Variables;"Stage 1: Versts of railroad in 1894";"Stage 2: Sales price of land in 1900";"Growth rate of land prices, 1885–1910"
"Versts of railroad in 1894";;"0.114*** (0.035)";"0.007*** (0.002)"
Latitude;"–57.347*** (16.786)";;
"Blackearth region";"–107.832 (110.298)";"23.158* (12.466)";"1.414** (0.649)"
"Grain yield (poods per desiatina)";"7.602 (5.046)";"1.325* (0.802)";"0.011 (0.033)"
"% arable of all land";"0.428 (2.763)";"0.859*** (0.325)";"0.035** (0.017)"
"Number of workers in production per 1,000 citizens";"1.348* (0.684)";"0.322 (0.220)";"–0.007 (0.007)"
Constant;"3360.971*** (1030.952)";"–99.305** (40.387)";"–2.559 (1.947)"
;;;
Observations;50;50;50
"F-test of the excluded instrument";11.67;;