Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/20472
Title: How transaction costs affect real estate developers entering into the building energy efficiency (BEE) market?
Authors: Qian, QK
Chan, EHW 
Choy, LHT 
Keywords: Building energy efficiency (BEE)
Game theory
Information asymmetry
Low carbon
Transaction cost economics
Issue Date: 2013
Publisher: Pergamon Press
Source: Habitat international, 2013, v. 37, p. 138-147 How to cite?
Journal: Habitat international 
Abstract: Buildings 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.
URI: http://hdl.handle.net/10397/20472
ISSN: 0197-3975
EISSN: 1873-5428
DOI: 10.1016/j.habitatint.2011.12.005
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