Stefano Cellini

PhD Student

Academic and research departments

School of Economics.

My qualifications

BSc (Hons) Economics and Finance
University of Surrey
MRes Economics
University of Surrey


Research interests

My teaching

Courses I teach on


My publications


Stefano Cellini (2021). Split Incentives and Endogenous Inattention in Home Retrofits Uptake: a Story of Selection on Unobservables?
R&R at Energy Economics
View abstract View full publication
Researchers have tested for imperfect information in rental sector and housing-induced returns heterogeneity among occupiers by estimating cross-sectional single-equation models. This approach leads to the estimation of conspicuous wedges in insulation investment propensity between tenants vs owner-occupiers (≥ 20 percentage points) and low-return vs high-return dwellings households (0.10-0.20pp) in the UK. I complement these findings by analysing their sensitivity to assumptions on unobservables à la Oster (2019) and Cinelli and Hazlett (2020). According to the former’s parametrization, under equally strong observables and unobservables, the effect of split incentives on loft/wall insulation investment can be up to 40%/26% lower, while the effect of housing choices is unaltered. Instead, the latter’s strategy suggests that an equal selection scenario would reduce by at least 60% the split incentives estimates, whereas non-random housing would just cause the estimates to drop by less than one third. Hence, I quantify how easily research conclusions may be severely affected by a certain degree of selection and offer some convenient tools to integrate in the assessment of the sources of under-retrofitting with cross-sectional data.