Highway traffic noise effects on land price in an urban area |
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Institution: | 1. CPB Netherlands Bureau for Economic Policy Analysis, The Netherlands;2. Erasmus School of Economics, Erasmus University Rotterdam, The Netherlands |
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Abstract: | The study evaluates the monetary effect of traffic noise on property values in Seoul, Korea. Hedonic price models are estimated using the zone-based data that includes traffic noise levels, official land price, land use classification, distance to roadways, type of nearby roadway facilities, and traffic characteristics. It is found that a 1% increase in traffic noise associated with a 1.3% decline in land price. Based on this, the annual cost per kilometer due to traffic noise is about $347 thousand. |
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