[Retracted] High-Order Moment Contagion of the Carbon Market: A Heterogeneity Analysis of Market Volatility Trend

Table 3

Parameters estimation of state transition of the carbon market based on MS (3)-AR (3) model.

State	Coefficient of volatility (%)	State description	Transition probabilities	Duration	Standard error	P value
S1	1.17	Stability	0.99	74.98	0.0003	≤0.000
S2	6.94	High volatility	0.88	8.11	0.0029	≤0.000
S3	2.39	Low volatility	0.97	39.01	0.0004	≤0.000

Note.The statistical significance at the 1% level.