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Title:
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Energy performance certificates and investments in building energy efficiency: a theoretical analysis
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Author:
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Fleckinger, Pierre; Glachant, Matthieu; Tamokoué Kamga, Paul-Hervé
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Notes:
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In the European Union, Energy Performance Certificates (EPCs) provide potential buyers or tenants with information on a property's energy performance. By mitigating informational asymmetries on real estate markets, the conventional wisdom is that they will reduce energy use, increase energy-efficiency investments, and improve social welfare. We develop a dynamic model that partly contradicts these predictions. Although EPCs always improve social welfare, their impact on energy use and investments is ambiguous. This implies that, in a second-best world where energy externalities are under-priced and/or homeowners have behavioral biases hindering investments (myopia), EPCs can damage social welfare. This calls for using mandatory energy labeling in contexts where additional instruments efficiently mitigate the other imperfections. |
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Subject(s):
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-Distribució d'energia elèctrica
-Eficiència industrial
-Etiquetatge
-Electric power distribution
-Industrial efficiency
-Labeling |
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Rights:
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cc-by-nc-nd, (c) Fleckinger et al., 2018
http://creativecommons.org/licenses/by-nc-nd/3.0/es/
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Document type:
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Working Paper |
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Published by:
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Institut d’Economia de Barcelona
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