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House prices and the proposed expansion of Chicago's O'Hare Airport

  • Dan P. McMillen

Quieter aircraft are causing the 65-db noise contour band around O'Hare Airport to shrink over time, even in the event that air traffic increases by nearly 60 percent after the proposed expansion of the airport. Forecasts imply that home prices will increase by nearly $280 million (in 1997 dollars) between 1997 and the time after the expansion of the airport as the number of homes subject to severe noise falls.

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File URL: http://www.chicagofed.org/digital_assets/publications/economic_perspectives/2004/ep_3qtr2004_p3_McMillen.pdf
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Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

Volume (Year): (2004)
Issue (Month): Q III ()
Pages: 28-39

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Handle: RePEc:fip:fedhep:y:2004:i:qiii:p:28-39:n:v.28no.3
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  1. Marcel A. J. Theebe, 2004. "Planes, Trains, and Automobiles: The Impact of Traffic Noise on House Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 28(2_3), pages 209-234, 03.
  2. Timothy J. Bartik & V. Kerry Smith, 1996. "Urban Amenities and Public Policy," Book chapters authored by Upjohn Institute researchers, in: V. Kerry Smith (ed.), Estimating Economic Values for Nature: Methods for Non-Market Valuation, pages 271-318 W.E. Upjohn Institute for Employment Research.
  3. Sandra E. Black, 1999. "Do Better Schools Matter? Parental Valuation Of Elementary Education," The Quarterly Journal of Economics, MIT Press, vol. 114(2), pages 577-599, May.
  4. Jeffrey E. Zabel & Katherine A. Kiel, 2000. "Estimating the Demand for Air Quality in Four U.S. Cities," Land Economics, University of Wisconsin Press, vol. 76(2), pages 174-194.
  5. Stephen Sheppard, 1998. "Hedonic Analysis of Housing Markets," Urban/Regional 9805001, EconWPA.
  6. O'Byrne, Patricia Habuda & Nelson, Jon P. & Seneca, Joseph J., 1985. "Housing values, census estimates, disequilibrium, and the environmental cost of airport noise: A case study of Atlanta," Journal of Environmental Economics and Management, Elsevier, vol. 12(2), pages 169-178, June.
  7. Mitchell Polinsky, A. & Shavell, Steven, 1976. "Amenities and property values in a model of an urban area," Journal of Public Economics, Elsevier, vol. 5(1-2), pages 119-129.
  8. Molly Espey, 2000. "The Impact of Airport Noise and Proximity on Residential Property Values," Growth and Change, Wiley Blackwell, vol. 31(3), pages 408-419.
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