Table 6: Error correction model (ECM).

ModelVersionIntercept
( )
Short-run income elasticity
( )
Error term
( )

1Peacock and Wiseman [7]9.451* 
(0.000)
0.209* 
(0.000)
−0.324* 
(0.000)
2Gupta [8]0.051* 
(0.000)
0.208* 
(0.000)
−0.253* 
(0.000)
3Goffman [9]13.451* 
(0.000)
42.269* 
(0.000)
−0.707* 
(0.000)
4 Pryol [10]0.139* 
(0.000)
−0.091* 
(0.000)
−0.003* 
(0.000)
5 R. A. Musgrave and P. B. Musgrave [1]0.435* 
(0.000)
0.136* 
(0.000)
−0.431* 
(0.000)
6Mann [11]0.131* 
(0.000)
−4.251* 
(0.000)
−0.454* 
(0.000)

*,**, ** are significant at one percent, five percent, and ten percent level.
Figures in parentheses represent the value of the respective coefficient in the estimated regression.