The Power of Mandatory Quality Disclosure: Evidence from the German Housing Market

Gerster, Andreas; Vance, Colin

doi:10.1086/705786

Cited by 23 publications

(16 citation statements)

References 41 publications

(27 reference statements)

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“…This result is in line with the finding of Frondel, Gerster, and Vance (2016) that prices of houses with high energy consumption (i.e. low energy efficiency) decrease when EPC ratings are disclosed due to a shift from voluntary to mandatory disclosure rules.…”

Section: Information Effectsupporting

confidence: 90%

“…Finally, our results on selection into the data are in line with Frondel, Gerster, and Vance (2016), who suggest that highly energy efficient homes are more likely to disclose an EPC under voluntary disclosure rules. Our estimates of the probability to disclose an EPC rating (cf.…”

Section: Energy Efficiency Effectsupporting

confidence: 88%

“…This is critical, as de facto voluntary disclosure rules currently prevail in European EPC markets. One exception is Frondel, Gerster, and Vance (2016), who study the price effect of transitioning from voluntary to compulsory EPC disclosure in Germany. They find that offer prices decrease in the subgroup of dwellings whose energy performance is disclosed following the policy change.…”

Section: Voluntary Information Disclosure and Unraveling In The Epc Cmentioning

confidence: 99%

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Essays on the Economics of Sustainable Energy Policies

Dressler¹

2020

Reflets Et Perspectives De La Vie Économique

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Many people contributed to the accomplishment of my thesis and I would like to thank each and every one of them for their contribution: First of all, I wish to express my profound gratitude to Estelle Cantillon who guided the work on my thesis with constant availability and academic excellence. I could not have found a better advisor for the huge undertaking that constitutes writing a thesis and for training me to become a researcher in economics. With her critical, constructive and insightful remarks, Estelle spurred me to always take a step further and to find answers to my questions. Thank you for your encouragements, high standards and the appropriate support that motivated me to complete this thesis successfully and with a sense of pride. I would also like to thank you for giving me the opportunity to grow as a teaching assistant in Environmental Economics and to spend five months at the University of California, Berkeley. I am grateful to the other members of my jury for their support during the private defense, their relevant suggestions and judicious ideas on how to bring my research further:

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Section: Information Effectsupporting

confidence: 90%

Section: Energy Efficiency Effectsupporting

confidence: 88%

Section: Voluntary Information Disclosure and Unraveling In The Epc Cmentioning

confidence: 99%

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Essays on the Economics of Sustainable Energy Policies

Dressler¹

2020

Reflets Et Perspectives De La Vie Économique

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“…Yet, this information is predominantly applied in policy evaluations. Frondel et al (2019b) evaluate the introduction of a mandatory quality disclosure regime in Germany and its effect on house prices. Breidenbach et al (2019b) evaluate the rent control introduced in Germany in 2015.…”

Section: Existing Evidence and Potential Of The Datamentioning

confidence: 99%

Real estate data for Germany (RWI-GEO-RED)

Breidenbach

Schaffner

2020

German Economic Review

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AbstractThe development and conditions of the housing market are an important part of economic research, receiving growing attention also in Germany. The RWI-GEO-RED dataset covers data for the German residential housing market from 2007 onwards on 1 km² level and closes the gap for small-scale, nationwide and up-to-date housing data for Germany. The data has a large potential in analyzing the real estate market itself or to evaluate policy interventions through treatments on small regional levels. Prominent examples are the closing of nuclear power plants and the German rent control. The dataset can be used on its own but also has a large potential for combination with different data. The dataset is provided by the FDZ Ruhr at RWI that hosts small-scale regional data for Germany. The data can be obtained for scientific research as scientific use file.

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“…Before it was obligatory to declare the energy performance of the dwelling in the advertisement, it is likely that only sellers of efficient buildings placed information about this in their offersFrondel et al (2020);Kholodilin et al (2017).…”

mentioning

confidence: 99%

Estimating the Impact of Energy Efficiency on Housing Prices in Germany: Does Regional Disparity Matter?

Taruttis

2020

SSRN Journal

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The German government aims at a climate-neutral building stock by 2050 to reach the goals defined in the Climate Action Plan 2050. Increasing the energy efficiency of existing buildings is therefore a high priority. For this purpose, investments of private homeowners will play a major role since about 46.5% of the German dwellings are owner-occupied. To identify potential monetary benefits of investing in energetic retrofits, we investigate whether energy efficiency is reflected in property values of single-family houses in Germany. Thereby we examine possible heterogeneous effects among regions. With 455,413 individual observations on a 1km²-grid level for 2014 to 2018, this study adds to the literature 1) by examining the effect of energy efficiency on housing values for Germany on a more small-scale level and specifically investigating regional disparities in this context and 2) by estimating an energy efficiency value-to-cost ratio. Applying a hedonic analysis, we find a positive relationship between energy efficiency and asking prices. We also find evidence for regional disparities. Effects are significantly weaker in large cities compared to other urban areas, whereas the impact in rural areas is much stronger. Since property values are expected to decline in rural regions, homeowners could alleviate this development by increasing the energy efficiency of their dwellings.

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The Power of Mandatory Quality Disclosure: Evidence from the German Housing Market

Cited by 23 publications

References 41 publications

Essays on the Economics of Sustainable Energy Policies

Essays on the Economics of Sustainable Energy Policies

Real estate data for Germany (RWI-GEO-RED)

Estimating the Impact of Energy Efficiency on Housing Prices in Germany: Does Regional Disparity Matter?

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