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Silence Is Golden: Railroad Noise Pollution And Property Values, Jay K. Walker
Silence Is Golden: Railroad Noise Pollution And Property Values, Jay K. Walker
Economics Faculty Publications
This paper uses a unique dataset containing property values and manually collected noise measurements in Memphis, Tennessee to estimate the impact of train noise pollution on commercial and residential property values. Results show that a residential property exposed to 65 decibels or greater of railroad noise results in a 14 to 18 percent decrease in property value. Once a 65 decibel measure is included, there is no additional impact on price of distance to the closest railroad crossing. For commercial property, neither crossing proximity nor noise level significantly affect property value. The results provide evidence of a negative externality that …
A Dynamic Model Of The Choice Of Technology In Economic Development, Haiwen Zhou, Ruhai Zhou
A Dynamic Model Of The Choice Of Technology In Economic Development, Haiwen Zhou, Ruhai Zhou
Economics Faculty Publications
In this overlapping-generations model, there is unemployment in the manufacturing sector. Manufacturing firms engage in oligopolistic competition and choose technologies to maximize profits. With capital as a fixed cost of production, increasing returns in the manufacturing sector exist. In the unique steady state, first, when individuals become more patient, the savings rate increases while the level of an individual’s income decreases. Second, an increase in population or percentage of income spent on manufactured goods does not change steady-state technology while the level of an individual’s income decreases. Third, an increase in the wage rate leads manufacturing firms to choose more …