Consumers’ behavioral economics in renewable energy

Amir Rahmani, Roohallah Aboojafari, Farhad Taghizadeh-Hesary, Ali Bonyadi Naeini and Javad Mashayekh

Chapter 2 in A Modern Guide to Energy Economics, 2024, pp 28-55 from Edward Elgar Publishing

Abstract: The potential of renewable energy technologies (RETs) to mitigate climate change and provide long-term benefits for society and economic growth is widely acknowledged. Due to the different psychological, social, and economic factors adoption of RETs is often slower than anticipated. To address this issue and stimulate renewable energy (RE) demand, behavioral economics offers an effective framework for examining how consumers make decisions about RETs. In this chapter, a systematic review is conducted next to the content analysis of existing studies in the RE adoption field. In this context, an overview of the fundamental concepts in behavioral economics and their relevance to RETs is provided. The findings of the comprehensive analysis reveal that motivations, perceptions, and beliefs are the primary determinants of consumer decision-making in accepting RETs. The implications that emerged from the existing studies on customer behavior related to RE, based on the mentioned variables, are classified in this chapter.

Keywords: Economics and Finance; Environment (search for similar items in EconPapers)
Date: 2024
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