Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/100700
Authors: 
Ankamah-Yeboah, Isaac
Rehdanz, Katrin
Year of Publication: 
2014
Series/Report no.: 
Kiel Working Paper 1949
Abstract: 
The built environment has been identified as one of the cost effective platforms for reducing energy demand and greenhouse gas emissions. With policies and the know-how in existence, the real estate sector has already adopted measures such as building codes and energy efficiency labels to drive prices and spur demand with the objective of increasing the demand for energy efficient buildings. Since 2008, many studies have emerged estimating the price premium that is expected to be associated with energy efficient buildings. Evidence from such studies has so far been mixed. We use a meta-regression approach to identify some of the underlying drivers causing the variation. Our results reveal that energy efficiency is highly valued in the sales market and the non-residential sector. We also observed that Europe values energy efficiency over the US possible due to their relative strengths of their energy efficiency policies as revealed on the international energy efficiency rankings. Labels with categorical scales have a weak impact on the value of energy efficiency labels while the effects of regulation by voluntary strategies tend to decline with time, with the effect lasting over a period of thirteen years. These are vital information for policy issues in achieving significant cuts in greenhouse gas emissions.
Subjects: 
energy efficiency premium
meta-analysis
multilevel model
value transfer
valuation
JEL: 
P48
Q40
Q48
C53
C50
Q51
Q54
Document Type: 
Working Paper

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