Table 1 Descriptive statistics and Pearson correlations. Panel A: descriptive statistics Variable N Mean Median S.D. Min. Max PENET 52 45.95 43.21 28.52 2.42 93.45 PRICE 52 73.39 51.74 58.61 28.67 324.80 GDPCAP 52 66,699.34 63,213.56 38,060.31 11,127.11 222,079.60 AGE 52 65.75 56.19 3.66 53.73 72.57 EDUC 51 9.54 9.74 2.00 4.07 12.63 Panel B: Pearson correlations Variable PENET PRICE GDPCAP AGE EDUC PENET 1.000 PRICE -0.619 1.000 GDPCAP 0.823 -0.478 1.000 AGE 0.590 - 0.522 0.530 1.000 EDUC 0.709 -0.363 0.595 0.622 1.000 Table 2 Broadband demand estimation (OLS). Dependent variable: PENET Variable (1) (2) PRICE -0.301* (0.063) [1.000] -0.130*(0.034) [1.510] GDPCAP 0.0004 (0.0001) [1.780] AGE -0.178 (0.776) [2.020] EDUC 4.498*(1.285) [1.950] Constant 68.046*(5.333) -1.972 (48.448) Obs. 52 51 R2 0.38 0.80 Adj. R2 0.37 0.79 F 23.03 61.31 Prob > F 0.0000 0.0000 Note: Robust standard errors are reported in parentheses. Variance inflation factors are reported in brackets. * p