The economic value of aircraft noise effects: a UK perspective

The quantification of the effects of aircraft noise on health and quality of life and the associated monetisation of those effects has taken on significance as a major field of study with important implications in policy making and business management. Good quality studies have been conducted in this matter. Although these studies have enriched the understanding of the magnitude and complexity of this matter, several gaps remain, challenging decision making on aircraft noise management at macro and micro levels. This paper is part of a series of papers on understanding and communicating the exposure to, and impacts from aviation noise and developing a balanced scorecard for informed decision-making. In particular, this paper aims to provide an overview of the most up to date and robust monetisation methodologies and the context for its application to UK aviation policy. It presents some estimates for London Airports to show the change in the cost of aircraft noise effects on health and annoyance over 5 years. We suggest a set of principles and a process that can guide monetisation efforts of aircraft noise effects. We argue that monetary values should be considered as indicative and should only be used to understand trends rather than quantify the effects in an absolute sense.

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