Abstract
Studies applying both revealed and stated preference techniques in the context of aviation noise are extremely rare. This paper combines the results of Stated Choice (SC) and Hedonic Pricing (HP) methods, looking at how noise values change in areas highly exposed to aircraft noise. This is based on a unique implementation of these methods at the same context, namely the Hellenikon Airport closure in Athens. Alimos area is a special case with high aircraft noise exposure (68dBA), considerably higher to its neighbouring areas. The HP models employed a dataset of 2432 house sales from 1995 to 2003. Models were constructed for the period prior to the Hellenikon Airport closure and for the "post-closure" period. The "post-closure" model does not have a significant coefficient for aircraft noise; only Alimos area is subject to a weak continuing depreciation or "stigma". The innovative SC approach is based on experienced change in aircraft noise levels; namely, the total removal of aircraft noise due to the airport closure. The SC experiments were conducted in 2005, providing a dataset of 5600 choices. There are conflicting effects captured by the two methods. SC captures noise tolerance that reduces willingness to pay (WTP) for aircraft noise in Alimos area, compared to neighbouring areas. Conversely, the noise tolerance of the residents is not reflected in the housing market. Moreover, house prices are further penalised in Alimos, implying nonlinearity for the noise depreciation index in this area. These conflicting effects have implications for stated preference applications in extreme noise exposure.