Energy labels in the European Union: Consumer inattention and producer responses
利用欧盟洗衣机能源标签的断点设计，发现消费者忽视标签信号，而生产者策略性调整产品分布，导致销量集中在标签阈值附近，且最高阈值催生了新市场细分。
This paper studies the effect of mandatory eco-labels for durable goods using a bunching design. I exploit discontinuities in the European energy label for washing machines to document consumer inattention in response to the salient quality signal given by the label. The policy effect is driven by adjustments in both supply and demand, which leads to a sales distribution that is strongly concentrated around the label thresholds. Market transformation occurs not only through a local shift in existing segments of the product space, but also through the build-up of a new market segment at the highest label threshold. Regarding price effects, I find no evidence of green premia and argue that competition is effective in preventing this for the case of the European Union. • European Energy Label induces adjustment by both consumers and producers. • Bunching at label thresholds strongly driven by strategic producer responses. • Competition in premium labels leads to falling prices as entry increases. • New market segment at highest label threshold indicates induced innovation. • Policy implications for markets with both inattention and imperfect competition.