Fig. 1

Coefficients for additional covariates in the regression shown in Table 3: (A) sticker fixed effects, (B) geographic clusters. The color intensity of confidence intervals represents the confidence level (from darker to lighter, 90, 95, and 99%). The reference category in Panel A is the sticker of a player (i.e., the cheapest sticker). The reference category in Panel B is downtown (the area of Bogotá in which stickers are the cheapest)