1.Introduction In both theoretical analysis and empirical studies, economists demonstrated that consumers generally respond to eco-labeling positively when making purchasing decisions (Grankvist, 2004; Rodríguez-Ibeas, 2007; Newell and Siikamäki, 2013; Chan and Gillingham, 2014). People prefer greener products for various reasons: better quality, generated additional social welfare, corporate social responsibility, warm-glow effect from being altruistic, and peer effects in the community (Thøgersen, 2000; Eichholtz et al., 2010; Delmas and Lessem, 2014). Among all incentives to purchase green products, the increasingly strong awareness to protect the environment is the most dominant factor. The public 's apparent willingness to
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Yet, researchers have proved that green buildings are superior to the common constructions with high cost-effectiveness and low environmental impact. Therefore, green building is appropriate for this case study. Green buildings are the buildings and constructions that are built or renovated using durable, environmentally friendly, non-toxic, energy efficient and recyclable construction materials. Based on the belief that eco-labeling is an effective way to differentiate products, and increases consumer’s willingness to pay (Conrad, 2005), plenty of researchers had already conducted studies on the eco-labels in the real estate market, various forms of green building certification, for investor’s reference (Chau and Chuang, 2553; Fuerst and McAllister 2009; Alexander et al. 2012; Nyikos et al. 2012). The certification of a green building or constructions provides information, including a likely higher construction cost and an expected lower operating cost in the long term, to the tenants and …show more content…
Green Building Council (USGBC). The LEED green building certification program is a rating system that consists of sets of evaluation for environmentally sustainable construction in six categories of assessment: sustainability of the site, water efficiency, energy and atmosphere, materials and resources, indoor environmental quality, and innovation and design process Started from April 2009, a consolidated LEED rating system, LEED v3, assesses projects on a scale of 100 points, with six bonus points for green innovative design and four bonus point for the project’s special importance in its region (U.S. Green Building Council, n.d. a). The project can be certified as a LEED building once it reaches 40 points in LEED v3, and it will be granted silver if reaches 50 points, good for 60 points, and Platinum for 80 points and above. The latest LEED rating system, LEEDv4 was introduced in November 2013, however, it will not be fully recognized till October 2016. The LEED rating system is well recognized in the United States, not only because it is standardized criteria, but also because the LEED rating system is monitored consistently (U.S. Green Building Council, n.d. b).. All LEED projects are actively reviewed by over 12,000 USGBC organizational partners and more than 20,000 professional
Yet, researchers have proved that green buildings are superior to the common constructions with high cost-effectiveness and low environmental impact. Therefore, green building is appropriate for this case study. Green buildings are the buildings and constructions that are built or renovated using durable, environmentally friendly, non-toxic, energy efficient and recyclable construction materials. Based on the belief that eco-labeling is an effective way to differentiate products, and increases consumer’s willingness to pay (Conrad, 2005), plenty of researchers had already conducted studies on the eco-labels in the real estate market, various forms of green building certification, for investor’s reference (Chau and Chuang, 2553; Fuerst and McAllister 2009; Alexander et al. 2012; Nyikos et al. 2012). The certification of a green building or constructions provides information, including a likely higher construction cost and an expected lower operating cost in the long term, to the tenants and …show more content…
Green Building Council (USGBC). The LEED green building certification program is a rating system that consists of sets of evaluation for environmentally sustainable construction in six categories of assessment: sustainability of the site, water efficiency, energy and atmosphere, materials and resources, indoor environmental quality, and innovation and design process Started from April 2009, a consolidated LEED rating system, LEED v3, assesses projects on a scale of 100 points, with six bonus points for green innovative design and four bonus point for the project’s special importance in its region (U.S. Green Building Council, n.d. a). The project can be certified as a LEED building once it reaches 40 points in LEED v3, and it will be granted silver if reaches 50 points, good for 60 points, and Platinum for 80 points and above. The latest LEED rating system, LEEDv4 was introduced in November 2013, however, it will not be fully recognized till October 2016. The LEED rating system is well recognized in the United States, not only because it is standardized criteria, but also because the LEED rating system is monitored consistently (U.S. Green Building Council, n.d. b).. All LEED projects are actively reviewed by over 12,000 USGBC organizational partners and more than 20,000 professional