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Green Buildings: Similar to Other Premium Buildings?

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  • Spenser Robinson
  • Andrew Sanderford

Abstract

The statistics, finance, and real estate literature regularly rely on propensity score matching techniques to balance samples of data where randomized treatment assignment is not possible. In the sustainable commercial real estate literature the technique has seen substantive use. To analyze price and rent premiums for green buildings, several studies have used propensity scores to ensure samples that contains eco-labeled and un-labeled buildings reflect a randomized assignment of the treatment. Underpinning the argument for the use of propensity scores is the notion that green buildings contain similar attributes to non-green buildings. However, if the green labels were ignored, would premium buildings be otherwise statistically similar to premium buildings in the market? Here, we analyze a research question focusing on the extent to which propensity scores can predict a green building using the standard building attributes and whether propensity scoring is an econometric necessity? Copyright Springer Science+Business Media New York 2016

Suggested Citation

  • Spenser Robinson & Andrew Sanderford, 2016. "Green Buildings: Similar to Other Premium Buildings?," The Journal of Real Estate Finance and Economics, Springer, vol. 52(2), pages 99-116, February.
    • Handle: RePEc:kap:jrefec:v:52:y:2016:i:2:p:99-116
    DOI: 10.1007/s11146-015-9498-z
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    Citations

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    Cited by:

    1. Cigdem Gedikli & Robert Hill & Oleksandr Talavera & Okan Yilmaz, 2023. "The hidden cost of smoking: Rent premia in the housing market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(3), pages 611-629, May.
    2. Benedetto Manganelli & Pierluigi Morano & Francesco Tajani & Francesca Salvo, 2019. "Affordability Assessment of Energy-Efficient Building Construction in Italy," Sustainability, MDPI, vol. 11(1), pages 1-17, January.
    3. Odilon Costa & Franz Fuerst & Spenser Robinson & Wesley Mendes-da-Silva, 2017. "Are Green Labels More Valuable in Emerging Real Estate Markets?," LARES lares_2017_paper_5, Latin American Real Estate Society (LARES).
    4. Christensen, Pernille H. & Robinson, Spenser J. & Simons, Robert A., 2018. "The influence of energy considerations on decision making by institutional real estate owners in the U.S," Renewable and Sustainable Energy Reviews, Elsevier, vol. 94(C), pages 275-284.
    5. Fuerst, Franz & Warren-Myers, Georgia, 2018. "Does voluntary disclosure create a green lemon problem? Energy-efficiency ratings and house prices," Energy Economics, Elsevier, vol. 74(C), pages 1-12.
    6. Niina Leskinen & Jussi Vimpari & Seppo Junnila, 2020. "A Review of the Impact of Green Building Certification on the Cash Flows and Values of Commercial Properties," Sustainability, MDPI, vol. 12(7), pages 1-22, March.
    7. Barthel, Anne-Christine & Lei, Shan, 2021. "Investment in financial literacy and financial advice-seeking: Substitutes or complements?," The Quarterly Review of Economics and Finance, Elsevier, vol. 81(C), pages 385-396.
    8. Bełej, Mirosław & Cellmer, Radosław & Foryś, Iwona & Głuszak, Michał, 2023. "Airports in the urban landscape: externalities, stigmatization and housing market," Land Use Policy, Elsevier, vol. 126(C).
    9. Ioannis Vardopoulos & Ioannis Vannas & George Xydis & Constantinos Vassiliades, 2023. "Homeowners’ Perceptions of Renewable Energy and Market Value of Sustainable Buildings," Energies, MDPI, vol. 16(10), pages 1-18, May.

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