An Evaluation of the Impact of Aircraft Noise on Property Values with a Simple Model of Urban Land Rent

The urban models of rent determination have concentrated mainly on the transportation-saving aspect, paying little attention to the amenity or disamenity aspect. The purpose of this paper is to modify the Mohring model so as to include a typical disamenity such as aircraft noise (Mohring 1961). While it is obvious that the rationale behind the determination of prices on the house and land market is complex, it is of great interest to concentrate on two phenomena-transportation savings and disamenity--and hold constant other variables when estimating. Estimations with a modified Mohring model are provided for the London airport case. Those estimations were calculated from two typical sample areas around London Heathrow airport, one being relatively quiet and the other, under the flight path, being noisy. /Author/