Goldin & Homonoff - DataSpace at Princeton University
Goldin & Homonoff - DataSpace at Princeton University
Goldin & Homonoff - DataSpace at Princeton University
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Table IX: Instrumenting for Price with Excise Tax - First Stage<br />
Extensive Margin Intensive Margin<br />
(1) (2) (3) (4)<br />
Excise Tax 0.925 ∗∗∗ -0.349 ∗∗∗ 1.031 ∗∗∗ -0.399 ∗∗∗<br />
(0.197) (0.051) (0.187) (0.062)<br />
Sales Tax 0.474 ∗∗ -0.027 0.496 ∗∗ -0.051<br />
(0.190) (0.089) (0.204) (0.098)<br />
Excise*Low-income -0.042 ∗∗∗ 2.408 ∗∗∗ -0.053 ∗∗∗ 2.433 ∗∗∗<br />
(0.007) (0.069) (0.015) (0.074)<br />
Sales*Low-income 0.034 0.729 ∗∗ 0.033 0.724 ∗<br />
(0.025) (0.337) (0.036) (0.360)<br />
F-st<strong>at</strong> 53,670 369,687 75,383 77,424<br />
R 2 0.96 0.98 0.96 0.98<br />
N 934,106 934,106 198,914 198,914<br />
Standard errors clustered <strong>at</strong> the st<strong>at</strong>e level in parentheses.<br />
All specific<strong>at</strong>ions include individual demographic characteristics, economic conditions,<br />
income trend, and st<strong>at</strong>e, year, and calendar month fixed effects.<br />
(1) and (3): Dependent variable = post-tax price<br />
(2) and (4): Dependent variable = post-tax price*low-income<br />
∗ p < 0.10, ∗∗ p < 0.05, ∗∗∗ p < 0.01<br />
47
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