A comparison of hedonic price and stated preference methods to derive monetary values for aircraft noise disturbance and annoyance |
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| Institution: | 1. Institute of Sound and Vibration Research, University of Southampton, Highfield, Southampton SO17 1BJ, UK;2. MVA Consultancy, MVA House, Victoria Way, Woking, Surrey GU21 6DD, UK;1. Department of Environmental Science, Faculty of Technical Sciences, Aarhus University, Frederiksborgvej 399, 4000 Roskilde, Denmark;2. Department of Food and Resource Economics, Faculty of Science, University of Copenhagen, Rolighedsvej 23, 1958 Frederiksberg Copenhagen, Denmark;3. Centre for Macroecology, Evolution and Climate, University of Copenhagen, Rolighedsvej 23, 1958 Frederiksberg Copenhagen, Denmark;4. Department of Environmental and Resource Economics, Centre for European Economic Research (ZEW), P.O. Box 103443, 68034 Mannheim, Germany;5. Centre for Environmental Economics and Policy in Africa, Department of Agricultural Economics, Extension and Rural Development, University of Pretoria, Pretoria, South Africa;1. School of Environmental and Geographical Sciences, Shanghai Normal University, Shanghai 200234, PR China;2. College of Life Sciences, Shanghai Normal University, Shanghai 200234, PR China;1. Plant Biology and Ecology Department, Faculty of Science and Technology, University of the Basque Country UPV/EHU, Barrio Sarriena s/n, 48940, Leioa, Biscay, Spain;2. Department of Applied Economics III, University of the Basque Country UPV/EHU, Faculty of Economics and Business, Bilbao, Spain;3. EKOPOL, Research Group on Ecological Economics and Political Ecology, University of the Basque Country UPV/EHU, Bilbao, Spain;4. Department of Economics, University of Warsaw, Warsaw, Poland;5. Charles University, Environmental Center, Prague, Czech Republic;1. Bangor Business School, University of Bangor, Bangor, Gwynedd, LL57 2DG, UK;2. Hull University Business School, University of Hull, Hull, HU6 7RX, UK;1. Aarhus University, Foulum, Department of Agroecology, Blichers Allé 20, P.O. Box 50, DK-8830 Tjele, Denmark;2. Aarhus University, Department of Bioscience, Ny Munkegade 116, DK-8000 Aarhus C, Denmark |
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| Abstract: | This paper compares monetary values for aircraft noise disturbance and annoyance derived using hedonic price and stated preference methods in the same sample areas and over the same sampling time periods. The hedonic price method compares house prices in residential areas across a range of aircraft noise sound levels. The statistical power can be compromised by the many other variables which have significant and often greater effects on prices and because only small fractions of the overall housing stock are bought and sold at any one time. The stated preference method on the other hand, by requiring study participants to trade hypothetical money against hypothetical noise, is entirely based on subjective opinion. It seems that neither method is entirely satisfactory, but there are strong positive correlations between the ratios of aggregated stated preference values to weighted average house prices and LAeq, 16 h and similar noise metrics suggesting sufficient underlying similarities |
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