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Comparative Environmental Economic Assessment

Edited by Raymond J.G.M. Florax, Peter Nijkamp and Kenneth G. Willis

Over the last decade, economists have increasingly recognized the role of meta-analysis and value transfer in synthesizing knowledge and efficiently exploiting the existing pool of knowledge. Comparative Environmental Economic Assessment explores the potential significance of using these techniques, particularly in environmental economics. Both meta-analysis and value transfer constitute major research tools which efficiently use knowledge previously acquired from other studies. The book focuses on the potential role and usefulness of these tools in environmental economic research, and goes on to address their validity, relevance and applicability
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Chapter 12: Thirty years of aircraft noise value studies: a meta-analysis

Youdi Schipper, Peter Nijkamp and Piet Rietveld


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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