Effects of cigarette prices (the most-sold brand) and income (GDP per capita) on per capita consumption (model 2)
| National currency | International USD | |
| Price (logged) | −0.6385*** | −0.6431*** |
| (0.1928) | (0.2015) | |
| GDP per capita (logged) | 0.4753*** | 0.4288** |
| (0.1700) | (0.1715) | |
| _cons | 2.0884 | 2.5276 |
| (3.4118) | (3.2074) | |
| Sargan p value | 0.215 | 0.232 |
| Hansen p value | 0.703 | 0.680 |
| No of obs | 91 | 91 |
Source: authors’ calculations. Standard errors in parentheses. Estimated using Arellano-Bond GMM estimator. Sargan and Hansen tests of instruments overidentification (H0: overidentifying restrictions are valid) are displayed at the bottom of the table.
*p<0.1, **p<0.05, ***p<0.01.