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Externality Effects on Residential Property Values: The Example of Noise Disamenities

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  • DAVID E. CLARK

Abstract

Studies conducted by the Federal Railroad Administration in the 1990s reveal that train whistle bans lead to higher accident rates at train crossings. However, advocates of these bans argue that they eliminate noise externalities that have a detrimental effect on residential home values. To assess this latter claim, an event study is conducted and hedonic models are estimated for three different areas in which Conrail unilaterally began ignoring local whistle bans. While the findings consistently show that proximity to rail lines has a negative and statistically important influence on home values, there is little evidence that the Conrail decision had any permanent and appreciable influence on the housing values in these communities. In two of the three study areas, there is no statistically significant impact of the Conrail action, and in the third area, the effects are found to be temporary in duration. Copyright 2006 Blackwell Publishing.

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Bibliographic Info

Article provided by Gatton College of Business and Economics, University of Kentucky in its journal Growth and Change.

Volume (Year): 37 (2006)
Issue (Month): 3 ()
Pages: 460-488

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Handle: RePEc:bla:growch:v:37:y:2006:i:3:p:460-488

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0017-4815

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Cited by:
  1. Yoo, James & Simonit, Silvio & Connors, John P. & Kinzig, Ann P. & Perrings, Charles, 2014. "The valuation of off-site ecosystem service flows: Deforestation, erosion and the amenity value of lakes in Prescott, Arizona," Ecological Economics, Elsevier, vol. 97(C), pages 74-83.
  2. Sebastian Brandt & Wolfgang Maennig & Felix Richter, 2013. "Do places of worship affect housing prices? Evidence from Germany," Working Papers 048, Chair for Economic Policy, University of Hamburg.
  3. Damrongsak Rinchumphu & Chris Eves & Connie Susilawati, 2013. "Brand Value of Property in Bangkok Metropolitan Region (BMR), Thailand," International Real Estate Review, Asian Real Estate Society, vol. 16(3), pages 296-322.

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