Airport Proximity Elasticity of Property Value
| Direction | 2.5 km | 5 km | 10 km | 18.21 km | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1.53 mPa (Mm) | 6.61 mPa (Mean) | 13.36 mPa (Max) | 1.53 mPa (Mm) | 6.61 mPa (Mean) | 13.36 mPa (Max) | 1.53 mPa (Min) | 6.61 mPa (Mean) | 13.36 mPa (Max) | 1.53 mPa (Min) | 6.61 mPa (Mean) | 13.36 mPa (Max) | |
| NE | –0.01 (0.08) | 0.15*** (0.05) | 0.36*** (0.08) | –0.03 (0.08) | 0.12*** (0.05) | 0.33*** (0.08) | –0.09 (0.08) | 0.06 (0.06) | θ 27*** (0.10) | –0.19** (0.1) | –0.03 (0.09) | 0.18 (0.13) |
| N | 0.05 (0.08) | 0.21*** (0.05) | θ.4l*** (0.07) | 0.08 (0.08) | θ 23*** (0.05) | 044*** (0.08) | 0.14* (0.08) | θ 29*** (0.05) | 0.50*** (0.09) | 0.23** (0.09) | 0.38*** (0.08) | 0.59*** (0.11) |
| NW | 0.09 (0.09) | 0.25*** (0.05) | 0.45*** (0.08) | 0.16* (0.10) | θ 32*** (0.06) | 0.52*** (0.08) | 0.30*** (0.12) | 0.45*** (0.09) | 0.66*** (0.10) | 0.52*** (0.17) | 0.68*** (0.15) | 0.88*** (0.16) |
| wa | 0.09 (0.09) | 0.25*** (0.06) | 0.45*** (0.08) | 0.16* (0.10) | θ 32*** (0.07) | 0.52*** (0.08) | 0.30** (0.13) | 0.45*** (0.1) | 0.66*** (0.11) | NA | NA | NA |
| swa | 0.05 (0.09) | 0.21*** (0.06) | θ.4l*** (0.07) | 0.08 (0.10) | θ 24*** (0.06) | 0.44*** (0.08) | 0.14 (0.12) | θ 29*** (0.08) | 0.50*** (0.09) | NA | NA | NA |
| sb | –0.01 (0.09) | 0.15*** (0.05) | 0.36*** (0.08) | –0.03 (0.10) | 0.12** (0.06) | 0.33*** (0.08) | NA | NA | NA | NA | NA | NA |
| SEb | –0.05 (0.09) | 0.11** (0.05) | θ 32*** (0.08) | –0.11 (0.10) | 0.04 (0.07) | 0.25*** (0.09) | NA | NA | NA | NA | NA | NA |
| E | –0.05 (0.09) | 0.11** (0.05) | θ 32*** (0.08) | –0.11 (0.09) | 0.04 (0.06) | 0.25*** (0.09) | –0.25** (0.11) | –0.10 (0.09) | 0.11 (0.12) | —0.48*** (0.16) | –0.32** (0.16) | –0.12 (0.18) |
Note: This table reports the percentage change in property value due to a 1 % increase in the distance from the airport. The numbers in parentheses are standard errors computed with the delta metdod. The elasticity is evaluated at (1) 2.5 km, 5 km, 10 km, and the average distance of a property from the airport (i.e., 18.21 km) and (2) 1.53 mPa, 6.61 mPa, and 13.36 mPa (minimum, average, and maximum sound pressure level of the city noise). The direction impact is evaluated at the following azimutds in radians: NE=π/4, N=τr/2, NW = (3/4)π, W = π, SW = (5/4)π, S = (3/2)τr, SE =(7/4’)π, and E = 2π. NA, missing values.
↵a There are no properties in that direction beyond 13.59 km.
↵b There are no properties in that direction beyond 5.74 km.
↵*, **, *** Significance at the 90%, 95%, and 99% level of confidence, respectively.