Energy Efficiency Premiums in Unlabeled Office Buildings
研究了无绿色标签的商业办公楼中，市场参与者是否有效评估建筑能效特征，发现更严格的能源标准带来约4%的租金溢价和9%的价格溢价，且租金溢价因谁支付水电费而异。
Whether commercial real estate market participants effectively evaluate building energy efficiency characteristics in the absence of a green label has so far remained unaddressed in the literature. I estimate the energy efficiency premium in unlabeled office buildings by exploiting variation in mandatory building energy standard implementations as a result of the 1992 U.S. Energy Policy Act. A more stringent energy code leads to rent and price premiums of approximately 4 percent and 9 percent, respectively. Heterogeneity in the rent premium is also observed based on who pays the utility bills, as would be expected if market participants correctly evaluate energy conservation characteristics. The rent and price premiums are consistent with full capitalization of the energy savings from a more stringent standard.