Homeownership and NIMBYism: A Spatial Analysis of Airport Effects
This study evaluates the cost of aircraft noise in Berlin, Germany, on the background of the home-voter hypothesis, which has received increasing attention in the literature. First, we use exogenous variation in airport noise provided by a series of effective and announced closures and extensions of airports to identify adjustments in the property market. Second, we integrate the results of the property market analysis into a spatial analysis of a direct referendum on an airport closure. Our results indicate that aircraft noise is costly. We observe significant positive market adjustments to reductions in aircraft noise. Consistently, voters supported the closure of a city airport where aircraft noise was present and positive price adjustments from a past announcement had occurred. Homeowners had significantly stronger preferences than renters, which is in line with the home-voter hypothesis. We conclude results from direct referenda on public initiatives should be interpreted with care when it comes to evaluating (expected) environmental effects.
|Date of creation:||Jul 2011|
|Date of revision:|
|Contact details of provider:|| Web page: http://www.spatialeconomics.ac.uk/SERC/publications/default.asp|
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- Brunner, Eric & Sonstelie, Jon, 2003. "Homeowners, property values, and the political economy of the school voucher," Journal of Urban Economics, Elsevier, vol. 54(2), pages 239-257, September.
- Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
- Gabriel M. Ahlfeldt, 2011.
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- Ahlfeldt, Gabriel M., 2009. "The train has left the station: Do markets value intra-city access to inter-city rail connections?," MPRA Paper 13900, University Library of Munich, Germany.
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- Ahlfeldt, Gabriel M. & Wendland, Nicolai, 2009.
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Elsevier, vol. 105(1), pages 97-99, October.
- Gabriel M. Ahlfeldt & Nicolai Wendland, 2009. "Looming stations: valuing transport innovations in historical context," LSE Research Online Documents on Economics 25514, London School of Economics and Political Science, LSE Library.
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