Mandatory Energy Efficiency Disclosure in Housing Markets

• 成果类型: Article
• 署名作者: Myers, Erica; Puller, Steven L.; West, Jeremy
• 署名单位: University of Calgary; Texas A&M University System; Texas A&M University College Station; National Bureau of Economic Research; University of California System; University of California Santa Cruz
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20200539
• 发表日期: 2022
• 页码: 453-487
• 关键词: quality disclosure; adverse selection; fuel-economy; report cards; INFORMATION; prices; capitalization; POLICY; school; COSTS

摘要

Mandatory disclosure policies are implemented broadly despite sparse evidence that they improve market outcomes. We study the effects of requiring home sellers to provide buyers with certified audits of residential energy efficiency. Using similar nearby homes as a comparison group, we find that this requirement increases price premiums for energy efficiency and encourages energy-saving investments. We additionally present evidence highlighting the mar-ket failure-incomplete information by both buyers and sellers-that prevents widespread voluntary disclosure of energy efficiency in housing transactions. Our findings support that disclosure policies can improve market outcomes in settings with symmetrically incom-plete information. (JEL D83, K32, L98, Q41, Q48, R31)