Study on crowdfunding’s promoting effect on the expansion of electric vehicle charging piles based on game theory analysis

Lijing Zhu, Qi Zhang, Huihui Lu, Hailong Li, Yan Li, Benjamin McLellan and Xunzhang Pan

Applied Energy, 2017, vol. 196, issue C, 238-248

Abstract: The successful market penetration of electric vehicles (EVs) is subject to the capacity of charging infrastructure, and the development of charging infrastructure is mainly driven by economic incentives. This study analyzes the advantages of crowdfunding financing for promoting the construction of electric vehicle charging piles compared with other incentive methods. A three-level Stackelberg game is proposed to model the interactions between the electricity supplier, the charging infrastructure operator and crowdfunders. The results indicate that crowdfunding is an effective and efficient way to promote the penetration of charging piles, since it has the same effect as supplying a 20% subsidy with regards to the promotion of charging pile installation. Theoretical analysis finds that crowdfunding’s performance is affected by crowdfunders’ risk attitude, and less risk-averse crowdfunders have stronger incentives for charging piles investment. Sensitivity analysis is conducted on crowdfunding’s performance in terms of repayment rate, unit construction cost, charging volume and risk tolerance. The results show that the effect of crowdfunding is most sensitive to construction cost, and when unit construction cost decreases from 0.03 to 0.01USD/(watt·year), the total annual construction quantity under crowdfunding model increases from 18.8MW to 56.6MW, which provides managerial insights for the government to promote charging infrastructure related technologies.

Keywords: Electric vehicles (EV); Charging piles; Crowdfunding; Game theory (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (20)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0306261916316452
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:appene:v:196:y:2017:i:c:p:238-248

Ordering information: This journal article can be ordered from
http://www.elsevier.com/wps/find/journaldescription.cws_home/405891/bibliographic
http://www.elsevier. ... 405891/bibliographic

DOI: 10.1016/j.apenergy.2016.11.060

Access Statistics for this article

Applied Energy is currently edited by J. Yan

More articles in Applied Energy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().