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首页> 外文期刊>Journal of the Association of Environmental and Resource Economists >The Power of Mandatory Quality Disclosure: Evidence from the German Housing Market
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The Power of Mandatory Quality Disclosure: Evidence from the German Housing Market

机译：强制性质量披露的力量：来自德国住房市场的证据

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摘要

Numerous countries have introduced energy performance certificates to mitigate the information asymmetry with respect to the thermal quality of houses. Motivated by a stylized theoretical model and drawing on comprehensive data on real estate advertisements in the German housing market, this paper investigates the causal effect of disclosing energy information on the asking prices of houses. Employing within-variation from panel data, augmented by an instrumental variable approach to isolate effects among policy compliers, our analysis demonstrates the power of mandatory disclosure rules to increase market transparency and to align prices with the energy performance of the house. Among our key results, we find that house owners reduce offer prices in response to the disclosure of energy efficiency information. Furthermore, this effect is particularly pronounced for owners who would not disclose in the absence of the mandatory disclosure policy.
机译：许多国家已经推出了能源性能证书，以减轻关于房屋热质量的信息不对称性。本文以程式化的理论模型为动力，并利用德国住房市场上房地产广告的综合数据，研究了披露能源信息对房屋要价的因果关系。我们利用面板数据的内部变化，并通过工具变量方法加以增强，以隔离政策制定者之间的影响，我们的分析证明了强制性披露规则可以提高市场透明度，并使价格与房屋的能源绩效保持一致。在我们的主要结果中，我们发现，房主根据能效信息的披露降低了报价。此外，对于在没有强制披露政策的情况下不会披露的所有者而言，这种影响尤其明显。

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