Energy Efficiency Premium Issues and Revealing the Pure Label Effect
利用挪威住宅销售和租赁市场的大样本数据，揭示能源效率资本化中的内生性、区位与质量偏差，以及能效标签的短期与长期价格效应，为政策评估提供方法论警示。
Following the European Union’s implementation of Energy Performance Certificates (EPCs) for buildings, the capitalization of energy efficiency in transaction prices and rents has been subject to much research. This paper uses different identification strategies for the Norwegian residential sales (N = 750,000) and rental (N = 670,000) markets to highlight the endogeneity and methodological limitations associated with assessing the price effects of energy efficiency and the signaling effect of label adoption. We find that the valuation of energy efficiency is subject to unobserved location and quality bias, that labeling has immediate, short-run, and long-run price effects and that different effects are observed in different submarkets. We provide evidence that sample selection issues related to location and time, with methodological and data limitations, are essential factors that must be considered when assessing the effects of the EPC implementation.