Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1016/j.enpol.2017.09.026 |
Explaining the energy efficiency gap - Expected Utility Theory versus Cumulative Prospect Theory | |
Haeckel, Bjoern2,3; Pfosser, Stefan1; Traenkler, Timm1 | |
2017-12-01 | |
发表期刊 | ENERGY POLICY
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ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2017 |
卷号 | 111 |
文章类型 | Article |
语种 | 英语 |
国家 | Germany |
英文摘要 | Energy efficiency is one of the key factors in mitigating the impact of climate change and preserving non-renewable resources. Although environmental and economic justifications for energy efficiency investments are compelling, there is a gap between the observable and some notion of optimized energy consumption - the so-called energy efficiency gap. Behavioral biases in individual decision making have been resonated by environmental research to explain this gap. To analyze the influence of behavioral biases on decisions upon energy efficiency investments quantitatively, we compare Expected Utility Theory with Cumulative Prospect Theory. On basis of a real-world example, we illustrate how the extent of the gap is influenced by behavioral biases such as loss aversion, probability weighting and framing. Our findings indicate that Cumulative Prospect Theory offers possible explanations for many barriers discussed in literature. For example, the size of the gap rises with increased risk and investment costs. Because behavioral biases are systematic and pervasive, our insights constitute a valuable quantitative basis for environmental policy measures, such as customer-focused and quantitatively backed public awareness campaigns, financial incentives or energy savings insurances. In this vein, this paper may contribute to an accelerated adaption of energy efficiency measures by the broader public. |
英文关键词 | Energy efficiency investment Energy efficiency gap Cumulative Prospect Theory Expected utility theory Behavioral barrier |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000415779700042 |
WOS关键词 | PROBABILITY-WEIGHTING FUNCTION ; INDIVIDUAL DISCOUNT RATES ; DECISION-MAKING ; LOSS AVERSION ; CONSUMER RATIONALITY ; BEHAVIORAL ECONOMICS ; CONCEPTUAL-FRAMEWORK ; INVESTMENT DECISION ; RESIDENTIAL SECTOR ; EMPIRICAL-EVIDENCE |
WOS类目 | Economics ; Energy & Fuels ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/19040 |
专题 | 气候变化 |
作者单位 | 1.Univ Augsburg, Res Ctr Finance & Informat Management, Univ Str 12, D-86159 Augsburg, Germany; 2.Res Ctr Finance & Informat Management, Hsch 1, D-86161 Augsburg, Germany; 3.Univ Appl Sci Augsburg, Hsch 1, D-86161 Augsburg, Germany |
推荐引用方式 GB/T 7714 | Haeckel, Bjoern,Pfosser, Stefan,Traenkler, Timm. Explaining the energy efficiency gap - Expected Utility Theory versus Cumulative Prospect Theory[J]. ENERGY POLICY,2017,111. |
APA | Haeckel, Bjoern,Pfosser, Stefan,&Traenkler, Timm.(2017).Explaining the energy efficiency gap - Expected Utility Theory versus Cumulative Prospect Theory.ENERGY POLICY,111. |
MLA | Haeckel, Bjoern,et al."Explaining the energy efficiency gap - Expected Utility Theory versus Cumulative Prospect Theory".ENERGY POLICY 111(2017). |
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