Sunday, March 01, 2009

Introduction to Spatial Econometrics

If you have any interest in using spatial econometrics, you must pick up a copy of the new text Introduction to Spatial Econometrics by James LeSage and R. Kelley Pace. It is extremely well written for an econometrics textbook, as it is very clear and very concise.

If you haven't tried to learn spatial econometrics on your own before, you probably can't appreciate how valuable and necessary this text is. The existing fieldwork was largely without a single reference, and as a result I was frequently frustrated by reading contradictory statements or other material I knew was not correct. Unfortunately, I suffered a rejection or two because I followed the missteps of others that were published (often in very good journals). More frustrating still was when a referee would reject a paper because they misunderstood spatial econometrics.

The last textbook on the subject was Anselin's 1988 text, which is a great work itself, but computing power has greatly changed the realm of possibility, and it didn't give a full treatment to interpreting the results (partly because it wasn't yet understood). Access to it is also very limited, as it is long out of print and fetches a high price on Amazon. The preface of the LeSage and Pace text tries to get this warning across:
Luc Anselin in his influential 1988 text on spatial econometrics provides a strong argument for use of models capable of addressing simultaneous spatial dependence that arises in spatial data samples. However, this concept has made the field somewhat mysterious, and we believe the alternative motivations provided here for use of spatial regression models involving spatial lags of the dependent variable will help demistify the concept.
Another goal of the text was to aid practitioners with interpretation of spatial regression models, especially those that include spatial lags of the dependent variable. The applied literature contains a number of studies that misinterpret regression results from these models. We provide new methods that produce useful summary measures of the direct and indirect or spatial spillover impacts that arise in these models in response to changes in the explanatory variables.
I give this textbook my highest recommendation

25 comments:

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your topic of Introduction to Spatial Econometrics by James LeSage and R. Kelley Pace is very helpful which interested in the Spatial econometric.
Thanks

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