Robustness Checks across Various Spatial Fixed-Effects and Spatial Error Models
| Spatial Fixed Effects | Spatial Error | ||||||
|---|---|---|---|---|---|---|---|
| Model I | Model II | Model III | Model IV | Model V | Model VI | Model VII | |
| Distance to nearest city center×Within 10 miles | −0.0103*** (0.0011) | −0.0085*** (0.0014) | −0.0119*** (0.0018) | −0.1001*** (0.0013) | −0.0096*** (0.0015) | −0.0104*** (0.0013) | −0.0111*** (0.0010) |
| Distance to nearest city center×Within 10 miles×Post-2008 dummy | 0.0047** (0.0022) | 0.0052* (0.0027) | 0.0045** (0.0025) | −0.0024 (0.0029) | 0.0004 (0.0017) | 0.0049* (0.0025) | 0.0027 (0.0022) |
| Distance to nearest city center×Beyond 10 miles | −0.0120*** (0.0008) | −0.0089*** (0.0012) | −0.0121*** (0.0018) | −0.0100*** (0.0012) | −0.0098*** (0.0013) | −0.0091*** (0.0012) | −0.0114*** (0.0008) |
| Distance to nearest city center×Beyond 10 miles×Post-2008 dummy | 0.0053*** (0.0018) | 0.0060** (0.0026) | 0.0051** (0.0024) | −0.0033 (0.0026) | 0.0008 (0.0016) | 0.0063** (0.0024) | 0.0045** (0.0018) |
| Incremental distance to second-nearest city center | −0.0034* (0.0008) | −0.0072*** (0.0012) | −0.0038*** (0.0008) | −0.0041*** (0.0009) | −0.0046* (0.0008) | ||
| Incremental distance to second-nearest city center×Post-2008 dummy | 0.0033** (0.0008) | 0.0022 (0.0016) | −0.0004 (0.0017) | −0.001 (0.0011) | 0.0031* (0.0016) | ||
| Urban population within 25 miles | 0.0003*** (0.0000) | 7.55E-06 (0.0001) | 0.0002*** (0.0000) | 0.0002*** (0.0000) | 0.0002*** (0.0000) | ||
| Urban population×Post-2008 dummy | 4.19E–05 (0.0001) | 0.0002 (0.0001) | −0.0004*** (0.0001) | −1.60E–05 (0.0001) | 0.0002 (0.0001) | ||
| Gravity index | 1.78E-05*** (0.0000) | 2.06E–05*** (0.0000) | 1.95E–05*** (0.0000) | 1.87E–05*** (0.0000) | 2.41E–05*** (0.0000) | ||
| Gravity index×Post-2008 dummy | −1.90E–05*** (0.0000) | −2.10E–05*** (0.0000) | −1.89E–05*** (0.0000) | −1.90E–05*** (0.0000) | −2.47E–05*** (0.0000) | ||
| Building area % of parcel | 0.1266** (0.0511) | 0.1386*** (0.0534) | 0.1009** (0.0500) | 0.0657 (0.0535) | 0.0973** (0.0481) | 0.1014** (0.0513) | 0.1828*** (0.0522) |
| Distance to highway on-ramp | −0.0071** (0.0033) | −0.0052 (0.0034) | −0.0042 (0.0032) | −0.0051 (0.0033) | −0.0036 (0.0031) | 0.0049 (0.0035) | −0.0077** (0.0035) |
| Distance to railway station | 0.0018 (0.0036) | 0.0018 (0.0037) | 0.0023 (0.0035) | 0.0005 (0.0036) | −4.42E-06 (0.0034) | −0.0038 (0.0036) | 0.0019 (0.0036) |
| Number of nearest neighbors | 4 | 2 | |||||
| Prices with structures | Yes | ||||||
| County fixed effects | Yes | ||||||
| Census tract fixed effects | Yes | Yes | Yes | Yes | |||
| The post period is 2008 only | Yes | ||||||
| Shifting the year of change to 2005 | Yes | ||||||
| Spatial autocorrelation coefficient | 0.0228 | 0.1541 | |||||
| −0.013 | −0.010 | ||||||
| Root mean squared error | 0.6239 | 0.6502 | 0.6169 | 0.6227 | 0.6203 | 0.6219 | 0.6317 |
| AIC | 19,769 | 20,060 | |||||
| Adjusted R2 | 0.2314 | 0.5033 | 0.2508 | 0.2355 | 0.2197 | ||
| Number of observations | 10,604 | 10,604 | 10,604 | 10,350 | 11,723 | 10,378 | 10,604 |
Note: The dependent variable in all models except Model II is the log of per-acre agricultural land prices without structures, and all models use year fixed effects and log-linear specification. The standard errors of the spatial autocorrelation coefficients for these two spatial error models (Models III and IV) are in parentheses. The Akaike information criterion (AIC) is shown for the spatial error model.
*, **, and *** indicate the coefficient is significant at the 10%, 5%, and 1% levels, respectively.