Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 19, 2022 erstellt
Description:
We find a significant price premium ($21,000+ per house on average) for houses with energy-saving (green) features. Using hand-collected data to estimate the house-specific NPV of individual green features, we find that the economic value of green feature(s) cannot explain the green price premium. Instead, the green price premium depends on the homebuyers’ cultural origins - homebuyers who are less individualistic, less indulgent but more uncertainty avoidant pay a higher price premium for green houses. Our findings point to the social value of green houses and highlight the role of investors’ preferences in understanding the value of green investments