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Impact of complexity and experience on energy investment decisions for residential buildings

Benedikt Maciosek, Mehdi Farsi, Sylvain Weber () and Martin Jakob

No 22-07, IRENE Working Papers from IRENE Institute of Economic Research

Abstract: Complexity within the decision-making process can inhibit energy investment for residential buildings. In this paper we explore effects of complexity on investment behaviour, as well as the impact of experience with similar investments and of subsidies as a promoting policy tool. To shed light on these issues, we conduct a discrete choice experiment (DCE) among homeowners. Furthermore, we investigate appreciation of a simplifying one-stop-shop concept and calculate the willingness to invest. Our results show that homeowners are interested in energy investments and have a positive but decreasing marginal willingness to invest. Subsidies matter for investment choices and their effect more than offsets the negative impact of costs. Experience with similar investments plays a role for single home owners and especially those who are familiar with subsidies seem to be interested in the one-stop-shop concept.

Keywords: Energy efficiency; Renewable energy; Discrete choice experiment; Conditional logit models (search for similar items in EconPapers)
JEL-codes: D12 L94 Q41 (search for similar items in EconPapers)
Pages: 38 pages.
Date: 2022-09
New Economics Papers: this item is included in nep-dcm and nep-ene
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