This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

Spatial Hedonic Models Of Airport Noise, Proximity, And Housing Prices

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Jeffrey P. Cohen
Cletus C. Coughlin

Additional information is available for the following registered author(s):

Abstract

Despite the refrain that housing prices are determined by "location, location, and location," few studies of airport noise and housing prices have incorporated spatial econometric techniques. We 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. Spatial effects are best captured by a model including both spatial autocorrelation and autoregressive parameters estimated by a generalized moments approach. In our preferred model, houses located in an area in which noise disrupts normal activities (defined by a day-night sound level of 70-75 decibels) 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). The inclusion of spatial effects magnifies the negative price impacts of airport noise. Finally, after controlling for noise, houses farther from the airport sell for less; the price elasticity with respect to distance is - 0.15, implying that airport proximity is an amenity. Copyright (c) 2008, Wiley Periodicals, Inc.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-9787.2008.00569.x
File Format: text/html
File Function: link to full text
Download Restriction: Access to full text is restricted to subscribers.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Regional Science.

Volume (Year): 48 (2008)
Issue (Month): 5 ()
Pages: 859-878
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:bla:jregsc:v:48:y:2008:i:5:p:859-878

Contact details of provider:
Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-4146

Order Information:
Web: http://www.blackwellpublishing.com/subs.asp?ref=0022-4146

For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).

Related research
Keywords:

Other versions of this item:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Kelejian, Harry H & Prucha, Ingmar R, 1998. "A Generalized Spatial Two-Stage Least Squares Procedure for Estimating a Spatial Autoregressive Model with Autoregressive Disturbances," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 99-121, July. [Downloadable!] (restricted)
  2. McMillen, Daniel P., 2004. "Airport expansions and property values: the case of Chicago O'Hare Airport," Journal of Urban Economics, Elsevier, vol. 55(3), pages 627-640, May. [Downloadable!] (restricted)
  3. Molly Espey, 2000. "The Impact of Airport Noise and Proximity on Residential Property Values," Growth and Change, Gatton College of Business and Economics, University of Kentucky, vol. 31(3), pages 408-419. [Downloadable!] (restricted)
  4. Dubin, Robin A, 1988. "Estimation of Regression Coefficients in the Presence of Spatially Autocorrelated Error Terms," The Review of Economics and Statistics, MIT Press, vol. 70(3), pages 466-74, August. [Downloadable!] (restricted)
  5. William M. Bowen, 2001. "Theoretical and Empirical Considerations Regarding Space in Hedonic Housing Price Model Applications," Growth and Change, Gatton College of Business and Economics, University of Kentucky, vol. 32(4), pages 466-490. [Downloadable!] (restricted)
  6. Can, Ayse, 1992. "Specification and estimation of hedonic housing price models," Regional Science and Urban Economics, Elsevier, vol. 22(3), pages 453-474, September. [Downloadable!] (restricted)
  7. Won Kim, Chong & Phipps, Tim T. & Anselin, Luc, 2003. "Measuring the benefits of air quality improvement: a spatial hedonic approach," Journal of Environmental Economics and Management, Elsevier, vol. 45(1), pages 24-39, January. [Downloadable!] (restricted)
  8. Jon P. Nelson, 2004. "Meta-Analysis of Airport Noise and Hedonic Property Values," Journal of Transport Economics and Policy, London School of Economics and University of Bath, vol. 38(1), pages 1-27, January. [Downloadable!] (restricted)
  9. Jeffrey P. Cohen & Cletus C. Coughlin, 2008. "Airport-related noise, proximity, and housing prices in Atlanta," Working Papers 2005-060, Federal Reserve Bank of St. Louis. [Downloadable!]
  10. Dubin, Robin A., 1992. "Spatial autocorrelation and neighborhood quality," Regional Science and Urban Economics, Elsevier, vol. 22(3), pages 433-452, September. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Kuethe, Todd H. & Foster, Kenneth A. & Florax, Raymond J.G.M., 2008. "A Spatial Hedonic Model with Time-Varying Parameters: A New Method Using Flexible Least Squares," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6306, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  2. Alexandre Repkine, 2008. "Measuring the Value of a Moscow Apartment A Spatial Approach to the Hedonic Pricing of Attributes," EERI Research Paper Series EERI_RP_2008_16, Economics and Econometrics Research Institute (EERI). [Downloadable!]
    Other versions:
Statistics
Access and download statistics

Did you know? About five million pdf files are downloaded through RePEc every year.

This page was last updated on 2009-11-22.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.