Journal
SPATIAL ECONOMIC ANALYSIS
Volume 5, Issue 1, Pages 9-28Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/17421770903541772
Keywords
Spatial Durbin model; spatial spillovers; posterior model probabilities; spatio-temporal models
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This paper places the key issues and implications of the new 'introductory' book on spatial econometrics by James LeSage & Kelley Pace (2009) in a broader perspective: the argument in favour of the spatial Durbin model, the use of indirect effects as a more valid basis for testing whether spatial spillovers are significant, the use of Bayesian posterior model probabilities to determine which spatial weights matrix best describes the data, and the book's contribution to the literature on spatio-temporal models. The main conclusion is that the state of the art of applied spatial econometrics has taken a step change with the publication of this book.
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