Valuation of aircraft noise by time of day: a comparison of two approaches

This paper reports an innovative application of stated preference techniques to derive values of aircraft noise by time of day and day of week. Revealed preference techniques cannot provide such segmentations which would clearly be of use in policy development especially relating to airport operations. Given the lack of research on this issue the work reported here is highly experimental. Two stated preference experiments were designed. The first focussed on a single time period whilst the second asked respondents to trade between time periods. Both approaches yielded results that are plausible and mutually consistent in terms of relative values by time period. We conclude that stated preference techniques are particularly useful in this context where the use of aggregated values may lead to non-optimal policy decisions.