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

Nitsch, Volker and Ahlfeldt, Gabriel M. and Wendland, Nicolai (2019):
Ease vs. Noise: Long-run changes in the value of transport (dis)amenities.
In: Darmstadt Discussion Papers in Economics, 236, Darmstadt, ISSN 1438-2733,
[Report]

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 implicit hedonic price of rail noise tripled. Our results imply income elasticities of the value of noise reduction and transport access of 2.2 and 1.4, substantially exceeding cross‐sectional contingent valuation estimates.

Item Type: Report
Erschienen: 2019
Creators: Nitsch, Volker and Ahlfeldt, Gabriel M. and Wendland, Nicolai
Title: Ease vs. Noise: Long-run changes in the value of transport (dis)amenities
Language: English
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 implicit hedonic price of rail noise tripled. Our results imply income elasticities of the value of noise reduction and transport access of 2.2 and 1.4, substantially exceeding cross‐sectional contingent valuation estimates.

Series Name: Darmstadt Discussion Papers in Economics
Volume: 236
Place of Publication: Darmstadt
Divisions: 01 Department of Law and Economics
01 Department of Law and Economics > Volkswirtschaftliche Fachgebiete
01 Department of Law and Economics > Volkswirtschaftliche Fachgebiete > International Economics
Date Deposited: 20 Oct 2019 19:55
Official URL: https://tuprints.ulb.tu-darmstadt.de/9155
URN: urn:nbn:de:tuda-tuprints-91550
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