KeyConcepts

PENNY will design scientific experiments in the domain of consumer behaviour in order to improve the development of future energy efficiency policies. The project will assess the role played not only by extrinsic incentives, but also environmental self-identity, social values, bounded rationality, cognitive misperceptions as well as energy literacy in promoting energy efficient behavior.

Energy Efficiency

Values & Behaviour

Consumer Decisions

Barrier to Improvements

Latest news

23

October

On the role of the status-quo bias in energy efficiency

Do individuals showing a status-quo bias also own older home appliances as well display higher levels of consumption in energy services? Is the status-quo bias a barrier to energy efficient, related to both the investment and energy use domain? If you are interested in these questions, have a look to the report! Enjoy reading.

11

May

Calibration of simulation models

In this Penny report we describe how the models used in our simulations have been enhanced to explicitly take into account consumer behaviour in energy service consumption. First, we extended the computable general equilibrium (CGE) model such that we are able to look at the consumption of energy services of households that use electricity. Furthermore, we can analyse the impact of misperception of electricity prices on the derived demand for electricity and energy services. Second, we improved the representation of the building sector energy demand modelling in the WITCH IAM.

07

May

Energy literacy and the level of energy efficiency

We find that European households could save roughly 28-30% of their energy usage by correcting inefficiencies. We also find that the level of energy-related financial literacy seems to play an important role in explaining the level of electricity consumption and the level of the frontier function.

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