Bio:

since 02/2019
University Duisburg-Essen
Academic Staff at the Chair for Management Science and Energy Economics

10/2016 - 11/2018 Ruhr-Universität Bochum
Master of Science in Economic Policy Consulting with focus on Quantitative Methods 

10/2013 - 09/2016 Ruhr-Universität Bochum
Bachelor of Science in Managemt & Economics with focus on Industrial Organisation and Economic Policy and Managemt, Information and Decision Making

10/2011 - 09/2013 Technische Universität Dortmund
Bachelor's programme "Statistic"

Practical experience
11/2017 - 02/2018 Trainee at RWI - Leibniz-Institut für Wirtschaftsforschung
03/2018 - 08/2018 Student assisatnt at RWI - Leibniz-Institut für Wirtschaftsforschung
05/2018 - 11/2018 Masterthesis at Forschungsdatenzentrum Ruhr

Publications:

• Sieger, Lisa: Empirical analyses of market outcomes regarding energy efficiency valuation and renewable energy investments (1). Dissertation, Essen 2024. doi:10.17185/duepublico/82306CitationAbstractDetails

  Climate change has become a central focus of political and societal concern, ranking as one of the most important global challenges of our time. To meet the objectives of the Paris Agreement, Germany primarily emphasizes the increasing use of renewable energies and an increase in energy efficiency. The German government's ambitious goal is to reach greenhouse gas neutrality by 2045.To achieve this ambitious goal of a climate-neutral building stock by 2045, further investments in energy-efficient refurbishments and renewable energy technologies (and especially renewable heat) are necessary. 

  In this context, the main objective of this cumulative dissertation is to find empirical evidence for effects of energy efficiency improvements as well as of different heating technologies on real estate sales prices and rents. In addition, regarding renewable energy technologies beyond the aforementioned heating systems, different drivers for the expansion of rooftop photovoltaic (PV) systems are investigated.

• Sieger, Lisa: Investigating inefficiencies in the German rental housing market: The impact of disclosing total costs on energy efficiency appreciation. In: Energy & Buildings, Vol 312 (2024) No 114183. doi:10.1016/j.enbuild.2024.114183CitationAbstractDetails

  Energy efficiency and renewable energy are key pillars of the energy transition that is high on the political agenda of governments in face of the climate crisis. Germany, however, is underperforming in its emissions reduction goals. There is still room for improvement, especially in the building sector – but this is often associated with high upfront investments. There is evidence that the market for energy efficiency in the German rental housing market is inefficient, resulting in underinvestment. To investigate these inefficiencies, this study estimates a hedonic pricing model combined with a total-cost-of-use perspective based on the observation of warm rents for a sample of 3,903,473 rental offers from 2014 to 2021. In a “perfect world”, the effect of the energy performance score given in energy performance certificates as an indicator of energy consumption or demand, respectively, is expected to be zero, as corresponding costs are already included in the warm rent. If the coefficient is significantly different from zero, it can be interpreted as measure for inefficiencies. The study further investigates whether disclosing heating costs in real estate advertisements could lead to a better appreciation of energy efficiency in the rental market and thus contribute to closing the information gap. Results show that the market for energy efficiency is indeed inefficient; however, the disclosure of full information can help to overcome these inefficiencies. These results lead to several important policy implications.

• Breidenbach, Philipp; Jäger, Philipp; Taruttis, Lisa: Aging and real estate prices in Germany. In: Review of Regional Research, Vol 44 (2024), p. 383-401. doi:10.1007/s10037-024-00210-2CitationAbstractDetails

  Exploiting regional heterogeneity in population dynamics across more than 10,000 municipalities in Germany, we provide robust empirical evidence that population aging depresses real estate prices and rents. Using millions of individual real estate listings and detailed demographic data at the municipality level, we estimate that average sales prices in 2020 would have been up to 12% higher if the population age distribution had been the same as in 2008. We show that population aging not only reduces prices but also increases the availability of real estate. In addition, we document substantial heterogeneity in price responses across dwelling type, property characteristics, and urban-rural status, suggesting that lower housing demand and life-cycle dissaving are driving our results. We predict that population aging will continue to exert downward pressure on house prices and exacerbate regional disparities in Germany.

• Sieger, Lisa: Investigating Inefficiencies in the German Rental Housing Market: The Impact of Disclosing Total Costs on Energy Efficiency Appreciation, 05/2023. Essen 2023. 10.2139/ssrn.4605912) CitationDetails
• Stein, Tobias; Sieger, Lisa; Weber, Christoph: Disentangling Small-Scale Solar Photovoltaic Adoption: A Spatial Analysis of Decision Factors and Localized Interactions in Germany, 06/2023. Essen 2023. 10.2139/ssrn.4605917) CitationDetails
• Sieger, Lisa; Weber, Christoph: Inefficient markets for energy efficiency - The efficiency premium puzzle in the German rental housing market. In: Energy Policy, Vol 183 (2023) No 113819. doi:10.1016/j.enpol.2023.113819CitationAbstractDetails

  On the market where prospective renters meet dwelling offers, competitive forces and rational behavior on both sides would imply that the monthly basic rent should reflect differences in expected monthly heating costs – other things being equal. We test this hypothesis by specifying a hedonic price model reflecting a total-cost-of-renting perspective. Drawing on 844,229 apartment listings for rent from 2014 to 2020 on a small spatial scale, we find a premium for more energy-efficient apartments; however, it is rather small. If the energy performance score decreases by 10 kWh/m2a, the monthly basic rent increases, on average, by roughly €0.01 per square meter living area. The expected energy cost savings thereby exceed the premium by a factor of three to seven. Rather, we find discounts of up to 9.2 % if apartments use heating technologies that are known to be inefficient. We explore various explanations for these outcomes, considering both landlord and renter behavior.

• Breidenbach, P.; Jäger, P.; Taruttis, L.: Aging and Real Estate Prices in Germany, Ruhr Economic Papers #953. Essen 2022. (ISBN 978-3-96973-117-8) doi:10.4419/96973117) Full textCitationDetails
• Taruttis, L.; Weber, C.: Inefficient markets for energy efficiency - Empirical evidence from the German rental housing market, 02/2022. Essen 2022. 10.2139/ssrn.4047715) CitationDetails
• Taruttis, L.; Weber, C.: Auswirkungen von Energieeffizienz auf Immobilienpreise: Eine Analyse fuer Schleswig-Holstein, Dithmarschen und Heide, 01/2022. Essen 2022. Full textCitationDetails
• Taruttis, L.; Weber, C.: Estimating the impact of energy efficiency on housing prices in Germany: Does regional disparity matter?. In: Energy Economics, Vol 105 (2022). doi:10.1016/j.eneco.2021.105750Full textCitationAbstractDetails

  The German government is aiming for a climate-neutral building stock before 2050 to meet the defined goals of the Climate Action Plan 2050. Increasing the building stock's energy efficiency is therefore a high priority, and investments by private homeowners will greatly influence this, as around 46.5% of German homes are owner-occupied. To identify the possible monetary benefits of investments in energy retrofits, we investigate whether energy efficiency is reflected in the property values of German single-family homes. Therefore, we examine potential heterogeneous effects across regions. With 422,242 individual observations on a 1 km2-grid level from 2014 to 2018, this study adds to the extant literature by 1) examining the energy efficiency effect on housing values for the entire country and specifically investigating regional disparities in this context, and 2) estimating an energy efficiency value-to-cost ratio to compare housing values' increase with initial investment costs and future energy cost savings. Applying hedonic analysis, we find a positive relationship between energy efficiency and asking prices. If energy efficiency increases by 100 kWh/m2a, prices increase by 6.9% on average. We also find evidence for regional disparities. The effects are significantly weaker in large cities than in other urban areas, whereas the impact in rural regions is much stronger. According to this, housing shortage and higher purchasing power per capita were identified as drivers for low energy efficiency premiums. Finally, there is evidence that about 98% of future energy cost savings are already reflected in a higher housing value under myopic expectations regarding future energy prices.
   

• Neumann, U; Taruttis, L.: Sorting in an Urban Housing Market – Is There a Response to Demographic Change?. In: Review of Regional Research (2021). doi:10.1007/s10037-021-00158-7Full textCitationDetails
• Taruttis, L.; Weber, C.: Estimating the impact of energy efficiency on housing prices in Germany: Does regional disparity matter?, 04/2020. Essen 2020. Full textCitationDetails

Talks:

• Sieger, Lisa: Uncovering Inefficiencies in the Market for Energy Efficiency: The Role of Heating Costs Disclosure, 9|KSWD, 27.03.2023, Berlin. Details
• Sieger, L.; Weber, C.: Inefficient Markets for Energy Efficiency - Empirical Evidence from the German Rental Housing Market, Jahrestagung des Verein für Socialpolitik 2022, 12.09.2022, Basel. Details
• Sieger, L.; Weber, C.: Inefficient Markets for Energy Efficiency - Empirical Evidence from the German Rental Housing Market, 3rd International Conference on Energy Research & Social Science, 20.06.2022, Manchester, UK. Details
• Taruttis, L.; Weber, C.: Estimating the Impact of Energy Efficiency on Housing Prices in Germany: Does regional disparity matter?, 10th International Ruhr Energy Conference 2021 (INREC), 16.09.2021, Essen/online. Details
• Taruttis, L.; Weber, C.: Estimating the Impact of Energy Efficiency on Housing Prices in Germany: Does Regional Disparity Matter, 9th Mannheim Conference on Energy and the Environment, 20.05.2021, Mannheim / online. Details
• Taruttis, L.; Weber, C.: Estimating the impact of energy efficiency on housing prices in Germany: Does regional disparity matter?, VfS Jahrestagung 2020, 28.09.2020, Köln / online. Details
• Taruttis, L.; Weber, C.: The Impact of Energy Efficiency on Housing and Rental Prices - Evidence from North Rhine-Westphalia, REAL CORP 2020 - 25th International Conference on Urban Planning and Regional Development in the Information Society, 17.09.2020, Aachen / online. Details

Tutored Theses:

• Wirtschaftliche und technische Bewertung von Maßnahmen zur nachhaltigen Energienutzung an einem Industriestandort (Master Thesis Business Administration - Energy and Finance, 2023)
• Possible business models in the energy industry based on the new market role "Energieserviceanbieter" using GELSENWASSER AG as an example (Bachelor Thesis Business Administration, 2022)
• Relevant framework conditions for neighborhood storage in the future energy system (Bachelor Thesis Business Administration, 2022)
• Evaluation of subvention models for sustainability in the Real Estate sector in terms of economical efficiency and benefits (Bachelor Thesis Business Administration, 2022)
• Energy Efficiency policies in China and Germany - Contexts, Concepts and Impacts (Bachelor Thesis Business Administration, 2022)
• A techno-economic analysis of energetic renovation measures based on real buildings (Master Thesis Business Administration - Energy and Finance, 2022)
• Energiekonsum und Investitionen im Zuge des demografischen Wandels am Beispiel von Deutschland und Bulgarien (Bachelor Thesis Business Administration, 2021)
• Kalte Nahwärme und Stromobjektnetze - Quantifizierung der Synergien für die Energieversorgung in Neubauquartieren (Bachelor Thesis Industrial Engineering, 2021)
• Beeinflussen demografische und sozioökonomische Faktoren und deren Entwicklung die Akzeptanz erneuerbarer Technologien und verhindern Sie nachhaltige Investitionsentscheidungen von Haushalten? (Bachelor Thesis Industrial Engineering, 2021)
• Analyse von Bewertungskriterien und Bewertungsmethodiken in Strom- und Gaskonzessionsverfahren gem. § 46 EnWG im Hinblick auf die geforderte Diskriminierungsfreiheit und Transparenz der Vergabeentscheidung. (Bachelor Thesis Business Administration, 2020)
• Räumlich-statistische Analyse der Verteilung von kleinen Aufdach-Photovoltaikanlagen in Deutschland zwischen 2004 und 2019 (Bachelor Thesis Business Administration, 2020)
• Rollout intelligenter Messsysteme in der Wohnungswirtschaft - Bewertung von Use Cases aus der Nachfragerperspektive (Master Thesis Business Administration, 2019)
• Perspektiven der Wärmeversorgung in Wohngebäuden – Eine Marktanalyse für Duisburg (Master Thesis Business Administration)