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Title: Energy performance certificates and investments in building energy efficiency: a theoretical analysis
Author: Fleckinger, Pierre
Glachant, Matthieu
Tamokoué Kamga, Paul-Hervé
Keywords: Distribució d'energia elèctrica
Eficiència industrial
Electric power distribution
Industrial efficiency
Issue Date: 2018
Publisher: Institut d’Economia de Barcelona
Series/Report no: [WP E-IEB18/11]
Abstract: 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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It is part of: IEB Working Paper 2018/11
Appears in Collections:IEB (Institut d’Economia de Barcelona) – Working Papers

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