JEC_Description

# JEC_Description - ice = 1 if Great Lakes are impassable...

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Documentation for JEC Data JEC contains weekly observations on prices and other factors from 1880-1886, for a total of n = 326 weeks. These data were provided by Professor Rob Porter of Northwestern University and were used in his paper “A Study of Cartel Stability: The Joint Executive Committee, 1880-1886” The Bell Journal of Economics, Vol. 14, No. 2, Autumn 1983, 301-314. Variable Definitions Variable Definition week week of observation: = 1 if 1/1/1880-1/7/1880, = 2 if 1/8/1880-1/14/1880, …, = 328 for final week price = weekly index of price of shipping a ton of grain by rail
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Unformatted text preview: ice = 1 if Great Lakes are impassable because of ice, =0 otherwise cartel = 1 railroad cartel is operative, = 0 otherwise quantity = total tonnage of grain shipped in the week seas 1 – seas 13 = thirteen “month” binary variables. To match the weekly data, the calend has been divided into 13 periods, each approximately 4 weeks long. Thus seas1 = 1 if date is January 1 through January 28, =0 otherwise seas2 = 1 if date is January 29 through February 25, =0 otherwise … seas13 = 1 if date is December 4 through December 31, =0 otherwise...
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