UQO Working Paper No. 10 — The assessment gap in Quebec: vertical and horizontal inequity in municipal property assessment.
1\begin{tabular}{lc}2\toprule3Quantity & Value \\4\midrule5Within-cell variance of $\ln SP$ & 0.224 \\6Within-cell variance of $\ln AV$ & 0.167 \\7Within-cell covariance & 0.147 \\8Within-cell correlation & 0.759 \\9Forward slope $\hat\beta_{F}$ (Cheng FE) & 0.656 \\10Inverse reverse slope $1/\hat\beta_{R}$ (Kochin--Parks) & 1.137 \\11Noise share $\lambda$ rationalising $\beta = 1$ & 0.344 \\12Implied transaction-noise s.d.\ for $\beta = 1$ (log points) & 0.277 \\13Clapp IV $\hat\beta_{IV}$ & 0.917 \\14Noise share $\lambda$ implied by $\hat\beta_{IV}$ & 0.285 \\15Implied transaction-noise s.d.\ under $\hat\beta_{IV}$ (log points) & 0.252 \\16First stage: coefficient on $Z$ (s.e.) & 0.509 (0.010) \\17First stage: cluster-robust $F$ & 2,418 \\18First stage: $R^2$ & 0.587 \\19Share of sales with $Z = -1$ / $Z = +1$ & 0.244 / 0.263 \\20\bottomrule21\end{tabular}