Capitalisation of onshore wind turbines on property prices in Sweden: The need to compensate for negative externalities

IF 7.9 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy Pub Date : 2025-07-14 DOI:10.1016/j.eap.2025.07.025

Hans Westlund , Mats Wilhelmsson

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引用次数: 0

Abstract

Due to, for example, disturbing sound and deteriorated scenery, wind turbines might constitute a negative externality. By using a revealed preference method, we examine the impact of onshore wind turbines on property values in Sweden, analysing over 600,000 real estate transactions from 2005 to 2018. We find that wind turbines are built in areas with lower prices in general (as they are built outside population centres), that property values start declining when a building process is started (due to anticipations of negative impacts) and that the price decline continues after the wind turbine has been commissioned (due to the perceived negative effects). Property values within 2 km of wind turbines decrease by approximately 10–15 %, diminishing the effect to zero beyond 6–10 km. There are significant differences in capitalizsation between regions, with higher capitalisation effects in southern Sweden. These findings suggest the need for policies to internalise external costs and compensate affected property owners, contributing to informed planning for sustainable energy development.

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瑞典陆上风力涡轮机对房地产价格的资本化：补偿负外部性的必要性

例如，由于令人不安的声音和恶化的风景，风力涡轮机可能构成负外部性。通过使用显示偏好方法，我们研究了瑞典陆上风力涡轮机对房地产价值的影响，分析了2005年至2018年的60多万笔房地产交易。我们发现风力涡轮机通常建在价格较低的地区（因为它们建在人口中心以外），当建筑过程开始时（由于预期的负面影响），房地产价值开始下降，并且在风力涡轮机投入使用后价格继续下降（由于感知到的负面影响）。距离风力涡轮机2公里以内的房产价值下降约10 - 15%，距离6-10公里以上的房产价值为零。不同地区之间的资本化存在显著差异，瑞典南部的资本化效应更高。这些发现表明，需要制定政策，将外部成本内部化，并补偿受影响的财产所有者，从而促进可持续能源发展的知情规划。

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来源期刊

Economic Analysis and Policy ECONOMICS-

CiteScore

9.80

自引率

9.20%

发文量

231

审稿时长

93 days

期刊介绍： Economic Analysis and Policy (established 1970) publishes articles from all branches of economics with a particular focus on research, theoretical and applied, which has strong policy relevance. The journal also publishes survey articles and empirical replications on key policy issues. Authors are expected to highlight the main insights in a non-technical introduction and in the conclusion.