\begin{frame}{Econometic Model}
\begin{equation}\label{SimpleRegModel}
	Price_{i,t}=\theta_{s(t)}\cdot Sbd1_{i}+\tau_{t}+\beta_{i,t}\cdot X_{i,t}+\epsilon_{i,t}
\end{equation}

Where \(Price_{i,t}\) is the sale price of parcels \( i \in I \) across time periods \( t \in T \). \(Sbd1_{i}\) is a dummy varriable indicating that a parcel is in Subdistrict 1.  \(\theta_{s(t)}\) are the policy fixed effects of interest. \(\tau_t\) is a time period fixed effect, and \(X_{i,t}\) controls an array of variables that influence the market price of farms. 

\begin{equation}\label{SimpleFixedModel}
	Price_{i,t}=\theta_{s(t)}\cdot Sbd1_{i}+\tau_{t}+\alpha_{i}+\beta_{i,t}\cdot X_{i,t}+\epsilon_{i,t}
\end{equation}
This model pulls out time invariant attributes of parcels into \(\alpha_{i}\), for each parcel with repeat sales the omitted time invariant effects are captured by this term\footnote{The need to have multiple sales across the shocks limits the dataset, so equation \eqref{SimpleFixedModel} is only applied to regressions over the entire time series.}.

\end{frame}
