Replication data for: Are Home Buyers Inattentive? Evidence from Capitalization of Energy Costs
Principal Investigator(s): View help for Principal Investigator(s) Erica Myers
Version: View help for Version V1
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Project Citation:
Myers, Erica. Replication data for: Are Home Buyers Inattentive? Evidence from Capitalization of Energy Costs. Nashville, TN: American Economic Association [publisher], 2019. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116524V1
Project Description
Summary:
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This paper explores whether home buyers are attentive to energy costs. The cost-effectiveness of market-based pollution policies crucially depends on whether consumers are attentive to energy costs when purchasing energy-using durables. I exploit energy-cost variation from fuel-price changes in Massachusetts where there is significant overlap in the geographic and age distributions of oil-heated and gas-heated homes. The results strongly reject that home buyers are unresponsive to energy costs under a wide range of consumption and discount-rate assumptions. Furthermore, my preferred specification is consistent with full capitalization of fuel expenditures at discount rates similar to mortgage interest rates.
Scope of Project
JEL Classification:
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D14 Household Saving; Personal Finance
L71 Mining, Extraction, and Refining: Hydrocarbon Fuels
Q41 Energy: Demand and Supply; Prices
Q53 Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling
Q58 Environmental Economics: Government Policy
R31 Housing Supply and Markets
D14 Household Saving; Personal Finance
L71 Mining, Extraction, and Refining: Hydrocarbon Fuels
Q41 Energy: Demand and Supply; Prices
Q53 Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling
Q58 Environmental Economics: Government Policy
R31 Housing Supply and Markets
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