This paper considers spatial autoregressive panel data models and extends their analysis to the case where the spatial coefficients differ across the spatial units. It derives conditions under which the spatial coefficients are identified and develops a quasi maximum likelihood (QML) estimation...

Local opinion leaders may play a key role in easing information frictions associated with technology adoption. This paper analyzes the influence of physician investigators who lead clinical trials for new cancer drugs. By comparing diffusion patterns across 21 new cancer drugs, we separate...

We analyze a recently proposed spatial autoregressive model for stock returns and compare it to a one-factor model and the sample covariance matrix. The influence of refinements to these covariance estimation methods is studied. We employ power mapping as a noise reduction technique for the...

The wage curve introduced by Blanchflower and Oswald (1990, 1994) postulates a negative correlation between wages and unemployment. Empirical results focus on particular theoretical channels establishing the relationship. Panel models mostly draw on unionized bargaining or the efficiency wage...

This paper examines the spatial dependence among housing losses due to tornadoes using data from the May 1999 Oklahoma City tornado. In order to examine the existence of spatial dependence and its impacts on the damage analysis, we compare an estimation based on a traditional ordinary least...

Local opinion leaders may play a key role in easing information frictions associated with technology adoption. This paper analyzes the influence of physician investigators who lead clinical trials for new cancer drugs. By comparing diffusion patterns across 21 new cancer drugs, we separate...

Empirical analyses on urban/regional amenity began in the 1980s. These economic researches measured the “quality of life index” (QOLI) of cities and regions. The endogenous variables, rent, wage and population, were explained by social and economical attributes as well as some amenity...

Education-based travel constitutes a substantial portion of the total volume of passenger traffic. Nonetheless, so far neither transport nor education policy has recognised it as a matter of interest. A study on the commuting behaviour of secondary-level students in Austria provides detailed...

This study evaluates the effectiveness of geographic diversification in reducing housing investment risk. To characterize diversification potential, we estimate spatial correlation and integration among 401 US metropolitan housing markets. The 2000s boom brought a marked uptrend in housing...

The wage curve introduced by Blanchflower and Oswald (1990, 1994) postulates a negative correlation between wages and unemployment. Empirical results focus on particular theoretical channels establishing the relationship. Panel models mostly draw on unionized bargaining or the efficiency wage...