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The value of basic building code insulation

  • Thorsnes, Paul
  • Bishop, Tim

We take advantage of unusually wide variation in thermal insulation in a sample of house sales to estimate the market value of basic code-level insulation. Insulation levels vary across the houses in our sample because standard practice in New Zealand was to build houses with no thermal insulation prior to implementation of insulation standards in 1978, and the extent of insulation retrofits varies across the sample. The estimated premium on an otherwise similar house insulated to code levels exceeds the cost of installation at construction: insulating to basic code levels at construction passes the market test. The premium instead reflects the higher cost of retro-fit installation. We suspect that price, cost, and performance risk have discouraged widespread code-level retro-fits in this market.

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File URL: http://www.sciencedirect.com/science/article/pii/S0140988313000145
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Article provided by Elsevier in its journal Energy Economics.

Volume (Year): 37 (2013)
Issue (Month): C ()
Pages: 68-81

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Handle: RePEc:eee:eneeco:v:37:y:2013:i:c:p:68-81
Contact details of provider: Web page: http://www.elsevier.com/locate/eneco

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  1. Mandell, Svante & Wilhelmsson, Mats, 2010. "Willingness to pay for sustainable housing," Working Papers 2010:6, Swedish National Road & Transport Research Institute (VTI).
  2. Daniel P. McMillen, 2010. "Issues In Spatial Data Analysis," Journal of Regional Science, Wiley Blackwell, vol. 50(1), pages 119-141.
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  4. Longstreth, Molly & Coveney, Anne R & Bowers, Jean S, 1984. " Conservation Characteristics among Determinants of Residential Property Value," Journal of Consumer Research, University of Chicago Press, vol. 11(1), pages 564-71, June.
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  7. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  8. Sheppard, Stephen, 1999. "Hedonic analysis of housing markets," Handbook of Regional and Urban Economics, in: P. C. Cheshire & E. S. Mills (ed.), Handbook of Regional and Urban Economics, edition 1, volume 3, chapter 41, pages 1595-1635 Elsevier.
  9. Brounen, Dirk & Kok, Nils, 2011. "On the economics of energy labels in the housing market," Journal of Environmental Economics and Management, Elsevier, vol. 62(2), pages 166-179, September.
  10. Ihlanfeldt, Keith R., 2004. "The Use of an Econometric Model for Estimating Aggregate Levels of Property Tax Assessment Within Local Jurisdictions," National Tax Journal, National Tax Association, vol. 57(1), pages 7-23, March.
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