Question: Exercise 4.7 From the splm package, load the dataset Insurance and the binary contiguity matrix for the Italian provinces (itaww). See Millo (2014) for details.

Exercise 4.7 From the splm package, load the dataset Insurance and the binary contiguity matrix for the Italian provinces (itaww). See Millo

(2014) for details. Transform the contiguity matrix into a listw object as described in 2.3.2. Estimate a Spatial Error panel data model explaining the variable real per-capita insurance premia (coded as ppcd) as a function of the variable real per-capita GDP (rgdp) using the Maximum Likelihood strategy, with random effects, both in the SEM-RE and in the KKP specifications. Discuss the results with particular attention to the spatial parameter estimates.

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