by At Home Co., a provider of real estate market information and a relevant support service agency in
Japan—was utilized. The rest of the paper is organized as follows. Section 2 provides a brief review of the
methods for considering the spatial dependence developed in the three fields stated above. The models
and data set employed in this study are described in sections 3 and 4, respectively. The empirical analysis
is described in section 5. Finally, the section 6 concludes the paper.