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Spatial Estimation of the Impact of Airport Noise on Residential Housing Prices

Marco Salvi

Swiss Journal of Economics and Statistics (SJES), 2008, vol. 144, issue IV, 577-606

Abstract: The paper applies spatial econometric techniques to measure the impact of airport noise on the price of single-family homes in the Zurich Airport area. We exploit a large database of geo-referenced noise measurements to investigate the reaction of prices to different noise metrics. The particular institutional setting of Zurich Airport, with changing patterns of runways configurations allows to distinguish the impact of noise at different times of the day. The use of neighborhood fixedeffects is compared to the results given by a costlier modelling strategy involving a rich set of location descriptors. The paper documents the impact of airport noise on housing prices. In the base model specification the Noise Discount Index is 0.97% with typical discounts in the range of -2% to -8%. Accounting for the spatiality of the data has little effect on the results.

Keywords: noise; airports; housing prices; hedonic pricing; spatial econometrics (search for similar items in EconPapers)
JEL-codes: Q53 Q51 R31 L93 C21 (search for similar items in EconPapers)
Date: 2008
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