Spatial Estimation of the Impact of Airport Noise on Residential Housing Prices
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In this article, the authors investigated the impact of airport noise on the price of single-family homes in the Zurich Airport area, using spatial econometric techniques to measure the impact.Abstract:
The paper applies spatial econometric techniques to measure the impact of airport noise on the price of single-family homes in the Zurich Airport area. A hedonic model is specified with an error component accounting for spatial dependence. The paper takes a differentiated approach on the modelling of aircraft noise. We exploit a large database of geo-referenced noise measurements to investigate the reaction of prices to different noise metrics. The peculiar institutional setting of Zurich Airport, with changing patterns of runways configurations allows to distinguish the impact of noise at different times of the day. The use of neighborhood fixed-effects is compared to the results given by a costlier modelling strategy involving a rich set of GIS-based location descriptors. The paper documents a moderate impact of airport noise on housing prices. In the base model specification the Noise Discount Index is 0.93% with typical discounts in the range of -2% to -8%. Accounting for the spatiality of the data has little effect on the estimated coefficients and their standard errors.read more
Citations
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Spatial Hedonic Models of Airport Noise, Proximity, and Housing Prices
TL;DR: In this paper, the authors compare various spatial econometric models and estimation methods in a hedonic price framework to examine the impact of noise on 2003 housing values near the Atlanta airport.
Journal ArticleDOI
Spatial hedonic models of airport noise, proximity, and housing prices*
TL;DR: In this article, the authors compare various spatial econometric models and estimation methods in a hedonic price framework to examine the impact of noise on 2003 housing prices near the Atlanta airport and find that houses located in an area in which noise disrupts normal activities sell for 20.8 percent less than houses located where noise does not disrupt normal activities (defined by a day-night sound level below 65 decibels).
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The Impact of Aircraft Noise on Housing Prices in Poznan
TL;DR: In this article, the authors analyzed the impact of aircraft noise on housing prices and found strong evidence that aircraft noise is negatively linked with housing prices, which is in line with previous studies in other parts of the world.
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International meta-analysis of stated preference studies of transportation noise nuisance
TL;DR: In this paper, the authors report the first meta-analysis and most extensive review of stated preference studies of transportation noise nuisance, based on a newly compiled data set of 258 values from 49 studies and 23 countries and spanning more than 40 years.
References
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TL;DR: In this article, a theory of hedonic prices is formulated as a problem in the economics of spatial equilibrium in which the entire set of implicit prices guides both consumer and producer locational decisions in characteristics space.
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