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The price of silence: markets for noise licenses and airports

Author

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  • BRECHET, Thierry
  • PICARD, Pierre M.

Abstract

This paper presents a market design for the management of noise pol- lution created by aircraft tra¢ c around airports. A local market for noise licenses allows noise generators to compensate noise victims. We show that the market allows the market designer to achieve his/her optimal allocation of flights provided that he/she does not over-weight the benefit of economic activity compared to the disutility of noise pollution. The fact that local rep- resentatives of noise victims may be strategic players does not fundamentally alter this finding. Because of the market auctioneer's information constraints, noise licenses are likely to distribute windfall gains to residents, which alter the urban structure in the long run.
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Suggested Citation

  • BRECHET, Thierry & PICARD, Pierre M., 2010. "The price of silence: markets for noise licenses and airports," LIDAM Reprints CORE 2270, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:2270
    DOI: 10.1111/j.1468-2354.2010.00612.x
    Note: In : International Economic Review, 51(4), 1097-1125, 2010
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    Cited by:

    1. Hong, Jimin & Seog, S. Hun, 2018. "Life insurance settlement and the monopolistic insurance market," Insurance: Mathematics and Economics, Elsevier, vol. 81(C), pages 36-50.
    2. BRECHET, Thierry & PICARD, Pierre M., 2010. "The economics of airport noise: how to manage markets for noise licenses," LIDAM Discussion Papers CORE 2010086, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    3. Picard, Pierre M. & Selod, Harris, 2023. "Customary Land Conversion in African Cities," IZA Discussion Papers 16462, Institute of Labor Economics (IZA).
    4. Akyol, Metin & Neugart, Michael & Pichler, Stefan, 2015. "A tradable employment quota," Labour Economics, Elsevier, vol. 36(C), pages 48-63.
    5. Thierry Bréchet & Pierre M. Picard, 2010. "The Economics of Airport Noise: Managing Markets for Noise Licenses," DEM Discussion Paper Series 10-13, Department of Economics at the University of Luxembourg.

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