Gone with the Wind: Valuing the Visual Impacts of Wind Turbines through House Prices
AbstractThis study provides quantitative evidence on the local benefits and costs of wind farm developments in England and Wales, focussing on their visual environmental impacts. In the tradition of studies in environmental, public and urban economics, housing costs are used to reveal local preferences for views of wind farm developments. Estimation is based on quasi-experimental research designs that compare price changes occurring in places where wind farms become visible, with price changes in appropriate comparator groups. These comparator groups include places close to wind farms that became visible in the past, or where they will become operational in the future and places close to wind farms sites but where the turbines are hidden by the terrain. All these comparisons suggest that wind farm visibility reduces local house prices, and the implied visual environmental costs are substantial.
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Bibliographic InfoPaper provided by Spatial Economics Research Centre, LSE in its series SERC Discussion Papers with number 0159.
Date of creation: Apr 2014
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Web page: http://www.spatialeconomics.ac.uk/SERC/publications/default.asp
Housing prices; environment; wind farms; infrastructure;
Find related papers by JEL classification:
- R - Urban, Rural, Regional, Real Estate, and Transportation Economics
- Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2014-04-18 (All new papers)
- NEP-ENV-2014-04-18 (Environmental Economics)
- NEP-RES-2014-04-18 (Resource Economics)
- NEP-URE-2014-04-18 (Urban & Real Estate Economics)
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