Spatial hedonic models of airport noise, proximity, and housing prices
By: Jeffrey P. Cohen, Cletus C. Coughlin
Contributors: Coughlin, Cletus C.; Federal Reserve Bank of St. Louis
Series: Working paper -- 2006-026A; Working paper (Federal Reserve Bank of St. Louis : Online) -- 2006-026A.
Publisher: Federal Reserve Bank of St. Louis
Published: 2006
Place of publication: St. Louis, Mo.]
Language: eng
Format: [electronic resource] /
Subjects: Airport noise; Housing; Prices
Description: "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 in the neighborhoods near the Atlanta airport.  Strong evidence is presented that spatial effects are important and that these effects are best captured by a model that includes both spatial autocorrelation and autoregressive parameters.  Modeling the spatial effects should yield airport noise parameter estimates that are more efficient and that are not subject to specification bias.  Another key result is that the inclusion of spatial effects magnifies the negative price impacts of airport noise"--Federal Reserve Bank of St. Louis web site.
Notes: Title from PDF file as viewed on 6/15/2006.

Includes bibliographical references.

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