Download or read book Can Information about Energy Costs Affect Consumers Choices written by Annina Angelina Boogen and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: There is an ongoing debate in the literature about whether consumers are fully informed when investing in energy efficiency. We experimentally evaluate the role of imperfect information or limited attention about energy costs of home appliances and light bulbs on households' choices. Using in-home visits, we collect information on the energy efficiency of home appliances and light bulbs that households own. Exploiting these unique data, the intervention provided treated households with customized information about the potential of monetary savings from the adoption of new comparable efficient durables. We find a substantial impact of our information treatment on both the energy efficiency of the newly purchased durables and the intensity of utilization of existing home appliances. Our findings suggest that individuals are not fully informed about or pay attention to energy costs when purchasing and utilizing home appliances.
Download or read book Report on Choice Experiments on the Effectiveness of Providing Information on Energy Costs on Energy Related Decisions in Households written by Steffen Kallbekken and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Consumers and Energy Conservation written by John D. Claxton and published by Praeger Publishers. This book was released on 1981 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Does Better Information Lead to Better Choices written by Lucas W. Davis and published by . This book was released on 2014 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Information provision is a key element of government energy-efficiency policy, but the information that is provided is often too coarse to allow consumers to make efficient decisions. An important example is the ubiquitous yellow "EnergyGuide" label, which is required by law to be displayed on all major appliances sold in the United States. These labels report energy cost information based on average national usage and energy prices. We conduct an online randomized controlled trial to measure the potential benefits from providing more accurate information. We find that state-specific labels lead to significantly better choices. Consumers invest about the same amount overall in energy-efficiency, but the allocation is much better with more investment in high-usage high-price states and less investment in low-usage low-price states. The implied aggregate cost savings are larger than any reasonable estimate of the cost of implementing state-specific labels.
Download or read book Inform Me when it Matters written by Puja Singhal and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Effective attention to information may play a prominent role in consumer choice for energy-intensive services and it may simply be a function of receiving timely information when consumption takes place. This paper investigates whether and why the timing of utility bills leads to salience bias in heat energy consumption. In Germany, the 12-month billing period varies across buildings with a significant share of buildings receiving bills during the summer months, when the salience of heating costs is absent or low. I exploit this large-scale natural experiment in utility billing cycles at the building level to identify the salience effect of costs on energy consumption and the underlying heterogeneity in the average treatment effect. I find new evidence for consumer inattention to energy costs: consumers that are billed for heating during off-winter months demand more heat energy annually. Results suggest that households are paying attention to their heating costs in the first three months of the 12-month billing period. As a result, bills immediately before the winter heating season are most effective, allowing ample opportunity to adjust consumption. I show that salience bias in consumption is persistent and pervasive - affecting households in all regions and building/technology type. Engaging energy users with salient bills, not necessarily more frequent, has the potential to reduce energy consumption in the residential sector significantly. This paper further examines whether enduring differences in consumer inattention to energy costs had a long-run impact on thermal efficiency investments by building owners - with implications for the energy-efficiency gap.
Download or read book Public Policies Private Choices written by Reuben Alexander Deumling and published by . This book was released on 2008 with total page 522 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Energy Economics written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2023-12-17 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Energy Economics Energy economics is a vast category of scientific study that encompasses a variety of themes that are associated with the supply and utilization of energy in society. The economic significance of the efficiency with which energy may be produced is determined by taking into account the cost of energy services and the value that is connected with them. One definition of energy services is functions that generate and supply energy to "desired end services or states." Energy services can be explained in this way. The efficiency of energy services is directly proportional to the engineered technology that is utilized in the production and distribution of those services. The objective is to reduce the amount of energy that is taken in during the production of the energy service, which includes things like lighting (lumens), heating (temperature), and fuel. Despite the fact that energy economics is relevant to a wide range of human activities, including individuals and enterprises at the microeconomic level and resource management and environmental implications at the macroeconomic level, the primary sectors that are taken into consideration in energy economics are transportation and building. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Energy economics Chapter 2: Economics Chapter 3: Macroeconomics Chapter 4: Environmental economics Chapter 5: Market failure Chapter 6: Behavioral economics Chapter 7: Economic efficiency Chapter 8: Managerial economics Chapter 9: Jevons paradox Chapter 10: William Baumol Chapter 11: Government failure Chapter 12: JEL classification codes Chapter 13: John Quiggin Chapter 14: Richard Blundell Chapter 15: Rebound effect (conservation) Chapter 16: New classical macroeconomics Chapter 17: Engineering economics Chapter 18: David Zilberman (economist) Chapter 19: Michael Greenstone Chapter 20: Shelly Lundberg Chapter 21: Inframarginal analysis (II) Answering the public top questions about energy economics. (III) Real world examples for the usage of energy economics in many fields. (IV) Rich glossary featuring over 1200 terms to unlock a comprehensive understanding of energy economics. (eBook only). Who will benefit Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of energy economics.
Download or read book Hidden Costs of Energy written by National Research Council and published by National Academies Press. This book was released on 2010-05-26 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the many benefits of energy, most of which are reflected in energy market prices, the production, distribution, and use of energy causes negative effects. Many of these negative effects are not reflected in energy market prices. When market failures like this occur, there may be a case for government interventions in the form of regulations, taxes, fees, tradable permits, or other instruments that will motivate recognition of these external or hidden costs. The Hidden Costs of Energy defines and evaluates key external costs and benefits that are associated with the production, distribution, and use of energy, but are not reflected in market prices. The damage estimates presented are substantial and reflect damages from air pollution associated with electricity generation, motor vehicle transportation, and heat generation. The book also considers other effects not quantified in dollar amounts, such as damages from climate change, effects of some air pollutants such as mercury, and risks to national security. While not a comprehensive guide to policy, this analysis indicates that major initiatives to further reduce other emissions, improve energy efficiency, or shift to a cleaner electricity generating mix could substantially reduce the damages of external effects. A first step in minimizing the adverse consequences of new energy technologies is to better understand these external effects and damages. The Hidden Costs of Energy will therefore be a vital informational tool for government policy makers, scientists, and economists in even the earliest stages of research and development on energy technologies.
Download or read book Electricity Prices and Consumers Long Term Technology Choices written by Anna Sahari and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies consumers' sensitivity to energy costs at the moment of making a long-term energy technology investment. The analysis exploits within-region variation in local, regulated electricity distribution prices that are very persistent over time and therefore a good measure of long-term price expectations. Price impacts are estimated on extensive administrative registry data of private persons acting as home builders in Finland during 2006-2011. The results show that electricity prices notably influence builders' heating choices, and price increases that are mostly due to taxation have induced demand for technologies based on renewable energy. However, the results on the comprehensive set of observable individual-level characteristics imply that issues related to information and credit availability may hamper price sensitivity.
Download or read book Consumer Engagement with Energy Markets written by Great Britain: Parliament: House of Commons: Energy and Climate Change Committee and published by The Stationery Office. This book was released on 2012-12-20 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: Additional written evidence is contained in Volume 3, available on the Committee website at www.parliament.uk/ecc. For Volume 1: Report, see (ISBN 9780215052193)
Download or read book Green Energy and Efficiency written by Alberto Ansuategi and published by Springer. This book was released on 2014-11-05 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addressing the major issues associated with green energy and energy efficiency, this book examines the economics of energy from the theoretical as well as applied perspectives. It makes a valuable contribution to existing discussion around environment and climate change issues, and provides an analysis of the socioeconomic and policy-oriented aspects of this topic. Each chapter is self-contained and tackles the fundamental issues and latest developments of a particular sub-topic. Combining rigour and accessibility, this book allows non-specialized readers to understand the complexity of the topic, and to likewise access the most relevant and up-to-date literature. It simultaneously enables more specialized readers to broaden their understanding of complex energy topics and it provides a comprehensive overview of the cutting-edge developments of the issues covered by the book. This book covers important themes including regulation for green energy, the promotion of green energy and efficiency, the challenges and options of renewable energy, and efficiency in economic sectors. It is intended for researchers and postgraduates with an interest in energy, climate change and environmental economics, and also policymakers and energy companies.
Download or read book The Impact of Advertising Marketing and Other Market Information on Consumer Energy Use written by William Michael Denney and published by . This book was released on 1978 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Energy Technology Choices Shaping Our Future written by and published by DIANE Publishing. This book was released on with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Managing Energy Demand with Information and Standards written by Sébastien Houde and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Energy efficiency, the notion that we can provide the same or comparable amount of energy services with less energy, is at the core of demand-side energy policies in the US, and elsewhere. The economics of energy efficiency policies is however controversial. While engineering calculations have repeatedly suggested that the full technical potential for energy efficiency is far to be realized, economists have pointed out that moving closer to the full potential is desirable to the extent that it delivers net benefits to society. The point of contention is that many practitioners and researchers believe that the observed investments in energy efficiency are systematically below their socially optimal levels, a phenomenon known as the energy efficiency gap, but it is still much debated how big is the gap, why it arises, and whether it commands policy interventions. The first goal of this dissertation is to propose a new conceptual framework to formalize the energy efficiency gap. Using the paradigm of transaction cost economics, I re-frame the concept of behavioral failure in a way consistent with standard welfare economics. In my framework, the fact that consumers may not account fully for energy costs (or may have biased perceptions) is rationalized by the existence of transaction costs to collect and process energy information. The second goal is to apply the framework to conduct a welfare analysis of one particular policy, the Energy Star certification program. The Energy Star certification is a voluntary labeling program managed by the US Environmental Protection Agency (EPA) that favors the adoption of energy efficient products. There are several rationales to focus on this program. First and foremost, Energy Star is one of the most important US policies aimed at improving energy efficiency, but rigorous evaluations of the program remain scant. Second, Energy Star is a policy that relies primarily on information and standards to influence consumers, which from a program evaluation standpoint, raises a number of methodological issues. The goal of my empirical application is thus to contribute to the policy debate, while proposing a novel methodology to analyze information-based policies. In Chapter 2, I use unique micro-data on the US refrigerator market to show that consumers respond to certification in different ways. Some consumers appear to rely heavily on Energy Star and pay little attention to electricity costs, others are the reverse, and still others appear to be insensitive to both electricity costs and Energy Star. I then develop a structural model of demand to conduct a welfare analysis of the program. The third goal is to investigate the role of firms' behaviors in determining the equilibrium outcomes of demand-side policies. The rationale here is that ignoring firms' responses may lead to grossly over or under-estimate the effects of policies aimed at consumers. In Chapter 3, I first shows that Energy Star influences firms decisions. Focusing on the refrigerator market, firms offer products that bunch exclusively at the minimum and Energy Star standards. I also find some evidence that consumers' valuation of the Energy Star certification is factored into pricing decisions. The second part of this chapter uses an oligopoly model estimated for the US refrigerator market to investigate firms' product lines and pricing decisions under various scenarios. I show that in a world without Energy Star firms might discriminate less in the energy efficiency dimension. This has important implications in determining the welfare effects of the program, and ultimately for the design of voluntary energy efficiency standards. In Chapter 4, I use the structural demand model and the oligopoly model to simulate the effects of the Energy Star program on the US refrigerator market. My results suggest that the program may lead to important energy savings, and improve social welfare. Moreover, Energy Star is particularly desirable in a world where there are different market failures interacting with one another. For instance, I find that the Energy Star certification may help firms to exercise market power, which, surprisingly, could benefit to consumers because the certification leads to a greater diversity of products in equilibrium. More generally, the welfare analysis yields a number of important insights on the interplay of demand-side policies and market structure.
Download or read book Consumer Inattention Heuristic Thinking and the Role of Energy Labels written by Mark Andor and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Energy Technology Choices written by États-Unis. Congress. Office of Technology Assessment and published by DIANE Publishing. This book was released on 1991 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Decision Making Neural and Behavioural Approaches written by and published by Newnes. This book was released on 2013-01-10 with total page 533 pages. Available in PDF, EPUB and Kindle. Book excerpt: This well-established international series examines major areas of basic and clinical research within neuroscience, as well as emerging and promising subfields.This volume explores interdisciplinary research on decision making taking a neural and behavioural approach - Leading authors review the state-of-the-art in their field of investigation, and provide their views and perspectives for future research - Chapters are extensively referenced to provide readers with a comprehensive list of resources on the topics covered - All chapters include comprehensive background information and are written in a clear form that is also accessible to the non-specialist
