Table A4.
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Hedonic homogenisation regression of winning bids (cf. equation 6)

Log winning bids [€⋅m−2]Estimated coefficients (HAC standard errors, Newey–West)
Intercept−0.096(0.013)***
Number of bids0.023(0.001)***
Lot characteristics
Lot size [hectare]0.001(0.000)***
Lot size squared<−0.001(0.000)***
Soil quality index0.007(0.000)***
Number of parcels−0.002(0.000)***
Share arable land [0,1]0.329(0.007)***
Dummy variables county interacted with year
 BB 20080.029 (0.018)MV 20080.140 (0.019)SN 20080.022 (0.024)
 BB 20090.101 (0.017)MV 20090.195 (0.014)SN 20090.067 (0.024)
 BB 20100.121 (0.018)MV 20100.255 (0.014)SN 20100.085 (0.021)
 BB 20110.157 (0.017)MV 20110.344 (0.015)SN 20110.170 (0.049)
 BB 20120.160 (0.018)MV 20120.405 (0.017)SN 20120.186 (0.026)
 BB 20130.276 (0.020)MV 20130.415 (0.016)SN 20130.226 (0.024)
 BB 20140.274 (0.020)MV 20140.447 (0.017)SN 20140.266 (0.022)
 BB 20150.343 (0.029)MV 20150.611 (0.027)SN 20150.325 (0.051)
 ST 20080.019 (0.024)TH 20080.105 (0.029)
 ST 20090.059 (0.018)TH 20090.066 (0.022)
 ST 20100.098 (0.018)TH 20100.136 (0.027)
 ST 20110.156 (0.017)TH 20110.175 (0.021)
 ST 20120.223 (0.021)TH 20120.195 (0.019)
 ST 20130.286 (0.017)TH 20130.267 (0.017)
 ST 20140.386 (0.021)TH 20140.363 (0.019)
 ST 20150.460 (0.032)TH 20150.428 (0.025)
Log winning bids [€⋅m−2]Estimated coefficients (HAC standard errors, Newey–West)
Intercept−0.096(0.013)***
Number of bids0.023(0.001)***
Lot characteristics
Lot size [hectare]0.001(0.000)***
Lot size squared<−0.001(0.000)***
Soil quality index0.007(0.000)***
Number of parcels−0.002(0.000)***
Share arable land [0,1]0.329(0.007)***
Dummy variables county interacted with year
 BB 20080.029 (0.018)MV 20080.140 (0.019)SN 20080.022 (0.024)
 BB 20090.101 (0.017)MV 20090.195 (0.014)SN 20090.067 (0.024)
 BB 20100.121 (0.018)MV 20100.255 (0.014)SN 20100.085 (0.021)
 BB 20110.157 (0.017)MV 20110.344 (0.015)SN 20110.170 (0.049)
 BB 20120.160 (0.018)MV 20120.405 (0.017)SN 20120.186 (0.026)
 BB 20130.276 (0.020)MV 20130.415 (0.016)SN 20130.226 (0.024)
 BB 20140.274 (0.020)MV 20140.447 (0.017)SN 20140.266 (0.022)
 BB 20150.343 (0.029)MV 20150.611 (0.027)SN 20150.325 (0.051)
 ST 20080.019 (0.024)TH 20080.105 (0.029)
 ST 20090.059 (0.018)TH 20090.066 (0.022)
 ST 20100.098 (0.018)TH 20100.136 (0.027)
 ST 20110.156 (0.017)TH 20110.175 (0.021)
 ST 20120.223 (0.021)TH 20120.195 (0.019)
 ST 20130.286 (0.017)TH 20130.267 (0.017)
 ST 20140.386 (0.021)TH 20140.363 (0.019)
 ST 20150.460 (0.032)TH 20150.428 (0.025)

Note: Dependent variable: log winning bids; adjusted R2 = 0.6155, no. of observations = 9,684.

Asterisks for covariate coefficients *, ** and *** denote p≤0.1⁠, p≤0.05 and p≤0.01⁠, respectively. BB: Brandenburg, MV: Mecklenburg Western Pomerania, SN: Saxony, ST: Saxony-Anhalt, TH: Thuringia.

Table A4.
Open in new tab

Hedonic homogenisation regression of winning bids (cf. equation 6)

Log winning bids [€⋅m−2]Estimated coefficients (HAC standard errors, Newey–West)
Intercept−0.096(0.013)***
Number of bids0.023(0.001)***
Lot characteristics
Lot size [hectare]0.001(0.000)***
Lot size squared<−0.001(0.000)***
Soil quality index0.007(0.000)***
Number of parcels−0.002(0.000)***
Share arable land [0,1]0.329(0.007)***
Dummy variables county interacted with year
 BB 20080.029 (0.018)MV 20080.140 (0.019)SN 20080.022 (0.024)
 BB 20090.101 (0.017)MV 20090.195 (0.014)SN 20090.067 (0.024)
 BB 20100.121 (0.018)MV 20100.255 (0.014)SN 20100.085 (0.021)
 BB 20110.157 (0.017)MV 20110.344 (0.015)SN 20110.170 (0.049)
 BB 20120.160 (0.018)MV 20120.405 (0.017)SN 20120.186 (0.026)
 BB 20130.276 (0.020)MV 20130.415 (0.016)SN 20130.226 (0.024)
 BB 20140.274 (0.020)MV 20140.447 (0.017)SN 20140.266 (0.022)
 BB 20150.343 (0.029)MV 20150.611 (0.027)SN 20150.325 (0.051)
 ST 20080.019 (0.024)TH 20080.105 (0.029)
 ST 20090.059 (0.018)TH 20090.066 (0.022)
 ST 20100.098 (0.018)TH 20100.136 (0.027)
 ST 20110.156 (0.017)TH 20110.175 (0.021)
 ST 20120.223 (0.021)TH 20120.195 (0.019)
 ST 20130.286 (0.017)TH 20130.267 (0.017)
 ST 20140.386 (0.021)TH 20140.363 (0.019)
 ST 20150.460 (0.032)TH 20150.428 (0.025)
Log winning bids [€⋅m−2]Estimated coefficients (HAC standard errors, Newey–West)
Intercept−0.096(0.013)***
Number of bids0.023(0.001)***
Lot characteristics
Lot size [hectare]0.001(0.000)***
Lot size squared<−0.001(0.000)***
Soil quality index0.007(0.000)***
Number of parcels−0.002(0.000)***
Share arable land [0,1]0.329(0.007)***
Dummy variables county interacted with year
 BB 20080.029 (0.018)MV 20080.140 (0.019)SN 20080.022 (0.024)
 BB 20090.101 (0.017)MV 20090.195 (0.014)SN 20090.067 (0.024)
 BB 20100.121 (0.018)MV 20100.255 (0.014)SN 20100.085 (0.021)
 BB 20110.157 (0.017)MV 20110.344 (0.015)SN 20110.170 (0.049)
 BB 20120.160 (0.018)MV 20120.405 (0.017)SN 20120.186 (0.026)
 BB 20130.276 (0.020)MV 20130.415 (0.016)SN 20130.226 (0.024)
 BB 20140.274 (0.020)MV 20140.447 (0.017)SN 20140.266 (0.022)
 BB 20150.343 (0.029)MV 20150.611 (0.027)SN 20150.325 (0.051)
 ST 20080.019 (0.024)TH 20080.105 (0.029)
 ST 20090.059 (0.018)TH 20090.066 (0.022)
 ST 20100.098 (0.018)TH 20100.136 (0.027)
 ST 20110.156 (0.017)TH 20110.175 (0.021)
 ST 20120.223 (0.021)TH 20120.195 (0.019)
 ST 20130.286 (0.017)TH 20130.267 (0.017)
 ST 20140.386 (0.021)TH 20140.363 (0.019)
 ST 20150.460 (0.032)TH 20150.428 (0.025)

Note: Dependent variable: log winning bids; adjusted R2 = 0.6155, no. of observations = 9,684.

Asterisks for covariate coefficients *, ** and *** denote p≤0.1⁠, p≤0.05 and p≤0.01⁠, respectively. BB: Brandenburg, MV: Mecklenburg Western Pomerania, SN: Saxony, ST: Saxony-Anhalt, TH: Thuringia.

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