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Model Validity and Transferability Informing Behavioral Energy Policies

Author

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  • Areti Kontogianni

    (Department of Mechanical Engineering, University of Western Macedonia, 50100 Kozani, Greece)

  • Dimitris Damigos

    (School of Mining and Metallurgical Engineering, National Technical University of Athens, 15780 Zografou Campus, Greece)

  • Michail Skourtos

    (Department of Economics, College of Business Administration, University of Kuwait, Kuwait 13060, Kuwait)

  • Christos Tourkolias

    (Center for Renewable Energy Sources, 19009 Pikermi, Greece)

  • Eleanor Denny

    (Department of Economics, Trinity College, D02 PN40 Dublin, Ireland)

  • Ibon Galarraga

    (BC3 Basque Centre for Climate Change, 48940 Leioa, Spain)

  • Steffen Kallbekken

    (CICERO Center for International Climate Research, P.O. Box 1129 Blindern, 0349 Oslo, Norway)

  • Edin Lakić

    (Faculty of Electrical Engineering, University of Ljubljana, 1000 Ljubljana, Slovenia)

Abstract

A number of microeconomic choice models are currently applied to demonstrate systematic biases in energy consumer behavior. The models highlight the hidden potential of energy savings from policies that target the so-called behavioral anomalies. Nevertheless, whether these patterns are repeatable or not is not clear, because the efforts to determine the transferability or generalizability of these models are practically nonexistent. This paper uses a unique collection of empirical data from five EU countries collected within the CONSEED project to refine and develop further the standard consumer decision model, validate it for policy purposes, and elaborate on its transferability between countries. The pooled samples allow for a more reliable investigation of the relative importance of the factors influencing consumers’ attitudes and beliefs towards energy investment decisions. Based on the statistical tests conducted to evaluate the “transferability” of the pooled models (i.e., the possibility of creating a “universal” model of EE from the pooled model), it can be argued that the models are transferable in specific cases since attitudinal factors and demographic characteristics play a significant role. Although the pooled models are validated, any extrapolation of the above-mentioned findings to specific populations in terms of “space” (i.e., country) and “target” (e.g., sectors and technologies) should be approached with caution from a policy perspective.

Suggested Citation

  • Areti Kontogianni & Dimitris Damigos & Michail Skourtos & Christos Tourkolias & Eleanor Denny & Ibon Galarraga & Steffen Kallbekken & Edin Lakić, 2021. "Model Validity and Transferability Informing Behavioral Energy Policies," Energies, MDPI, vol. 14(11), pages 1-20, May.
  • Handle: RePEc:gam:jeners:v:14:y:2021:i:11:p:3122-:d:563264
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