What is That Worth?

The cost of noise: In NYC, a 500 sq ft studio near 70th and 2nd Ave. rents for $1,800 a month or $43/sq ft. But due to ongoing noise, dust and explosions from nearby subway work, the apartment now rents for just $1,450 a month, or a shade less than $35 a foot, a reduction of 20%. Data of this sort are used by economists to estimate how much people will pay to save time, eat safer food, drink clean water, get a better education and so on.

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