Most hedonic pricing studies using transaction data employ only sold properties. Since the properties sold during any year or even decade represent only a fraction of all properties, this approach ignores the potentially valuable information content of unsold properties which have known...

Although salary benchmarking is widely used to help set compensation, there has been a lack of attention to the statistical implications of this practice on compensation patterns of peer institutions. We adapt some empirical tools from spatial econometrics to analyze compensation decisions...

We show how to quickly estimate spatial probit models for large data sets using maximum likelihood. Like Beron and Vijverberg (2004), we use the GHK (Geweke-Hajivassiliou-Keene) algorithm to perform maximum simulated likelihood estimation. However, using the GHK for large sample sizes has been...

Most spatial econometrics work focuses on spatial dependence in the regressand or disturbances. However, LeSage and Pace (2009) show that the bias from applying OLS to a regressand generated from a spatial autoregressive process was exacerbated by spatial dependence in the regressor. Also, the...