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www.econstor.euThe market value of energy efficiency in owner-occupied and rental apartments: Evidence from the Berlin housing market
AbstractGrowing scarcity of fossil fuels and climate protection targets require an increasing energy efficiency of the housing stock and substantial private investment. However, the incentives to raise energy efficiency may be different for owner-occupants and landlords; often named as the "landlord-tenant dilemma." This is particularly important for countries with a large residential rental sector, like Germany. Nevertheless, previous literature largely focuses on the pay offs owneroccupants receive from energy efficiency investments leaving out the rental market. This paper addresses this gap by comparing the capitalization of energy efficiency in selling prices (rents) for both types of residences. For this purpose apartment prices and rents from the Berlin housing market are analyzed in hedonic regressions. The estimations reveal that energy efficiency is well capitalized in apartment prices and rents. The comparison of implicit prices and the net present value of energy cost savings/rents reveals that investors anticipate future energy and house price movements reasonably. However, in the rental segment, the value of future energy cost savings exceeds tenants' implicit willingness to pay by factor 2.98. This can either be interpreted as a result of market power of tenants, uncertainty in the rental relationship, or the "landlord-tenant dilemma."
The number of aspiring entrepreneurs in high-tech industries who successfully complete the transition from a nascent start-up project towards an operational new venture is comparatively low in Germany. Since the mid-1990s, policy-makers have initiated numerous start-up competitions (SUCs or business plan competitions) to facilitate this important step in the venture creation process. SUCs have two key objectives. They are aimed at increasing start-up activity by motivating potential entrepreneurs, while they should also help to increase the likelihood of subsequent entrepreneurial success through providing necessary entrepreneurial skills to prospective entrepreneurs. With our explorative study, we provide the first comprehensive empirical evidence from a cross-sectional survey of existing SUCs in Germany. Overall, 71 SUCs are identified which are analysed regarding their development, regional distribution, and main structural characteristics. Finally, we outline an agenda of future research questions concerning the effectiveness and efficiency of SUCs as an instrument of entrepreneurship policy.
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