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Effects of Mandatory Energy Efficiency Disclosure in Housing Markets / Erica Myers, Steven L. Puller, Jeremy D. West.
- Format:
- Book
- Author/Creator:
- Myers, Erica.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w26436.
- NBER working paper series no. w26436
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2019.
- Summary:
- Mandatory disclosure policies are increasingly prevalent 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 this requirement increases price capitalization of energy efficiency and encourages energy-saving residential investments. We present additional evidence characterizing the market failure as symmetrically incomplete information, which is ameliorated by government intervention. More generally, we formalize and provide empirical support for seller ignorance as a motivation for disclosure policies in markets with bilaterally incomplete information about quality.
- Notes:
- Print version record
- November 2019.
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