Fig. 3: Placebo test results using 500 randomized regressions.

The distribution of placebo estimates centers around zero with most p-values > 0.1, clearly differing from the actual coefficient (1.757), supporting the robustness of the results.

The distribution of placebo estimates centers around zero with most p-values > 0.1, clearly differing from the actual coefficient (1.757), supporting the robustness of the results.