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

20

April

Are we literate enough to choose a new washing machine?

Economists claim that there is a so-called “energy efficiency gap”. What they mean is that many households do not invest in new and more energy-efficient appliances, although this would be financially beneficial for them. In other words: every day millions of people do not see and pick the low hanging fruits of energy-efficiency improvements growing along their way. Several possible explanations have been considered for the existence of the “energy-efficiency gap”, among them various market and behavioural failures such as missing information, liquidity constraints, subjective discount rates and risk aversion, just to name a few. Another possible reason for people to not see and pick the low-hanging fruits is associated with the lack of a specific form of literacy.

05

April

FEEM Working Paper

The first results of the Penny project are available in the FEEM Working Paper 2018 .008: "Internal and External Barriers to Energy Efficiency: Made-to-Measure Policy Interventions".

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