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The Influence of Risk Perception on Energy Efficiency Investments : Evidence From a German Survey

Title data

Rockstuhl, Sebastian ; Wenninger, Simon ; Wiethe, Christian ; Ahlrichs, Jakob:
The Influence of Risk Perception on Energy Efficiency Investments : Evidence From a German Survey.
In: Energy Policy. Vol. 167 (2022) . - No. 113033.
ISSN 0301-4215
DOI: https://doi.org/10.1016/j.enpol.2022.113033

Project information

Project title:
Project's official titleProject's id
Projektgruppe WI Nachhaltiges Energiemanagement & MobilitätNo information
Projektgruppe WI IT-gestütztes FinanzmanagementNo information

Abstract in another language

Energy efficiency investments are typically based on either one of two opposing perspectives on financial risk. This study conducted a choice experiment based on a simulated online shop for energetic retrofitting. Here, the resulting financial risk of retrofitting was presented in different treatment groups from these two perspectives. In this vein, participants in the first treatment group were confronted with the resulting risk of deviating energy bill savings (investment risk perspective), which increases with the investment. In the second treatment group, participants were confronted with resulting risk of deviating energy bills after the investment (energy bill risk perspective), which decreases with investment. In the third treatment group, we displayed risk from both perspectives. We found that participants deciding on retrofitting measures within the online shop displaying energy bill risk invested about 20% more than participants in an online shop displaying the investment risk, tested for significance. These findings establish a new way of nudging individuals towards energy efficiency investments, which is especially important for energy policymakers. We, therefore, recommended actively leveraging the risk-reducing potential under the energy bill perspective when promoting energy efficiency investments.

Further data

Item Type: Article in a journal
Refereed: Yes
Keywords: Nudging; green IS; energy efficiency; decision-making; retrofitting; choice experiment
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Business Administration
Faculties > Faculty of Law, Business and Economics > Department of Business Administration > Professor Information Systems and Digital Energy Management
Faculties > Faculty of Law, Business and Economics > Department of Business Administration > Professor Information Systems and Digital Energy Management > Professor Information Systems and Digital Energy Management - Univ.-Prof. Dr. Jens Strüker
Research Institutions
Research Institutions > Affiliated Institutes
Research Institutions > Affiliated Institutes > Fraunhofer Project Group Business and Information Systems Engineering
Research Institutions > Affiliated Institutes > FIM Research Center Finance & Information Management
Result of work at the UBT: Yes
DDC Subjects: 000 Computer Science, information, general works > 004 Computer science
300 Social sciences > 330 Economics
Date Deposited: 23 May 2022 06:13
Last Modified: 23 May 2022 06:13
URI: https://eref.uni-bayreuth.de/id/eprint/69670