Data and code for: The Simpler the Better?
Principal Investigator(s): View help for Principal Investigator(s) Rodolfo Sejas-Portillo, London School of Economics; Mirko Moro, University of Stirling ; Till Stowasser, University of Stirling
Version: View help for Version V1
| Name | File Type | Size | Last Modified |
|---|---|---|---|
| ONSPD_MAY_2023_UK | 03/29/2024 08:02:PM | ||
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text/csv | 4.6 GB | 03/29/2024 04:02:AM |
Project Description
Summary:
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Using British data on over 7 million residential-property sales, we find that the provision of simplified energy-efficiency (EE) information leads to important market effects. UK legislation requires the use of an energy label that shows an EE rating score (1--100) mapped into arbitrary color-coded rating bands (A--G). Applying a regression-discontinuity design, we document significant price discontinuities at rating-band thresholds, providing evidence of heuristic thinking in the market. Importantly, these price discontinuities influence market behavior as sellers are more likely to make EE investments if their property is just below a threshold. We discuss policy considerations and avenues for future research.
Scope of Project
Subject Terms:
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Price discontinuities;
housing market;
energy labels;
energy efficiency;
retrofitting;
heuristic decision-making;
threshold effects
JEL Classification:
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D12 Consumer Economics: Empirical Analysis
D40 Market Structure, Pricing, and Design: General
D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
D91 Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
L15 Information and Product Quality; Standardization and Compatibility
Q48 Energy: Government Policy
R31 Housing Supply and Markets
D12 Consumer Economics: Empirical Analysis
D40 Market Structure, Pricing, and Design: General
D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
D91 Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
L15 Information and Product Quality; Standardization and Compatibility
Q48 Energy: Government Policy
R31 Housing Supply and Markets
Geographic Coverage:
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England and Wales
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