New spatial econometrics model revolutionizes understanding of economic dynamics.
The article explores how to use spatial econometrics to analyze economic data. Researchers review different methods and test them on real-world data about cropland values in the Midwestern U.S.A. They compare different estimators to see which one works best for this type of analysis. The study shows that considering the spatial dimension of the data can provide valuable insights into the determinants of cropland value over time.