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Conference Agenda

Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).

Please note that all times are shown in the time zone of the conference. The current conference time is: 10th Sept 2026, 07:05:08pm CEST (Norway)

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Daily Overview

Session

Climate policy and distribution
Location: Auditorium I
Session Chair: Inge van den Bijgaart, Utrecht University

Presentation 3

Capitalization of Energy Prices in the Housing Market

Felix Heuer^1,2

1: RWI - Leibniz Institute for Economic Research, Germany; 2: Ruhr University Bochum

Discussant: Inge van den Bijgaart (Utrecht University)

This paper investigates the capitalization of energy prices in the housing market. To identify the causal effect of energy prices, I use the gas price shock in 2022 and the war in Ukraine as a quasi-experimental setting. In a difference-in-differences (DiD) framework, I estimate the effect of an increase in gas-based heating costs on rental prices, comparing gas-heated and renewable district heating apartments. Time on market and clicks are used as demand measures. In addition, local gas price data are used to identify the local magnitude of the gas price shock and to estimate treatment effects conditional on local shock intensities in a continuous DiD setting. Housing data on rental apartments are obtained from ImmobilienScout24.de. The results reject a capitalization of energy prices in rents, but find energy price sensitive demand. After the gas price increase, the time on market of gas-heated apartments increases by 6.6% to 9.8%. The effect varies with the size of the local gas price shock, and an additional €100 increase in annual heating costs increases the time on market by 0.4% to 0.3%.