The power of mandatory quality disclosure

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dc.contributor.authorFrondel, Manuel
dc.contributor.authorGerster, Andreas
dc.contributor.authorVance, Colin
dc.date.accessioned2016-04-26T13:48:45Z
dc.date.available2016-04-26T13:48:45Z
dc.date.issued2016
dc.description.abstractMany countries have introduced Energy Performance Certificates (EPCs) to mitigate information asymmetry problems with respect to the thermal quality of houses. Using big data on real estate advertisements that cover large parts of the German housing market, this paper empirically investigates the consequences of a shift from a voluntary to a mandatory quality disclosure regime on the offer prices of houses. Illustrated by a stylized theoretical model, we test the following key hypothesis: Prices for houses whose owners would not voluntarily disclose their house’s energy consumption in real estate advertisements should decrease upon a shift to a mandatory disclosure scheme. Employing an instrumental variable approach to cope with the endogeneity of disclosure decisions, our analysis demonstrates the relative advantage of mandatory over voluntary disclosure rules.en
dc.identifier.urihttp://hdl.handle.net/2003/34912
dc.identifier.urihttp://dx.doi.org/10.17877/DE290R-16960
dc.language.isoende
dc.relation.ispartofseriesDiscussion Paper / SFB823;20, 2016en
dc.subjectinformation asymmetryen
dc.subjectenvironmental certificationen
dc.subjectmandatory disclosureen
dc.subject.ddc310
dc.subject.ddc330
dc.subject.ddc620
dc.subject.rswkAsymmetrie der Informationde
dc.subject.rswkOffenlegungspflichtde
dc.subject.rswkEnergieausweisde
dc.titleThe power of mandatory quality disclosureen
dc.title.alternativeEvidence from the German housing marketen
dc.typeTextde
dc.type.publicationtypeworkingPaperde
dcterms.accessRightsopen access

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Sonderforschungsbereich (SFB) 823