Abstract

http://ssrn.com/abstract=898635
 
 

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Citations (8)



 


 



Spatial Hedonic Models of Airport Noise, Proximity, and Housing Prices


Jeffrey P. Cohen


University of Hartford - Barney School of Business

Cletus C. Coughlin


Federal Reserve Bank of St. Louis - Research Division

September 2007

FRB of St. Louis Working Paper No. 2006-026C

Abstract:     
Despite the refrain that housing prices are determined by "location, location, and location," no prior studies of airport noise and housing prices have incorporated spatial econometric techniques. We compare various spatial econometric models and estimation methods in a hedonic price framework to examine the impact of noise on 2003 housing values near the Atlanta airport. Spatial effects are best captured by a model including both spatial autocorrelation and autoregressive parameters estimated by a generalized moments approach. The inclusion of spatial effects magnifies the negative price impacts of airport noise. Finally, after controlling for noise, houses farther from the airport tend to sell for less, implying that airport proximity is an amenity.

Number of Pages in PDF File: 34

Keywords: noise, airports, housing prices, hedonic pricing, spatial econometrics

JEL Classification: Q53, Q51, R31, L93, C21

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Date posted: April 27, 2006  

Suggested Citation

Cohen, Jeffrey P. and Coughlin, Cletus C., Spatial Hedonic Models of Airport Noise, Proximity, and Housing Prices (September 2007). FRB of St. Louis Working Paper No. 2006-026C . Available at SSRN: http://ssrn.com/abstract=898635 or http://dx.doi.org/10.2139/ssrn.898635

Contact Information

Jeffrey P. Cohen (Contact Author)
University of Hartford - Barney School of Business ( email )
200 Bloomfield Ave
West Hartford, CT 06117
United States
860-768-4834 (Phone)
860-768-4911 (Fax)
Cletus C. Coughlin
Federal Reserve Bank of St. Louis - Research Division ( email )
411 Locust St
Saint Louis, MO 63011
United States
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