GSTDTAP  > 气候变化
DOI10.1016/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
ISSN0301-4215
EISSN1873-6777
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
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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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