Energy labels, misreporting, and heuristic hedonic models
研究发现法国房产市场中，买家与卖家依赖简化的能源标签（A到G等级）而非连续能耗数据，导致能源效率分数在等级临界点附近聚集，且存在技术人员故意误报，房价在等级下降时出现跳跃。
Abstract We propose that home buyers and sellers rely on “heuristic hedonic models”: simplified representations of properties' utility‐bearing attributes. We test this hypothesis using public administrative data from France, where properties' (continuous) estimated energy consumption is summarized by a (discrete) energy label on a scale from A to G. We document substantial bunching of energy efficiency scores just below the relevant cut‐off values, and show that it is at least partially driven by intentional misreporting by certified technicians, which points to labels' perceived importance. Estimates of donut regression discontinuity design (RDD) models reveal that house prices drop sharply when energy consumption crosses the boundary to a lower rating. Moreover, we observe larger price discontinuities in areas where the relation between energy efficiency and house values is harder to estimate. Finally, the discontinuities also show up in home sellers' list prices, suggesting that a simple buyer inattention story is insufficient to explain our findings.