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Article: How transaction costs affect real estate developers entering into the building energy efficiency (BEE) market?

TitleHow transaction costs affect real estate developers entering into the building energy efficiency (BEE) market?
Authors
KeywordsLow carbon
Information asymmetry
Game theory
Building energy efficiency (BEE)
Transaction cost economics
Issue Date2013
Citation
Habitat International, 2013, v. 37, p. 138-147 How to Cite?
AbstractBuildings consume a major proportion of the electricity power in most cities, thus promoting building energy efficiency (BEE) will directly contribute to low carbon cities. Some studies suggest that the additional investment on BEE should be well paid off by higher selling prices or more savings in term of life cycle costing. Real estate developers are profit driven and working in a competitive environment. However, it appears that real estate developers are skeptical in entering the BEE market, which requires alternate theories to explain their behaviors. In this study, we attempt incorporating transaction cost economics (TCE) and game theoretical frameworks into the analysis. It suggests that the anticipated transaction costs entailed in the provision of BEE products due to such factors as bounded rationality, opportunism and contractual hazards, combined with the asymmetrical information in the BEE market have curtailed the developers' interests. This study also leads to suggesting some policy recommendations to induce the developers entering into the BEE market by reducing the transaction costs. © 2011 Elsevier Ltd.
Persistent Identifierhttp://hdl.handle.net/10722/219672
ISSN
2015 Impact Factor: 2.029
2015 SCImago Journal Rankings: 1.038

 

DC FieldValueLanguage
dc.contributor.authorQian, Queena K.-
dc.contributor.authorChan, Edwin H W-
dc.contributor.authorChoy, Lennon H T-
dc.date.accessioned2015-09-23T02:57:41Z-
dc.date.available2015-09-23T02:57:41Z-
dc.date.issued2013-
dc.identifier.citationHabitat International, 2013, v. 37, p. 138-147-
dc.identifier.issn0197-3975-
dc.identifier.urihttp://hdl.handle.net/10722/219672-
dc.description.abstractBuildings consume a major proportion of the electricity power in most cities, thus promoting building energy efficiency (BEE) will directly contribute to low carbon cities. Some studies suggest that the additional investment on BEE should be well paid off by higher selling prices or more savings in term of life cycle costing. Real estate developers are profit driven and working in a competitive environment. However, it appears that real estate developers are skeptical in entering the BEE market, which requires alternate theories to explain their behaviors. In this study, we attempt incorporating transaction cost economics (TCE) and game theoretical frameworks into the analysis. It suggests that the anticipated transaction costs entailed in the provision of BEE products due to such factors as bounded rationality, opportunism and contractual hazards, combined with the asymmetrical information in the BEE market have curtailed the developers' interests. This study also leads to suggesting some policy recommendations to induce the developers entering into the BEE market by reducing the transaction costs. © 2011 Elsevier Ltd.-
dc.languageeng-
dc.relation.ispartofHabitat International-
dc.subjectLow carbon-
dc.subjectInformation asymmetry-
dc.subjectGame theory-
dc.subjectBuilding energy efficiency (BEE)-
dc.subjectTransaction cost economics-
dc.titleHow transaction costs affect real estate developers entering into the building energy efficiency (BEE) market?-
dc.typeArticle-
dc.description.natureLink_to_subscribed_fulltext-
dc.identifier.doi10.1016/j.habitatint.2011.12.005-
dc.identifier.scopuseid_2-s2.0-84867143704-
dc.identifier.volume37-
dc.identifier.spage138-
dc.identifier.epage147-

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