THE EFFECT OF ROAD TRAFFIC ON RESIDENTIAL PROPERTY VALUES: A LITERATURE REVIEW AND HEDONIC PRICING STUDY

Ian Julian Bateman · Brett Day · IAIN R. LAKE · Andrew A. Lovett

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Housing Market and Economics Noise Effects and Management Property Rights and Legal Doctrine

Abstract

Part 1 of the Land Compensation (Scotland) Act 1973 is outlined and the current compensation procedures are described. The concepts underlying the economist's understanding of the property market are explained. The analytical approaches that can be used by researchers to investigate the impact of changes in environmental amenities on prices and values are outlined and details are given of the hedonic price technique. Empirical applications of the hedonic price technique are reported (validation of noise, vibration pollution and air pollution) and the results from the hedonic pricing study used to calculate the impact of road noise on property prices are presented. Ways in which the current compensation procedures can be altered are described.

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References

1960The Application of Electronic Computers to Factor Analysis 1974Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition 1978Hedonic housing prices and the demand for clean air 2016Consumer's Surplus Without Apology 1967The Determinants of Residential Property Values with Special Reference to Air Pollution 2003Willingness To Pay and Willingness To Accept: How Much Can They Differ? Reply 1964Collective-Consumption Services of Individual-Consumption Goods 1988On the Choice of Funtional Form for Hedonic Price Functions

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