Table 2: Relative Productivity
Notes: Exogenous general factor (GF) also included in final regression but not reported. Full equation F-statistic [p-value] refers to shaded (best) equation. Numbers in table are p-values for the listed variable using alternative instrument sets; ESAT is assumed exogenous and so is not instrumented. A cell marked II indicates that conditions for instrument suitability were not met; a cell marked WS indicates wrong sign on the estimated coefficient compared with theoretical priors. Instrument numbers indicate survey question (see text). Equation with the highest explanatory power is shaded; the lower box contains robustness checks performed on this specification.
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