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Explaining the Energy Efficiency Gap : Expected Utility Theory versus Cumulative Prospect Theory

Titelangaben

Häckel, Björn ; Pfosser, Stefan ; Tränkler, Timm:
Explaining the Energy Efficiency Gap : Expected Utility Theory versus Cumulative Prospect Theory.
In: Energy Policy. Bd. 111 (2017) . - S. 414-426.
ISSN 0301-4215
DOI: https://doi.org/10.1016/j.enpol.2017.09.026

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Abstract

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.

Weitere Angaben

Publikationsform: Artikel in einer Zeitschrift
Begutachteter Beitrag: Ja
Keywords: Energy Efficiency Investment; Energy Efficiency Gap; Cumulative Prospect Theory;
Expected Utility Theory; Behavioral Barrier
Institutionen der Universität: Fakultäten > Rechts- und Wirtschaftswissenschaftliche Fakultät > Fachgruppe Betriebswirtschaftslehre
Forschungseinrichtungen
Forschungseinrichtungen > Institute in Verbindung mit der Universität
Forschungseinrichtungen > Institute in Verbindung mit der Universität > Projektgruppe Wirtschaftsinformatik der Fraunhofer FIT
Forschungseinrichtungen > Institute in Verbindung mit der Universität > FIM Kernkompetenzzentrum Finanz- & Informationsmanagement
Fakultäten
Fakultäten > Rechts- und Wirtschaftswissenschaftliche Fakultät
Titel an der UBT entstanden: Nein
Themengebiete aus DDC: 000 Informatik,Informationswissenschaft, allgemeine Werke > 004 Informatik
300 Sozialwissenschaften > 330 Wirtschaft
Eingestellt am: 22 Dec 2017 06:52
Letzte Änderung: 07 Mai 2018 12:27
URI: https://eref.uni-bayreuth.de/id/eprint/41071