TABLE 12
ESTIMATED COEFFICIENTS AND STANDARD ERRORS: INDIVIDUAL MARKET

NUMINS (1) NUMINS (2) NUMINSa (3) BCBS HMO (1) HMO (2) COMM (1) COMM (2) TOP5 HERF
Constant 6.931*
(2.104)		 9.856*
(2.621)		 7.437*
(2.098)		 0.732*
(0.100)		 -0.013
(0.071)		 0.253*
(0.078)		 0.281*
(0.088)		 0.747* 97.933*
(3.674)		 0.548*
POP -2.584
(1.221)		 -2.264***
(1.218)		 -2.548**
(1.226)		 0.08
(0.058)		 0.039
(0.041)		 0.068**
(0.036)		 -0.119**
(0.051)		 -0.068***
(0.036)		 10.283*
(2.134)		 0.070
(0.048)
PREEX 0.0073
(0.014)		 0.0063
(0.013)		 -0.493
(0.763)		 -0.00024
(0.001)		 0.000084
(0.000)		 -0.0000046
(0.0000)		 0.00016
(0.001)		 0.0000046
(0.000)		 -0.020
(0.024)		 0.00045
(0.001)
SOMALL 0.738
(1.405)		 0.292
(1.408)		 0.536
(1.459)		 -0.112***
(0.067)		 -0.037
(0.048)		 -0.078***
(0.042)		 0.149*
(0.059)		 0.078***
(0.042)		 -5.714*
(2.454)		 -0.057
(0.055)
ALL -3.625
(2.651)		 -2.709
(2.665)		 -3.197
(2.523)		 0.229***
(0.126)		 -0.024
(0.090)		 0.060
(0.079)		 -0.206***
(0.111)		 -0.060
(0.079)		 12.082*
(4.630)		 0.199***
(0.104)
GRENEW 0.198
(1.052)		 -0.406
(1.045)		 -0.090
(1.057)		 -0.052
(0.050)		 0.028
(0.036)		 0.0093
(0.031)		 0.024
(0.044)		 -0.0093
(0.031)		 -2.634
(1.838)		 -0.13
(0.041)
AGE 1.454
(4.666)		 1.998
(4.616)		 -0.025
(1.3)		 0.136
(0.222)		 -0.042
(0.158)		 0.0079
(0.137)		 -0.094
(0.196)		 -0.0079
(0.137)		 -6.102
(8.150)		 -0.037
(0.182)
HEALTH 0.086
(1.365)		 0.530
(1.369)		 0.288
(1.172)		 0.111***
(0.065)		 0.020
(0.046)		 0.060
(0.041)		 -0.131**
(0.057)		 -0.060
(0.041)		 2.304
(2.384)		 0.106**
(0.053)
RISKDUM 0.071
(1.329)		 0.209
(1.314)		 0.06
(1.329)		 0.034
(0.063)		 -0.018
(0.045)		 -0.0054
(0.039)		 -0.016
(0.056)		 0.0054
(0.039)		 .766
(2.322)		 0.014
(0.052)
BCBS   -3.998***
(2.185)		       -0.364*
(0.065)		   -0.636*
(0.065)		    
1995DUM 0.0095
(0.364)		 0.087
(0.362)		 -0.00082
(0.359)		 0.019
(0.017)		 -0.036*
(0.012)		 -0.029*
(0.011)		 0.017
(0.015)		 0.029*
(0.011)		 0.298
(0.636)		 -0.0069
(0.014)
1996DUM 0.493
(0.323)		 0.445
(0.320)		 0.481
(0.322)		 -0.012
(0.015)		 -0.0098
(0.011)		 -0.014
(0.010)		 0.022
(0.014)		 0.014
(0.010)		 -0.508
(0.565)		 -0.023*
(0.013)
adjusted r2 0.968 0.969 .968 .880 .869 0.902 0.916 .959 .913 .891
F 77.801 78.555 77.789 19.512 17.763 23.897 28.614 59.362 27.374 21.697

*Significant at 0.99.

**Significant at 0.95.

***Significant at 0.90.

a - All independent regulatory variables are entered as dummies.