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  4. A large-scale test of the effects of time discounting, risk aversion, loss aversion and present bias on household adoption of energy-efficient technologies
 
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2019
Journal Article
Title

A large-scale test of the effects of time discounting, risk aversion, loss aversion and present bias on household adoption of energy-efficient technologies

Abstract
This paper empirically and jointly analyses the relations between risk aversion, standard time discounting, present bias, and loss aversion and household stated adoption of low to high stake energy efficiency technologies (EETs) (light emitting diodes (LEDs), energy efficient appliances, and retrofit measures). The analysis relies on a large representative sample drawn from eight European Union countries. Preferences over time, risk and losses were elicited and jointly estimated from participant choices in incentivized, context-free multiple price list experiments. The findings from econometrically estimating EET adoption equations suggest that present-biased individuals are less likely to adopt EETs. They also provide (weak) evidence that individuals which are more risk-averse, or more loss-averse, or which exhibit a lower discount factor are less likely to adopt EETs. Finally, omitting one or several of the time and risk or loss-aversion parameters when estimating the EET adoption equations did not appear to cause omitted variable bias.
Author(s)
Schleich, Joachim  orcid-logo
Fraunhofer-Institut für System- und Innovationsforschung ISI  
Gassmann, Xavier
Brest Business School
Meissner, Thomas
Maastricht Univ.
Faure, C.
Journal
Energy Economics  
Open Access
DOI
10.1016/j.eneco.2018.12.018
Additional full text version
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Language
English
Fraunhofer-Institut für System- und Innovationsforschung ISI  
Keyword(s)
  • time discounting

  • risk aversion

  • loss aversion

  • energy efficiency

  • adoption

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