Null(Alt)

Model-1

Model-2

Model-3

Eigenvalue

Trace Statistic

5% Critical Value

Eigenvalue

Trace Statistic

5% Critical Value

Eigenvalue

Trace Statistic

5% Critical Value

r = 0

0.764904

496.3475*

134.6780

0.402015

222.6409*

125.6154

0.405226

244.7408*

150.5585

r ≤ 1 (r > 1)

0.395373

196.6610*

103.8473

0.240651

116.2038*

95.75366

0.240690

137.1889*

117.7082

r ≤ 2 (r > 2)

0.205546

92.51021*

76.97277

0.139537

59.2180

69.81889

0.141687

80.19231

88.80380

r ≤ 3 (r > 3)

0.098314

44.87945

54.07904

0.058952

28.10901

47.85613

0.101748

48.56553

63.87610

r ≤ 4 (r > 4)

0.048978

23.45728

35.19275

0.047468

15.53149

29.79707

0.057380

26.35352

42.91525

r ≤ 5 (r > 5)

0.043859

13.06214

20.26184

0.019862

5.464742

15.49471

0.047422

14.12144

25.87211

r ≤ 6 (r > 6)

0.018086

3.778176

9.164546

0.006317

1.311845

3.841466

0.019444

4.064625

12.51798