ELECTRICITY CONSERVATION: CONSUMER RATIONALITY VERSUS PROSPECT THEORY

Peter C. Mayer

Contemporary Economic Policy, 1995, vol. 13, issue 2, 109-118

Abstract: Research supports the efficacy of prospect theory over utility maximization for consumer investment in electricity saving equipment. The findings have implications for designing electric utility programs to promote electricity conservation. Prospect theory describes, explains and organizes consumer behavior that is contrary to consumers maximizing a stable utility function. The results are similar across three ethnic groups.

Date: 1995
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