Intersection of Climate Beliefs and Sustainability: An Empirical Study of Energy Efficiency Premiums in the Residential Real Estate Market
Bibliographic record
Abstract
Building on both the certification literature and previous work on the impact of climate change on real estate prices, this paper investigates how the prices of more sustainable homes differ from conventional homes. This paper utilizes data from the Green Building Registry and the Yale Climate Opinion Maps, along with Zillow housing price datasets and uses the hedonic pricing model to estimate the economic impact of energy efficiency on housing prices. Using comprehensive sales transaction data merged with energy rating data of U.S. real estate properties, this paper finds that properties with better energy ratings are sold at a premium compared to those with poor energy performance. The results also suggest that the premium is more profound among neighbourhoods that are more concerned about sustainability and environmental issues. The paper contributes meaningfully to the sustainable finance literature and the energy ratings literature. It has the potential to further our understanding of the role of energy ratings on real estate pricing and how climate beliefs may impact this role.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".