Table 3. Panel data analysis of transfers.

Equation Measure Constant Variable Treatment Rating Treatment Partner duration § Partner change | Multiplier Wald Statistic
1a: Both treatments First Mover Transfer 65.25
(5.81)**
17.23
(6.42)**
-4.26
(6.40)
0.63
(0.52)
-6.35
(1.58)**
41.10**
1b: Fixed only First Mover Transfer 58.26
(7.93)**
-0.82
(10.08)
2.76
(1.17)*
-4.92
(2.70)
23.79**
1c: Variable
only
First Mover Transfer 87.21
(5.36)**
-8.58
(7.10)
-0.18
(0.44)
-5.82
(1.87)**
12.36*
2a: Both treatments Second Mover Transfer 34.04 (4.60)** 18.21 (4.10)** -2.89
(4.01)
-0.48
(0.74)
-12.34
(3.19)**
45.62**
2b:Fixed only Second Mover Transfer 29.00
(4.38)**
-1.69
(4.81)
0.58
(0.79)
-8.95
(2.51)**
26.97**
2c:
Variable only
Second Mover Transfer 48.14
(9.38)**
-4.12
(6.21)
-0.26
(1.11)
-14.67
(5.88)*
1.21
(1.45)
9.26
0 = fixed; 1 = variable
0 = no rating; 1 = rating
§ number of consecutive interactions with same partner
| 1 = not the same partner as in previous round
* significant at 0.05; ** significant at 0.01; Standard errors in brackets