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Ease vs. noise: Long-run changes in the value of transport (dis)amenities

Gabriel Ahlfeldt, Volker Nitsch and Nicolai Wendland

No 13811, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: For a complete cost-benefit analysis of durable infrastructures, it is important to understand how the value of non-market goods such as transit time and environmental quality changes as incomes rise in the long-run. We use difference-in-differences and spatial differencing to estimate the land price capitalization effects of metro rail in Berlin, Germany today and a century ago. Over this period, the negative effect of rail noise tripled in percentage terms. Our results imply long-run income elasticities of the value of noise reduction and transport access of 2.2 and 1.4, substantially exceeding cross-sectional contingent valuation estimates.

Keywords: accessibility; Difference-in-Differences; income elasticity; land price; noise; Spatial differencing (search for similar items in EconPapers)
JEL-codes: N73 N74 R12 R14 R41 (search for similar items in EconPapers)
Date: 2019-06
New Economics Papers: this item is included in nep-env, nep-geo, nep-his, nep-tre and nep-ure
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Journal Article: Ease vs. noise: Long-run changes in the value of transport (dis)amenities (2019) Downloads
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Working Paper: Ease vs. noise: Long-run changes in the value of transport (dis)amenities (2019) Downloads
Working Paper: Ease vs. noise: Long-run changes in the value of transport (dis)amenities (2019) Downloads
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