Mieszkowski and Saper's estimate of the effects of airport noise on property values: A comment

This comment demonstrates that Mieszkowski and Saper, in their article recently published in this journal, overestimated the social cost of noise at Toronto airport because they misinterpreted noise contour data. A substantially lower reestimate is provided. Furthermore, their approach to the policy problem of whether to expand the existing Toronto airport or to build a second one is static. A dynamic analysis of the problem supports their skepticism about the justification for a second Toronto airport.