Edited by Raymond J.G.M. Florax, Peter Nijkamp and Kenneth G. Willis
Chapter 12: Thirty years of aircraft noise value studies: a meta-analysis
Youdi Schipper, Peter Nijkamp, Piet Rietveld* 1 INTRODUCTION Since the 1960s, economists have been trying to measure the monetary costs of aircraft noise nuisance, or, inversely, the beneﬁts of peace and quiet. One of the reasons for the sustained interest in the topic has, without doubt, been the rapid growth of air transport over the last decades, which has led to increased pressure on the environment. Whereas environmental degradation caused by aviation takes on various forms, noise nuisance around airports has become one of the most important environmental issues in terms of public concern and policy attention. For environmental policy makers, placing a monetary value on environmental goods is necessary in order to assess the damage inﬂicted by a polluting industry. The need for monetary estimates of the social cost of aircraft noise nuisance has given rise, in particular, to a considerable number of hedonic price (HP) noise cost estimates. In a nutshell, hedonic pricing is a technique that derives values for non-market goods such as environmental quality, using information on the value of market goods such as residential property. By analysing a large set of properties that are exposed to varying levels of noise annoyance, while controlling for other relevant characteristics, one can obtain an implicit price for the characteristic peace and quiet. While the HP method has been criticized on a number of counts, it has recently been argued that, in the case of localized factors such as noise, it may provide a valid estimate of...
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