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Real estate companies' size and the production of energy-efficient housing services: Evidence from Germany's apartment housing market

Author

Listed:
  • Michelsen, Claus
  • Rosenschon, Sebastian
  • Schulz, Christian

Abstract

This paper investigates the effect of a housing company's size on the outcome of energetic refurbishment. We argue that economies of scale, economies of scope and effects of learning have an impact on the production of energy-efficient housing services. To test our hypothesis, we use unique data on 102,307 apartment houses in Germany. Besides owner characteristics and refurbishment effort, we introduce several control variables, to capture vintage, size and spatial effects. We find strong evidence for the presence of firm-specific, in particular size, effects on the energetic outcome of refurbishment. For example, large housing companies reduce real energy requirements of a building by 39.96% in the case of full refurbishment. In contrast, single-unit owners increase energy efficiency by only 15.93%. Moreover, the absolute differences between company types increase with refurbishment effort.

Suggested Citation

  • Michelsen, Claus & Rosenschon, Sebastian & Schulz, Christian, 2013. "Real estate companies' size and the production of energy-efficient housing services: Evidence from Germany's apartment housing market," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79689, Verein für Socialpolitik / German Economic Association.
    • Handle: RePEc:zbw:vfsc13:79689
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    More about this item

    JEL classification:

    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R32 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other Spatial Production and Pricing Analysis
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy

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