317.45  1003211.148
U Total        172  38150389451

    Root MSE    1001.60429     R-square       0.9955
    Dep Mean   14081.40116     Adj R-sq       0.9955
    C.V.           7.11296

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          .            .
RANGE      1      0.375000    0.00000000          .            .
RESTRICT  -1    1339697014  193978125.45         6.906        0.0001
RESTRICT  -1     243845467  32485518.730         7.506        0.0001
RESTRICT  -1        105677  13135.917077         8.045        0.0001


Restricted regression of bid = mid and range (intermediate winners) including bankrupt        84
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5

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

Analysis of Variance

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

Model            0  12567208758       .              .           .
Error           58 10723323.922  184884.8952
U Total         58  12577932082

    Root MSE     429.98244     R-square       0.9991
    Dep Mean   13891.20690     Adj R-sq       0.9991
    C.V.           3.09536

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          .            .
RANGE      1      0.375000    0.00000000          .            .
RESTRICT  -1     177235488  48884955.961         3.626        0.0006
RESTRICT  -1      27821542  8027653.8730         3.466        0.0010
RESTRICT  -1         13034  3274.6486715         3.980        0.0002


OLS of diff by entitys and individuals (intermediate winners)                                 85
                                                                 16:11 Tuesday, November 9, 1999

General Linear Models Procedure
Class Level Information

Class    Levels    Values

GRPSIZE       2    1 5

SIGSIZE       2    1 5

MARKET        2    3 7


Number of observations in data set = 464



OLS of diff by entitys and individuals (intermediate winners)                                 86
                                                                 16:11 Tuesday, November 9, 1999

General Linear Models Procedure

Dependent Variable: DIFF

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

Model                    7        26054572.96692470        3722081.85241782     15.98     0.0001

Error                  456       106211161.28294000         232919.21333978

Corrected Total        463       132265734.24986500

                  R-Square                     C.V.                Root MSE            DIFF Mean

                  0.196987                 372.4092            482.61704626         129.59321121


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

GRPSIZE                  1         2063924.80957358        2063924.80957358      8.86     0.0031
SIGSIZE                  1          534598.25491814         534598.25491814      2.30     0.1305
GRPSIZE*SIGSIZE          1           23496.76923704          23496.76923704      0.10     0.7509
MARKET                   1        17624027.72262730       17624027.72262730     75.67     0.0001
GRPSIZE*MARKET           1         5321962.70366964        5321962.70366964     22.85     0.0001
SIGSIZE*MARKET           1            5732.19933783           5732.19933783      0.02     0.8754
GRPSIZ*SIGSIZ*MARKET     1          480830.50756121         480830.50756121      2.06     0.1515

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

GRPSIZE                  1          218085.36992976         218085.36992976      0.94     0.3337
SIGSIZE                  1           99754.08652801          99754.08652801      0.43     0.5132
GRPSIZE*SIGSIZE          1           77336.36124562          77336.36124562      0.33     0.5647
MARKET                   1        11093081.34466470       11093081.34466470     47.63     0.0001
GRPSIZE*MARKET           1         3280145.90379505        3280145.90379505     14.08     0.0002
SIGSIZE*MARKET           1              11.84884344             11.84884344      0.00     0.9943
GRPSIZ*SIGSIZ*MARKET     1          480830.50756121         480830.50756121      2.06     0.1515




OLS of diff by entitys and individuals (intermediate winners)                                 87
                                                                 16:11 Tuesday, November 9, 1999

General Linear Models Procedure

Level of         -------------DIFF------------
GRPSIZE      N       Mean              SD

1          258     189.188469       602.840565
5          206      54.954490       423.710125

Level of         -------------DIFF------------
SIGSIZE      N       Mean              SD

1          147      65.074830       525.437223
5          317     159.511830       536.814828

Level of   Level of         -------------DIFF------------
GRPSIZE    SIGSIZE      N       Mean              SD

1          1           65     122.261538       425.937652
1          5          193     211.728627       651.112171
5          1           82      19.743902       591.254866
5          5          124      78.238911       260.060140

Level of         -------------DIFF------------
MARKET       N       Mean              SD

3          251     -60.609562       413.746691
7          213     353.728873       573.339543

Level of   Level of         -------------DIFF------------
GRPSIZE    MARKET       N       Mean              SD

1          3          113    -143.435841       364.882897
1          7          145     448.406034       624.951022
5          3          138       7.211957       439.599896
5          7           68     151.843750       374.082316

Level of   Level of         -------------DIFF------------
SIGSIZE    MARKET       N       Mean              SD

1          3           93     -67.591398       496.229747
1          7           54     293.555556       499.018723
5          3          158     -56.500000       358.117288
5          7          159     374.165094       596.552821

Level of   Level of   Level of         -------------DIFF------------
GRPSIZE    SIGSIZE    MARKET       N       Mean              SD

1          1          3           30    -135.300000       187.577322
1          1          7           35     343.028571       450.317567
1          5          3           83    -146.376506       411.548999
1          5          7          110     481.935227       669.342731

OLS of diff by entitys and individuals (intermediate winners)                                 88
                                                                 16:11 Tuesday, November 9, 1999

General Linear Models Procedure

Level of   Level of   Level of         -------------DIFF------------
GRPSIZE    SIGSIZE    MARKET       N       Mean              SD

5          1          3           63     -35.349206       587.930300
5          1          7           19     202.421053       580.222784
5          5          3           75      42.963333       255.585059
5          5          7           49     132.232143       260.148829

OLS of bid by mid and range (intermediate winners)           16:11 Tuesday, November 9, 1999  89

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)           16:11 Tuesday, November 9, 1999  90

GRPSIZE=1 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Dependent Variable: BID

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 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
RANGE                    0               0.00000000               .               .        .

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

MID                      1       621700228.28758000      621700228.28758000  18216.36     0.0001
RANGE                    0               0.00000000               .               .        .


                                                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
RANGE                          0.000000 B              .            .               .

NOTE: The X'X matrix has been found to be singular and a generalized inverse was used to solve
      the normal equations.   Estimates followed by the letter 'B' are biased, and are not
      unique estimators of the parameters.




OLS of bid by mid and range (intermediate winners)           16:11 Tuesday, November 9, 1999  91

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)           16:11 Tuesday, November 9, 1999  92

GRPSIZE=1 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Dependent Variable: BID

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 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
RANGE                    0               0.00000000               .               .        .

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

MID                      1       724368852.62009800      724368852.62009800   3767.55     0.0001
RANGE                    0               0.00000000               .               .        .


                                                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
RANGE                          0.000000 B              .            .               .

NOTE: The X'X matrix has been found to be singular and a generalized inverse was used to solve
      the normal equations.   Estimates followed by the letter 'B' are biased, and are not
      unique estimators of the parameters.




OLS of bid by mid and range (intermediate winners)           16:11 Tuesday, November 9, 1999  93

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)           16:11 Tuesday, November 9, 1999  94

GRPSIZE=1 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Dependent Variable: BID

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

Model                    2      2018610713.70851000     1009305356.85425000   5872.64     0.0001

Error                   80        13749250.91799460         171865.63647493

Corrected Total         82      2032359964.62650000

                  R-Square                     C.V.                Root MSE             BID Mean

                  0.993235                 3.080741            414.56680580       13456.72289157


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

MID                      1      2015212639.24170000     2015212639.24170000  11725.51     0.0001
RANGE                    1         3398074.46681104        3398074.46681104     19.77     0.0001

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

MID                      1      2005162774.93863000     2005162774.93863000  11667.04     0.0001
RANGE                    1         3398074.46681104        3398074.46681104     19.77     0.0001


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

INTERCEPT                  -1191.601400              -5.46         0.0001        218.3369167
MID                            0.999079             108.01         0.0001          0.0092495
RANGE                          0.313272               4.45         0.0001          0.0704530




OLS of bid by mid and range (intermediate winners)           16:11 Tuesday, November 9, 1999  95

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)           16:11 Tuesday, November 9, 1999  96

GRPSIZE=1 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Dependent Variable: BID

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

Model                    2      2934977703.59529000     1467488851.79764000   3325.01     0.0001

Error                  107        47224312.66834370         441348.71652658

Corrected Total        109      2982202016.26363000

                  R-Square                     C.V.                Root MSE             BID Mean

                  0.984165                 4.861523            664.34081353       13665.28181818


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

MID                      1      2930327890.35861000     2930327890.35861000   6639.48     0.0001
RANGE                    1         4649813.23667706        4649813.23667706     10.54     0.0016

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

MID                      1      2930307256.44486000     2930307256.44486000   6639.44     0.0001
RANGE                    1         4649813.23667706        4649813.23667706     10.54     0.0016


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

INTERCEPT                  -428.1393582              -1.49         0.1394        287.5369075
MID                           0.9783781              81.48         0.0001          0.0120072
RANGE                         0.3135505               3.25         0.0016          0.0966008




OLS of bid by mid and range (intermediate winners)           16:11 Tuesday, November 9, 1999  97

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)           16:11 Tuesday, November 9, 1999  98

GRPSIZE=5 SIGSIZE=1 MARKET=3

General Linear Models Procedure

Dependent Variable: BID

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 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
RANGE                    0               0.00000000               .               .        .

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

MID                      1      1694592167.74541000     1694592167.74541000   4942.97     0.0001
RANGE                    0               0.00000000               .               .        .


                                                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
RANGE                         0.0000000 B              .            .               .

NOTE: The X'X matrix has been found to be singular and a generalized inverse was used to solve
      the normal equations.   Estimates followed by the letter 'B' are biased, and are not
      unique estimators of the parameters.




OLS of bid by mid and range (intermediate winners)           16:11 Tuesday, November 9, 1999  99

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)           16:11 Tuesday, November 9, 1999 100

GRPSIZE=5 SIGSIZE=1 MARKET=7

General Linear Models Procedure

Dependent Variable: BID

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 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
RANGE                    0               0.00000000               .               .        .

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

MID                      1       391145223.95867400      391145223.95867400   1108.47     0.0001
RANGE                    0               0.00000000               .               .        .


                                                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
RANGE                         0.0000000 B              .            .               .

NOTE: The X'X matrix has been found to be singular and a generalized inverse was used to solve
      the normal equations.   Estimates followed by the letter 'B' are biased, and are not
      unique estimators of the parameters.




OLS of bid by mid and range (intermediate winners)           16:11 Tuesday, November 9, 1999 101

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)           16:11 Tuesday, November 9, 1999 102

GRPSIZE=5 SIGSIZE=5 MARKET=3

General Linear Models Procedure

Dependent Variable: BID

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

Model                    2      2003823968.23222000     1001911984.11611000  16032.76     0.0001

Error                   72         4499391.68777869          62491.55121915

Corrected Total         74      2008323359.92000000

                  R-Square                     C.V.                Root MSE             BID Mean

                  0.997760                 1.863476            249.98310187       13414.88000000


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

MID                      1      2003297939.58241000     2003297939.58241000  32057.10     0.0001
RANGE                    1          526028.64980130         526028.64980130      8.42     0.0049

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

MID                      1      1938724601.00148000     1938724601.00148000  31023.79     0.0001
RANGE                    1          526028.64980130         526028.64980130      8.42     0.0049


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

INTERCEPT                  -534.4838924              -3.75         0.0004        142.4359090
MID                           0.9943811             176.14         0.0001          0.0056455
RANGE                         0.1511653               2.90         0.0049          0.0521024




OLS of bid by mid and range (intermediate winners)           16:11 Tuesday, November 9, 1999 103

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)           16:11 Tuesday, November 9, 1999 104

GRPSIZE=5 SIGSIZE=5 MARKET=7

General Linear Models Procedure

Dependent Variable: BID

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

Model                    2      1156495517.45318000      578247758.72659100   8997.47     0.0001

Error                   46         2956318.22028670          64267.78739754

Corrected Total         48      1159451835.67346000

                  R-Square                     C.V.                Root MSE             BID Mean

                  0.997450                 1.878566            253.51092165       13494.91836735


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

MID                      1      1154585045.10195000     1154585045.10195000  17965.22     0.0001
RANGE                    1         1910472.35123254        1910472.35123254     29.73     0.0001

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

MID                      1      1002287530.35885000     1002287530.35885000  15595.49     0.0001
RANGE                    1         1910472.35123254        1910472.35123254     29.73     0.0001


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

INTERCEPT                  -930.9716741              -6.00         0.0001        155.2699930
MID                           0.9869003             124.88         0.0001          0.0079027
RANGE                         0.3309670               5.45         0.0001          0.0607031




Restricted regression of bid = mid (intermediate winners)    16:11 Tuesday, November 9, 1999 105

GRPSIZE=1

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

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 = mid (intermediate winners)    16:11 Tuesday, November 9, 1999 106

GRPSIZE=5

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

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 = mid (intermediate winners)    16:11 Tuesday, November 9, 1999 107

GRPSIZE=1

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

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 = mid (intermediate winners)    16:11 Tuesday, November 9, 1999 108

GRPSIZE=5

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

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 = mid and range (intermediate winners)                          109
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1

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

Analysis of Variance

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

Model            0  17046614500       .              .           .
Error           83 15666916.188 188758.02636
U Total         83  17062281416

    Root MSE     434.46292     R-square       0.9991
    Dep Mean   13456.72289     Adj R-sq       0.9991
    C.V.           3.22859

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          .            .
RANGE      1      0.250000    0.00000000          .            .
RESTRICT  -1    -169791010  58288721.372        -2.913        0.0046
RESTRICT  -1     -28156844  10210784.072        -2.758        0.0072
RESTRICT  -1        -12149  3958.1455491        -3.069        0.0029


Restricted regression of bid = mid and range (intermediate winners)                          110
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5

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

Analysis of Variance

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

Model            0  15500276372       .              .           .
Error           75 4972394.0625   66298.5875
U Total         75  15505248766

    Root MSE     257.48512     R-square       0.9997
    Dep Mean   13414.88000     Adj R-sq       0.9997
    C.V.           1.91940

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          .            .
RANGE      1      0.250000    0.00000000          .            .
RESTRICT  -1      29116080  32558723.120         0.894        0.3740
RESTRICT  -1       5475623  5686546.8638         0.963        0.3387
RESTRICT  -1   3222.250000  2229.8865582         1.445        0.1526


Restricted regression of bid = mid and range (intermediate winners)                          111
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=1

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

Analysis of Variance

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

Model            0  23449211087       .              .           .
Error          110 74382918.297 676208.34815
U Total        110  23523594005

    Root MSE     822.31888     R-square       0.9968
    Dep Mean   13665.28182     Adj R-sq       0.9968
    C.V.           6.01758

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          .            .
RANGE      1      0.375000    0.00000000          .            .
RESTRICT  -1     657419842  126209081.53         5.209        0.0001
RESTRICT  -1     122006255  21094084.328         5.784        0.0001
RESTRICT  -1         53013  8624.5532230         6.147        0.0001


Restricted regression of bid = mid and range (intermediate winners)                          112
                                                                 16:11 Tuesday, November 9, 1999

GRPSIZE=5

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

Analysis of Variance

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

Model            0  10078874804       .              .           .
Error           49 4105297.4844 83781.581314
U Total         49  10082980101

    Root MSE     289.45048     R-square       0.9996
    Dep Mean   13494.91837     Adj R-sq       0.9996
    C.V.           2.14489

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          .            .
RANGE      1      0.375000    0.00000000          .            .
RESTRICT  -1      72231776  29658092.838         2.435        0.0186
RESTRICT  -1      14076882  5036951.5049         2.795        0.0074
RESTRICT  -1   6479.375000  2026.1533714         3.198        0.0024
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