Research Article
What are the Effects of Demographic Structures on Housing Consumption?: Evidence from 31 Provinces in China
Table 5
Estimation results of fixed-effect models for population structure and housing consumption across the country and across regions.
| | Variable | Nationwide | East | Central | West | | Model 1 | Model 2 | Model 3 | Model 1 | Model 2 | Model 3 | Model 1 | Model 2 | Model 3 | Model 1 | Model 2 | Model 3 |
| | lnINCO | 1.1701 (5.67) | 0.8279 (2.80) | 1.2330 (3.84) | 1.2069 (2.86) | 0.8916 (1.93) | 0.8099 (1.89) | 1.3331 (3.39) | 1.3125 (2.64) | 1.2705 (2.15) | 1.0314 (2.93) | 0.4070 (0.98) | 0.3189 (0.64) | | lnDEPO | | 0.3724 (2.46) | −0.0755 (−0.22) | | 0.3069 (1.28) | −0.0412 (−0.11) | | 0.0271 (0.07) | 0.1404 (0.19) | | 0.5483 (4.92) | 0.6536 (1.47) | | lnHCA | 0.0697 (6.23) | 0.0700 (6.26) | 0.0682 (5.39) | 0.0502 (3.27) | 0.0515 (3.30) | 0.0344 (1.79) | 0.0594 (5.13) | 0.0593 (5.03) | 0.0521 (3.38) | 0.0932 (3.58) | 0.0887 (3.27) | 0.0843 (3.10) | | lnPOPU | −0.5859 (−1.14) | −0.8890 (−1.74) | −0.9261 (−1.78) | −0.8227 (−1.14) | −1.2282 (−1.21) | −1.0826 (−1.05) | −3.3678 (−2.03) | −3.3704 (−2.01) | −3.8925 (−2.35) | 0.0315 (−0.03) | −0.2981 (−0.43) | −1.4655 (−1.51) | | URBA | 3.3291 (4.88) | 2.3342 (3.30) | 2.7319 (3.81) | 2.7401 (1.86) | 2.0261 (1.26) | 1.6826 (1.57) | 5.5608 (4.75) | 5.4789 (4.14) | 5.5869 (3.76) | 3.1249 (2.67) | 2.1776 (1.67) | 4.7940 (2.74) | | CDR | −3.7113 (−3.14) | −3.4397 (−3.23) | −10.5594 (−3.42) | −4.6515 (−3.25) | −4.5295 (−3.29) | −23.5904 (−5.72) | −0.2330 (−0.28) | −0.2204 (−0.24) | −5.7983 (−0.73) | −5.1090 (−2.92) | −4.4907 (−2.86) | −6.7572 (−1.76) | | ODR | 4.0423 (1.99) | 3.9180 (1.92) | 11.4679 (1.12) | 4.3652 (1.74) | 4.5328 (1.86) | 12.5077 (0.87) | −1.0550 (−0.27) | −1.0963 (−0.27) | 21.1717 (1.26) | 4.2602 (1.65) | 4.5068 (1.50) | 31.5801 (3.47) | | FS | −0.2961 (−3.12) | −0.2337 (−2.19) | −0.1427 (−1.19) | −0.1314 (−0.59) | −0.1493 (−0.71) | −0.0362 (−0.19) | −0.7115 (−4.71) | −0.7101 (−4.67) | −0.6546 (−5.17) | −0.2783 (−1.97) | −0.1980 (−1.55) | −0.1598 (−1.34) | | EDU | −8.1761 (−7.78) | −7.9662 (−7.30) | −6.2861 (−5.91) | −7.0396 (−3.68) | −6.5297 (−3.27) | −4.2519 (−2.08) | −8.2023 (−3.21) | −8.2357 (−3.21) | −6.3469 (−1.96) | −9.6970 (−5.73) | −9.4814 (−5.74) | −7.9119 (−6.17) | | lnDEPO_ODR | | | −1.0201 (−0.90) | | | −1.0410 (−0.58) | | | −2.5833 (−1.21) | | | −3.3660 (−3.54) | | lnDEPO_CDR | | | 0.9831 (2.84) | | | 2.2712 (5.30) | | | 0.7503 (0.79) | | | 0.5172 (0.92) | | Constant | 0.8902 (0.24) | 3.6795 (0.93) | 3.1870 (0.77) | 2.3528 (0.41) | 6.3589 (0.76) | 8.7775 (1.06) | 23.7416 (1.76) | | 27.1147 (1.88) | −2.4339 (−0.48) | 1.6436 (0.52) | 8.8187 (1.39) | | Hausman | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.1992 | 0.0006 | 0.0000 | 0.0000 | 0.0000 | | R2 within group | 0.9017 | 0.9039 | 0.9132 | 0.8598 | 0.8610 | 0.8946 | 0.9549 | 0.9549 | 0.9563 | 0.9083 | 0.9137 | 0.9249 | | Sample size | 589 | 589 | 589 | 209 | 209 | 209 | 152 | 152 | 152 | 228 | 228 | 228 |
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Note. , , and indicate significance at the 1%, 5%, and 10%. Numbers in parentheses are T statistics. Hausman stands for the Hausman test value. |
