Table 3

Selected Hedonic Estimation Results

	Model 1		Model 2		Model 3		Model IS		Model 2S		Model 3S
Independent Variables (Dependent Variable: In(Price))	β	SE	β	SE	β	SE	β	SE	β	SE	β	SE
Lakefront	0.087^*	0.026	0.143^*	0.028	0.146^*	0.028	0.087^*	0.019	0.143^*	0.020	0.146^*	0.020
In(Distance)	- 0.062^*	0.002	-0.035^*	0.004	-0.035^*	0.004	- 0.062^*	0.001	-0.035^*	0.004	-0.035^*	0.004
ln(Secchi Depth)	0.017^*	0.003	0.117^*	0.017	- 0.028	0.032	0.017^*	0.004	0.118^*	0.014	- 0.030	0.031
)n(Secehi DepthYLakefront	0.116^*	0.015	0.080^*	0.016	0.078^*	0.016	0.116^*	0.010	0.081^*	0.011	0.079^*	0.011
)n(Secehi DepthYXn(Distanee)	—	—	-0.017^*	0.003	-0.017^*	0.003	—	—	-0.017^*	0.002	-0.017^*	0.002
Xn(Seeehi DepthYXn(Area)	—	—	—	—	0.011^*	0.002	—	—	—	—	0.012^*	0.002
Xn(Latitude)	- 0.627^*	0.106	- 0.629^*	0.106	- 0.644^*	0.106	-0.634^*	0.011	-0.636^*	0.003	-0.651^*	0.053
Xn(Longitude)	0.369^*	0.070	0.351^*	0.070	0.339^*	0.069	0.376^*	0.066	0.358^*	0.066	0.346^*	0.067
Spatial Iag coefficient (ρ)	—		—		—		0.001^*	0.000	0.001^*	0.000	0.001^*	0.000
Lake fixed effects: coefficients significant at 1% (out of 145 total)	98		113		112		104		104		91
Time fixed effects: coefficients significant at 1 % (out of 8 total)	8		8		8		8		8		8
Pseudo R²		0.893		0.894		0.894		0.893		0.893		0.893

Note: The full set of estimation results is available in an appendix upon request.
↵* Significance at the 1% level.