Weather to pay attention to energy efficiency on the housing market
研究发现德国住房市场上，短期天气异常影响购房决策：寒冷天气后购房者更倾向选择高能效房屋，而炎热天气无此效应，表明供暖成本凸显性驱动了这种不对称行为。
Energy efficiency improvements can play an important role in reducing emissions from residential buildings, yet consumer decisions involving energy costs can be subject to bounded rationality due to, e.g., inattention and myopia. We present evidence that long-term, high-stakes decisions in the housing market are influenced by short-term contextual factors. Using data on housing transactions through a large online platform in Germany, we document that houses purchased following unusually cold weather tend to be more energy efficient, while the reverse is not true for unusually warm weather. This asymmetry suggests that the effect of temperature fluctuations on energy efficiency demand may be driven by salience of heating costs. • Short-term contextual factors can influence long-term energy efficiency decisions. • We examine the impact of recent weather shocks on housing transactions in Germany. • Unusually cold weather is linked to the purchase of more energy efficient houses. • We observe no effect of unusually warm weather on energy efficiency. • Asymmetric responses to weather can be explained by salience of heating costs.