Analyse the estimation outputs (1)-(4) to explain which one is your preferred specification; explain your choice by comparing the statistical characteristics of these models as well as their economic interpretation; comment on what other test(s) could be performed further that would help in improving the reliability of models estimation.

The data are from randomly selected 230 wineries. Four following regression models have been estimated sequentially. That is, model (1) had been estimated first; then, after inspecting its estimates, model (2) was estimated next and so on.

In(Price;) )= 3.41+0.04671age; +0.0019 temp; +0.0211 France, (0.512) (0.015) (0.009) (0.020) R = 0.3537, R = 0.3451, adj (1) AIC=2013.313, BIC= 2001.067, p_RESET = 0.000, i = 1,..., 230, In(Price;) = 2.36+0.0250 age; +0.0021 temp, +0.0109 France, +0.0130(France, age; ), (0.412) (0.015) (0.009) (0.020) (0.004) R = 0.3652, R = 0.3601, adj (2) AIC=2154.513, BIC=2132.067, p_RESET = 0.000, i = 1,..., 230, In(Price:): ) = 3.01+0.03618 age; +0.0022 temp; +0.0081 Spain +0.0079(Spain, age; ), (0.301) (0.021) (0.005) (0.017) (0.210) R = 0.3650, R = 0.3537, adj (3) AIC=2150.016, BIC = 2167, p_RESET,= 0.000, i = 1,..., 230, In(Price;) = 1.83+0.0185 age, +0.0015 temp; +0.0101 France;+0.0054 Spain, (0.165) (0.028) (0.075) (0.031) (0.073) +0.0064(Spain, age; )+0.0111(France, > age; ), (0.312) (0.110) (4) R = 0.4127, Radi = 0.3969, AIC=2166.114, BIC = 2168.031, p_ RESET=0.000, i = 1,..., 2 230. In(Price;) )= 3.41+0.04671age; +0.0019 temp; +0.0211 France, (0.512) (0.015) (0.009) (0.020) R = 0.3537, R = 0.3451, adj (1) AIC=2013.313, BIC= 2001.067, p_RESET = 0.000, i = 1,..., 230, In(Price;) = 2.36+0.0250 age; +0.0021 temp, +0.0109 France, +0.0130(France, age; ), (0.412) (0.015) (0.009) (0.020) (0.004) R = 0.3652, R = 0.3601, adj (2) AIC=2154.513, BIC=2132.067, p_RESET = 0.000, i = 1,..., 230, In(Price:): ) = 3.01+0.03618 age; +0.0022 temp; +0.0081 Spain +0.0079(Spain, age; ), (0.301) (0.021) (0.005) (0.017) (0.210) R = 0.3650, R = 0.3537, adj (3) AIC=2150.016, BIC = 2167, p_RESET,= 0.000, i = 1,..., 230, In(Price;) = 1.83+0.0185 age, +0.0015 temp; +0.0101 France;+0.0054 Spain, (0.165) (0.028) (0.075) (0.031) (0.073) +0.0064(Spain, age; )+0.0111(France, > age; ), (0.312) (0.110) (4) R = 0.4127, Radi = 0.3969, AIC=2166.114, BIC = 2168.031, p_ RESET=0.000, i = 1,..., 2 230