Download or read book Inefficient Markets for Energy Efficiency written by Lisa Taruttis and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Improving the energy efficiency of residential buildings is of paramount importance to reduce CO2 emissions and hence to achieve a climate-neutral building stock - the objective of the German government for 2045. Thereby, a focus on the existing building stock is needed, as regulations for new buildings are already quite tight in terms of energy efficiency, and a large proportion of the dwelling stock of 2045 already exists today. For the important segment of rental housing, split incentives are often invoked as an impediment for energy-related investments. Yet this implicitly takes the tenant-landlord relationship as given. On the market where prospective renters meet the dwelling offers, competitive forces and rational behavior on both sides would imply that the monthly net rent should reflect (with opposite sign) differences in expected monthly heating costs - other things being equal. We test this hypothesis by specifying a hedonic price model that reflects this gross-cost-of-renting perspective and applying it on a detailed dataset including dwelling and neighborhood characteristics. As a case study, we use data for the German state of North Rhine-Westphalia, which implies that variations in regulatory and meteorological conditions are small, while large socioeconomic differences across subregions exist (e.g., in terms of purchasing power or unemployment rates). Drawing on 844,229 observations from 2014 to 2020 on a small spatial scale, we find a premium for more efficient apartments; however, it is rather small. The expected energy cost savings exceed the premium by approximately a factor of six. Rather, we find large discounts if apartments use heating technologies that are known to be inefficient. The paper explores various explanations for these outcomes, considering both landlord and renter behavior as well as institutional settings.
Download or read book Asymmetric Information on the Market for Energy Efficiency written by Bruno Lanz and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Imperfect information is widely acknowledged to hamper the adoption of energy efficient technologies. In this paper, we study supply-side implications of the associated incentive structure. We build on existing evidence suggesting that energy efficiency owns a credence component, whereby the supply side of the market has more information about what technology is best for consumers. The literature on credence goods markets suggests that informational advantage by an expert-seller leads to market inefficiencies, including low trade volume. We start by developing a simple framework to study supply-side incentives related to the provision of energy efficient technologies. We then document inefficiencies and potential remedies by discussing linkages between an empirical literature on credence goods and that on the market for energy efficiency. Doing so, we identify policy implications and research gaps that are relevant for the adoption of energy efficiency technologies.
Download or read book How Can Energy efficient Structures Compete in an Inefficient Energy Market written by and published by . This book was released on 1980 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The only way resources can be efficiently allocated in our market system is if prices of resources, goods, and services properly reflect their true value to society. However, because of (a) imperfections in the pricing mechanisms that currently influence private-sector decision making; (b) the difference in planning horizons between individuals and government; and (c) the external benefits that would accrue to society from energy-conscious decision making by individuals, it is apparent that there exists a substantial underinvestment in advanced-conservation and renewable-resource building technologies. Even if domestic energy prices were deregulated to reflect world market prices (now determined by OPEC) it is likely that underinvestment in energy-conscious design would still occur. For that reason, the only way that energy-conscious design will be implemented to the extent warranted is if a concerted political commitment is made to such a program at the Federal, state, and local levels. Such a commitment is not without precedent. The experiences of Davis and San Diego, California, and the TVA exemplify the extent to which energy conservation and renewable-resource development can be carried out if political leadership and support is established. It is known that technologies and design solutions for energy-efficient buildings are available today and are cost-effective. What remains to be seen is whether the political leadership of the United States will fully recognize the sensibility of a concerted conservation and renewable-energy-resource program for buildings as opposed to continued attempts at increasing energy production to supply an energy-inefficient-building inventory. 16 references.
Download or read book No regret Potentials in Energy Conservation written by Katrin Ostertag and published by Springer Science & Business Media. This book was released on 2002-11-26 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: (2) Do existing estimates of the no-regret potential stand up to are-evaluation within this framework? As a result of this analysis the size of previous estimates for no-regret potentials may be modified - in terms ofenergy savings or in financial terms. On the basis of these findings, we will approach the overriding third research question: (3) How large is the no-regret potential and what determines its size? The following chapter will provide a fuller account of the debate on no-regret potentials. This will be complemented by a detailed theory-based definition of no regret potentials in Chapter 2. The thesis will focus mostly on the micro-level of analysis. But we will also address the implications ofour findings for the analysis ofenergy saving measures and policies at more aggregate levels, notably within a feasibility study for adapting a model which represents the level of the national economy. The debate on no-regret potentials 1 origin, context, issues The term "no-regret potentials" was coined during the debate on climate change. It designates opportunities for the reduction of greenhouse gas (GHG) emissions ". . . that are worth undertaking whether or not there are climate-related reasons for doing so. " (IPCC 1996, p. 271). In the IPCC's Third Assessment Report (TAR), no regret potentials are increasingly equated with GHG emission reduction potentials at negative (net) costs (lPCC 2001, p. 21).
Download or read book A Market in Efficiency written by Gill Owen and published by Institute for Public Policy Research. This book was released on 1996 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inefficient Markets written by Andrei Shleifer and published by OUP Oxford. This book was released on 2000-03-09 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empirically evaluates models of such inefficient markets. Behavioral finance models both explain the available financial data better than does the efficient markets hypothesis and generate new empirical predictions. These models can account for such anomalies as the superior performance of value stocks, the closed end fund puzzle, the high returns on stocks included in market indices, the persistence of stock price bubbles, and even the collapse of several well-known hedge funds in 1998. By summarizing and expanding the research in behavioral finance, the book builds a new theoretical and empirical foundation for the economic analysis of real-world markets.
Download or read book Financing Energy Efficiency written by Robert P. Taylor and published by World Bank Publications. This book was released on 2008-02-08 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: While energy efficiency projects could partly meet new energy demand more cheaply than new supplies, weak economic institutions in developing and transitional economies impede developing and financing energy efficiency retrofits. This book analyzes these difficulties, suggests a 3-part model for projectizing and financing energy efficiency retrofits, and presents thirteen case studies to illustrate the issues and principles involved.
Download or read book The Citizen s Guide to Climate Success written by Mark Jaccard and published by Cambridge University Press. This book was released on 2020-02-06 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shows readers how we can all help solve the climate crisis by focusing on a few key, achievable actions.
Download or read book America s Energy Future written by National Research Council and published by National Academies Press. This book was released on 2010-01-15 with total page 736 pages. Available in PDF, EPUB and Kindle. Book excerpt: For multi-user PDF licensing, please contact customer service. Energy touches our lives in countless ways and its costs are felt when we fill up at the gas pump, pay our home heating bills, and keep businesses both large and small running. There are long-term costs as well: to the environment, as natural resources are depleted and pollution contributes to global climate change, and to national security and independence, as many of the world's current energy sources are increasingly concentrated in geopolitically unstable regions. The country's challenge is to develop an energy portfolio that addresses these concerns while still providing sufficient, affordable energy reserves for the nation. The United States has enormous resources to put behind solutions to this energy challenge; the dilemma is to identify which solutions are the right ones. Before deciding which energy technologies to develop, and on what timeline, we need to understand them better. America's Energy Future analyzes the potential of a wide range of technologies for generation, distribution, and conservation of energy. This book considers technologies to increase energy efficiency, coal-fired power generation, nuclear power, renewable energy, oil and natural gas, and alternative transportation fuels. It offers a detailed assessment of the associated impacts and projected costs of implementing each technology and categorizes them into three time frames for implementation.
Download or read book Investigating Inefficiencies in the German Rental Housing Market written by Lisa Sieger and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Energy efficiency and renewable energy are key pillars of the energy transition that is high on the political agenda of governments in face of the climate crisis. Germany, however, is underperforming in its emissions reduction goals. There is still room for improvement, especially in the building sector - but this is often associated with high upfront investments. There is evidence that the market for energy efficiency in the German rental housing market is inefficient, resulting in underinvestment. To investigate these inefficiencies, this study estimates a hedonic pricing model combined with a total-cost-of-use perspective based on the observation of warm rents for a sample of 3,903,473 rental offers from 2014 to 2021. In a "perfect world", the effect of the energy performance score given in energy performance certificates as an indicator of energy consumption or demand, respectively, is expected to be zero, as corresponding costs are already included in the warm rent. If the coefficient is significantly different from zero, it can be interpreted as measure for inefficiencies. The study further investigates whether disclosing heating costs in real estate advertisements could lead to a better appreciation of energy efficiency in the rental market and thus contribute to closing the information gap. Results show that the market for energy efficiency is indeed inefficient; however, the disclosure of full information can help to overcome these inefficiencies. These results lead to several important policy implications.
Download or read book Markets for Energy Efficiency development Challenges and Opportunities written by Jeremy Ben Levin and published by . This book was released on 1997 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Efficiently Inefficient written by Lasse Heje Pedersen and published by Princeton University Press. This book was released on 2019-09-17 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Efficiently Inefficient describes the key trading strategies used by hedge funds and demystifies the secret world of active investing. Leading financial economist Lasse Heje Pedersen combines the latest research with real-world examples and interviews with top hedge fund managers to show how certain trading strategies make money--and why they sometimes don't. Pedersen views markets as neither perfectly efficient nor completely inefficient. Rather, they are inefficient enough that money managers can be compensated for their costs through the profits of their trading strategies and efficient enough that the profits after costs do not encourage additional active investing. Understanding how to trade in this efficiently inefficient market provides a new, engaging way to learn finance. Pedersen analyzes how the market price of stocks and bonds can differ from the model price, leading to new perspectives on the relationship between trading results and finance theory. He explores several different areas in depth--fundamental tools for investment management, equity strategies, macro strategies, and arbitrage strategies--and he looks at such diverse topics as portfolio choice, risk management, equity valuation, and yield curve logic. The book's strategies are illuminated further by interviews with leading hedge fund managers: Lee Ainslie, Cliff Asness, Jim Chanos, Ken Griffin, David Harding, John Paulson, Myron Scholes, and George Soros.
Download or read book The Design and Implementation of US Climate Policy written by Don Fullerton and published by University of Chicago Press. This book was released on 2012-09-27 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book contains the proceedings of an NBER conference held in Washington, DC, on May 13-14, 2010"--Page xi.
Download or read book Economic efficiency Considerations in Restructuring Electric Markets written by and published by . This book was released on 1996 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to the Energy Policy Act of 1992 and the Federal Energy Regulatory Commission's subsequent rulemaking on transmission access, many states are exploring options to restructure their electric industries. In their deliberations on restructuring, policymakers should consider (1) the reliability of the electric system; (2) income-distribution effects on ratepayers and utilities; (3) social consequences such as effects on energy conservation, renewable energy, and the environment; and (4) economic efficiency. We address economic-efficiency considerations in this study. Economic efficiency is important because it is one of the primary reasons that policymakers should consider restructuring in the first place: improving the electric-industry's efficiency lowers costs and, hence, electric prices. In this study, we look at the sources of (in)efficiency in existing and proposed electric markets with the objective of guiding policymakers to design efficient electric markets. The advantages of a competitive market are well known: it leads to lower costs for the utility, lower prices for consumers, more product choices, better customer service, and often the need for less regulation by federal and state agencies. In the short run, firms who cannot produce at the market-clearing price are forced to leave the industry, ensuring that customers have the lowest price possible. In the long run, competition promotes innovation and lower costs. The physical and institutional characteristics of the U.S. electric industry, however, could be impediments to attaining efficiently run, competitive markets. Because of these characteristics, there are multiple sources of efficiencies and inefficiencies in existing electric markets, and there will be multiple sources in restructured ones. The objective of policymakers should not be to trade one set of inefficiencies in existing electric markets for another set in restructured markets.
Download or read book The Size of the U S Energy Efficiency Market written by Karen Ehrhardt-Martinez and published by . This book was released on 2008 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Market Barriers to Energy Efficiency written by and published by . This book was released on 1992 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discussions of energy policy in an environmentally constrained world often focus on the use of tax instruments to internalize the external effects of energy utilization or achieve specified reductions in energy use in the most cost-effective manner. A substantial literature suggests, however, that significant opportunities exist to reduce energy utilization by implementing technologies that are cost-effective under prevailing economic conditions but that are not fully implemented by existing market institutions. This paper examines the theory of the market for energy-using equipment, showing that problems of imperfect information and transaction costs may bias rational consumers to purchase devices that use more energy than those that would be selected by a well-informed social planner guided by the criterion of economic efficiency. Consumers must base their purchase decisions on observed prices and expectations of postpurchase equipment performance. If it is difficult or costly for individuals to form accurate and precise expectations, the level of energy efficiency achieved by competitive markets will vary from the socially efficient outcome. Such market barriers'' suggest a role for regulatory intervention to improve market performance at prevailing energy prices.
Download or read book Markets for Energy Efficiency written by Stanford University. Energy Modeling Forum and published by . This book was released on 1996 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
