This paper considers the identification and estimation of a spatial hedonic price model including the variable distance between the local properties and the nearest station of the massive transportation system Transmilenio (TM) in Bogotá, Colombia. We estimate a model to explain variations in...

We highlight the importance of ‘centrality' for pricing. Firms characterized by a more central position in a spatial network are more powerful in terms of having a stronger impact on their competitors' prices and on equilibrium prices. These propositions are derived froma simple theoretical...

Consumers often struggle to make their choice in the highly diversified wine market. With wine being an experience good, consumers must rely on extrinsic characteristics, e.g., information on the label. Thus, easily available quality signals like consumer ratings have become an increasingly...