Abstract
We use a spatial autoregressive model with directional effects to assess the impact of airport noise on housing values in Memphis, Tennessee, home of the busiest cargo airport in the United States. Our model is combined with a spatial dataset that contains information on noise levels, property characteristics, and neighborhood characteristics for 9,606 properties sold between 2011 and 2016. Results of our research suggest that the Memphis International Airport is perceived as a disamenity, with areas of the city affected to different degrees, with a potential average external cost of $4,795 per decibel of noise per household. (JEL C31, D62)
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