Texas A&M University
Monday, June 14, 2021 – 04:00 – 05:15 PM (CEST)
Live virtual event: please register for this talk via Zoom
Mandatory disclosure policies are implemented broadly despite sparse evidence that they improve market outcomes. We study the effects of requiring home sellers to provide buyers with certified audits of residential energy efficiency. Using similar nearby homes as a comparison group, we find this requirement increases price premiums for energy efficiency and encourages energy-saving investments. We additionally present evidence highlighting the market failure – incomplete information by both buyers and sellers – that prevents widespread voluntary disclosure of energy efficiency in housing transactions. Our findings support that disclosure policies can improve market outcomes in settings with symmetrically incomplete information.
Steven L. Puller is a Professor at the Department of Economics at Texas A&M University, a NBER Research Associate, a Research Affiliate at the International Growth Centre, a faculty affiliate at the E2e Project, and an adjunct professor at the Bush School of Government and Public Service. He completed his undergraduate studies in Economics at the University of Chicago and obtained his PhD in Economics at UC Berkeley. Prof. Puller's research is in industrial economics, regulation, and public policy with a focus on energy and transportation. He has published in the top general interest and field journals of the discipline, such as the AER, AEJ Economic Policy, RAND, JPubE, or the Review of Economics and Statistics. His most recent works are on energy efficiency policies and the design of electricity wholesale and retail markets.
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