CIVEL Edouard

This dissertation investigates the value of information in the context of the economics of green buildings, by combining theoretic, empirical and experimental approaches. First, the perception of Energy Performance Certificate is studied through an artefactual field experiment on a representative sample of the French population. We point up a mixed cognitive efficiency for the label. A significant part of the population ignores it, however attentive subjects do use the label to revise their prior beliefs on energy quality. Second, we provide evidence of the capitalization of this information into real estate prices over two French regions. Low-consumption houses exhibit, ceteris paribus, a significant green premium that matches with techno-economic estimations of associated renovation costs. However, despite this ‘green value’, the pace of energy renovations remains slow in the French market: the energy label information does not reduce uncertainty on the outcomes of the renovation process. In a third time, we show through a strategic option model that the lack of reliable information about renovation quality can delay investment decisions, and even inhibit their diffusion. Recently, several innovations have opened the possibility of producing reliable information on quality in the building industry. Then, fourthly, we explore with a laboratory experiment people's Willingness-To-Pay for information. Its magnitude is evidenced as significantly higher than information theoretic value. Nonetheless, pricing information has overall mixed effects on behaviors, inducing more strategic thinking but also some cognitive biases. A careful design of information markets is thus required.

This thesis examines the value of information in the sustainable housing market, combining theoretical, empirical and experimental approaches. First, the perception of the Diagnostic de Performance Énergétique is studied through a survey on a representative sample of the French population. We highlight a nuanced cognitive effectiveness of the label. A part of the population is unaware of it, but attentive subjects use the label to revise their beliefs about energy quality. Second, we provide evidence of the capitalization of this information in real estate prices in two French regions. Low-energy houses present, ceteris paribus, a significant green premium that corresponds to the technical-economic estimates of the associated renovation costs. Despite this 'green value', the pace of energy renovations remains slow on the French market: the information conveyed by the energy label does not reduce the uncertainty on the results of renovation operations. Third, we show through a strategic options model that this uncertainty can delay investment decisions, or even prevent their diffusion. Fourth, we study through a laboratory experiment the willingness of individuals to pay for information, showing that it could largely exceed its theoretical prediction. Nevertheless, the positive effects of paid information could be annihilated by several cognitive biases, requiring a regulation of information markets.