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Gone with the Wind: Valuing the Visual Impacts of Wind Turbines through House Prices

Listed author(s):
  • Stephen Gibbons

This 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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File URL: http://www.spatialeconomics.ac.uk/textonly/SERC/publications/download/sercdp0159.pdf
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Paper provided by Spatial Economics Research Centre, LSE in its series SERC Discussion Papers with number 0159.

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Date of creation: Apr 2014
Handle: RePEc:cep:sercdp:0159
Contact details of provider: Web page: http://www.spatialeconomics.ac.uk/SERC/publications/default.asp

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  1. Kuminoff, Nicolai V. & Parmeter, Christopher F. & Pope, Jaren C., 2010. "Which hedonic models can we trust to recover the marginal willingness to pay for environmental amenities?," Journal of Environmental Economics and Management, Elsevier, vol. 60(3), pages 145-160, November.
  2. Sally Sims & Peter Dent & G. Reza Oskrochi, 2008. "Modelling the impact of wind farms on house prices in the UK," International Journal of Strategic Property Management, Taylor & Francis Journals, vol. 12(4), pages 251-269, August.
  3. Ben Hoen & Ryan Wiser & Peter Cappers & Mark Thayer & Gautam Sethi, 2011. "Wind Energy Facilities and Residential Properties: The Effect of Proximity and View on Sales Prices," Journal of Real Estate Research, American Real Estate Society, vol. 33(3), pages 279-316.
  4. Timothy G. Conley & Christopher R. Taber, 2011. "Inference with "Difference in Differences" with a Small Number of Policy Changes," The Review of Economics and Statistics, MIT Press, vol. 93(1), pages 113-125, February.
  5. Thompson, Samuel B., 2011. "Simple formulas for standard errors that cluster by both firm and time," Journal of Financial Economics, Elsevier, vol. 99(1), pages 1-10, January.
  6. Kahn, Matthew E., 2013. "Local non-market quality of life dynamics in new wind farms communities," Energy Policy, Elsevier, vol. 59(C), pages 800-807.
  7. Roback, Jennifer, 1982. "Wages, Rents, and the Quality of Life," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1257-1278, December.
  8. Richard J. Vyn & Ryan M. McCullough, 2014. "The Effects of Wind Turbines on Property Values in Ontario: Does Public Perception Match Empirical Evidence?," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 62(3), pages 365-392, 09.
  9. Sally Sims & Peter Dent, 2005. "High-voltage Overhead Power Lines and Property Values: A Residential Study in the UK," Urban Studies, Urban Studies Journal Limited, vol. 42(4), pages 665-694, April.
  10. Lang, Corey & Opaluch, James J. & Sfinarolakis, George, 2014. "The windy city: Property value impacts of wind turbines in an urban setting," Energy Economics, Elsevier, vol. 44(C), pages 413-421.
  11. 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..
  12. Nicolai V. Kuminoff & Jaren C. Pope, 2014. "Do “Capitalization Effects” For Public Goods Reveal The Public'S Willingness To Pay?," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 55, pages 1227-1250, November.
  13. Moulton, Brent R, 1990. "An Illustration of a Pitfall in Estimating the Effects of Aggregate Variables on Micro Unit," The Review of Economics and Statistics, MIT Press, vol. 72(2), pages 334-338, May.
  14. Sally Sims, 2007. "Property stigma: wind farms are just the latest fashion," Journal of Property Investment & Finance, Emerald Group Publishing, vol. 25(6), pages 626-651, October.
  15. Sims Sally & Dent Peter & Oskrochi G., 2008. "Modelling the Impact of Wind Farms on House Prices in the UK," International Journal of Strategic Property Management, De Gruyter Open, vol. 12(4), pages 251-269, December.
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