Green luxury goods? The economics of eco-labels in the Japanese housing market

Journal of the Japanese and International Economies

Volumn 39, Issue , 2016, Pages 108-122

  Fuerst, Franz ^a   Shimizu, Chihiro ^b  

^a UNIVERSITY OF CAMBRIDGE   (United Kingdom)

^b NATIONAL UNIVERSITY OF SINGAPORE   (Singapore)

Author keywords

Ecolabelling; Green building; Hedonic models; Japanese housing market; Willingness to pay

Indexed keywords

EID: 84956926049     PISSN: 08891583     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jjie.2016.01.003     Document Type: Article

References (30)

1. Adan H., Fuerst F. Do energy efficiency measures really reduce household energy consumption? A difference-in-differences analysis. Energy Effic 2016, 1. (forthcoming).
2. Banfi, S., Farsi, M., Filippini, M., Jakob, M., 2005. Willingness to pay for energy-saving measures in residential buildings, CEPE Working paper, no. 41.
3. Brounen D., Kok N. On the economics of energy labels in the housing market. J. Environ. Econ. Manage. 2011, 62:166-179.
4. Deng Y., Li Z., Quigley J.M. Economic returns to energy-efficient investments in the housing market: evidence from Singapore. Reg. Sci. Urban Econ. 2012, 42(3):506-515.
5. Dian T.M., Miranowski J. Estimating the Implicit price of energy efficiency improvements in the residential housing market-a hedonic approach. J. Urban Econ. 1989, 25:52-67.
6. Eichholtz P., Kok N., Quigley J. Doing well by doing good? Green office buildings. Am. Econ. Rev. 2010, 100:2492-2509.
7. Eichholtz P., Kok N., Quigley J. The economics of green building. Rev. Econ. Stat. 2011, 1. (in press).
8. Eichholtz P., Quigley J. Green building finance and investments: practice, policy and research. Eur. Econ. Rev. 2012, 56(5):903-904.
9. Fuerst F., McAllister P., Nanda A., Wyatt P. Does energy efficiency matter to home-buyers? An investigation of EPC ratings and transaction prices in England. Energy Econ 2015, 48:145-156.
10. Fuerst F., McAllister P. Eco-labelling in commercial office markets: do LEED and energy star offices obtain multiple premiums?. Ecol. Econ. 2011, 70:1220-1230.
11. Hong S.H., Oreszczyn T., Ridley I. The impact of energy efficient refurbishment on the space heating fuel consumption in English dwellings. Energy Build. 2006, 38(10):1171-1181.
12. Huber P. Robust estimation of a location parameter. Ann. Math. Stat. 1964, 35:73-101.
13. Hyland M., Lyons R.C., Lyons S. The value of domestic building energy efficiency-evidence from Ireland. Energy Econ. 2013, 40:943-952.
14. Jacobsen G.D., Kotchen M.J., Vandenbergh M.P. The behavioral response to voluntary provision of an environmental public good: evidence from residential electricity demand. Eur. Econ. Rev. 2012, 56(5):946-960.
15. Family Income and Expenditure Survey, 2014 edition 2014, Japanese Ministry of Internal Affairs and Communications.
16. Kahn M.E., Kok N. The capitalisation of green labels in the California housing market. Reg. Sci. Urban Econ. 2014, 47:25-34.
17. Kotchen M.J. Green markets and private provision of public goods. J. Polit. Econ. 2006, 114(4):816-834.
18. Miller N., Spivey J., Florance A. Does green pay off?. J. Real Estate Portfolio Manage. 2008, 14:385-399.
19. Reichardt A., Fuerst F., Rottke N., Zietz J. The business case of sustainable building certification: a panel data approach. J. Real Estate Res. 2011, 34:99-126.
20. Requate T., Unold W. Environmental policy incentives to adopt advanced abatement technology: will the true ranking please stand up?. Eur. Econ. Rev. 2003, 47:125-146.
21. Rousseeuw P.J., Leroy A. Robust Regression and Outlier Detection 1987, John Wiley and Sons, New York.
22. Shimizu C. Sustainable measures and economic value in green housing. Open House International Journal 2013, 38(3):57-63.
23. Shimizu C., Nishimura K.G., Karato K. Nonlinearity of Housing Price Structure -Secondhand Condominium Market in Tokyo Metropolitan Area-,". International Journal of Housing Markets and Analysis 2014, 7(3):459-488.
24. Takagi, Y., Shimizu, C., 2010. The environment and real-estate investment: responsible property investing, Business Ethics and Compliance Research Center Working paper (Reitaku University), no. 6.
25. Tokyo Association of Real Estate Appraisers, 2010. Property environmental friendliness and asset prices: empirical evidence based on Tokyo condominiums.
26. Verardi V., Croux C. Robust regression in Stata. Stata J. StataCorp LP 2009, 9(3):439-453.
27. Yoshida, J., Shimizu, C., 2010. Impact of green buildings on the real estate price: A case of new condominiums market in japan, CSIS (University of Tokyo) Discussion Paper, No. 106.
28. Yoshida J., Sugiura A. The effects of multiple green factors on condominium prices. J. Real Estate Finance Econ. 2013, 50(3):1-26.
29. Zheng S., Wu J., Kahn M. Land and residential property markets in a booming economy: new evidence from Beijing. J. Urban Econ. 2008, 63:743-757.
30. Zheng S., Wu J., Kahn M.E., Deng Y. The nascent market for "green" real estate in Beijing. Eur. Econ. Rev. 2012, 56(5):974-984.