Heterogeneous preferences and investments in energy saving measures
Simeon Schudy and
Resource and Energy Economics, 2021, vol. 63, issue C
We investigate whether risk, time, environmental, and social preferences affect single-family homeowners’ investments in the energy efficiency of their house using established experimental measures and questionnaires. We find that homeowners who report to be more risk taking are more likely to have renovated their house. Pro-environmental and future-oriented renovators, i.e. renovators with lower discount factors, live in homes with higher energy efficiency. Pro-social preferences as measured in a dictator game relates positively to the energy quality of renovated houses. Controlling for the energy efficiency of houses, we further find that energy consumption as measured by heating and electricity costs is lower for future-oriented and pro-environmental individuals.
Keywords: Risk preferences; Time preferences; Environmental preferences; Social preferences; Energy efficiency; Artefactual field experiment (search for similar items in EconPapers)
JEL-codes: C93 D03 Q01 Q50 (search for similar items in EconPapers)
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Working Paper: Heterogeneous preferences and investments in energy saving measures (2021)
Working Paper: Heterogeneous Preferences and Investments in Energy Saving Measures (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:resene:v:63:y:2021:i:c:s0928765520304115
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