where WCL, VCL, and PEXP are defined as in equation 1; POSTELECT is a dummy variable equal to 1 in May-July 1979 and July-September 1983, 0 otherwise; PREELECT is a dummy variable equal to 1 in February-April 1979 and April-June 1983 and 1987, 0 otherwise; and D8387 is a dummy variable equal to 1 from July 1983 to June 1987, 0 otherwise.
Finally, the significant coefficient for personal economic experiences, PEXP, indicates that election expectations, like vote intentions, are tied to projections of future economic conditions.
We checked for a possible interaction between time (operationalized both as one year before the election or not and number of months until the next election) and PEXP and found it not significant; perhaps the effect of this variable is about the same in election and nonelection periods precisely because it can be relevant for both retrospective and prospective reasons.
If so, PEXP will not include this additional aviation experience and hence the relationship between aircraft damage severity and PAGE is expected to be negative.
Descriptive Statistics, Mean (Standard Deviation)(*) Variable Total sample Accidents Incidents PEXP 10,511.