Differentiation Strategies in the Adoption of Environmental Standards: LEED from 2000-2014
نویسندگان
چکیده
We study the role of vertical differentiation in the adoption of LEED (Leadership in Energy & Environmental Design), a multi-tier environmental building certification system. Our identification strategy relies on the timing of adoption, and shows that builders seek to differentiate from each other when choosing a certification level. We estimate a model that incorporates both differentiation incentives and correlated market-level unobservables, and find that differentiation accounts for 16.5% of the variation due to observed factors. Finally, we use our estimates to simulate the impact of reducing the number of LEED tiers from four to two, and find that the impact on environmental investments depends upon the location of the threshold between levels.
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تاریخ انتشار 2018