Analysis of Consumer Behaviour in Regional Energy Consumption

Vytis Varanavicius, Aida Navikaite, Yuriy Bilan and Wadim Strielkowski
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Vytis Varanavicius: Lithuanian Energy Institute
Aida Navikaite: Kaunas University of Technology

Economy of region, 2017, vol. 1, issue 1, 147 - 156

Abstract: Consumer behavior is perceived as an investment which does not yield results in the short run. The traditional economic theory of customer preferences is based on four main elements: customer income, the market price of goods, customer preferences, and behavioral assumption about the maximum of achievable benefits. Even though it sometimes might seem that equalizing energy consumption with behavior is not possible, it can often be described as consequences of behavior, such as turning off the lights or thermostat level reduction for saving power. Our paper demonstrates how the psychological concept of consumer behavior effects energy consumption. It provides recommendations about the incorporation of the idea of uncomplicated information availability for consumers taking into consideration their long-term habits. The novelty of this study is that psychological concept of consumer behavior effects energy consumption in each of the region, therefore, it is recommended to incorporate the idea of uncomplicated information availability for consumers taking into consideration long-term habits. The problem analyzed in the article is how consumer behavior influences energy consumption. The aim of the article is to analyze the consumer behavior in energy consumption. The objectives of the study are two-fold: i) to analyze the element of consumer behavior from the theoretical point of view, and ii) to investigate the patterns of energy consumption. The methods of the study are a logical and comparative analysis of literature, graphics, synthesis, and deduction. Our results and findings can be used by the stakeholders and policy-makers in preparing regional development economic policies and in designing the energy consumption strategies in the framework of the regional development.

Keywords: customer behavior; regional development; preferences; behavioural economics; energy consumption; regional economy; energy saving; energy policy; rational information; comparative analysis (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (2)

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Journal Article: Analysis of consumer behaviour in regional energy consumption (2017)
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