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Heterogeneous preferences and investments in energy saving measures

Author

Listed:
  • Urs Fischbacher

    (Thurgau Institute of Economics - University of Konstanz)

  • Simeon Schudy

    (LMU - Ludwig Maximilian University [Munich] = Ludwig Maximilians Universität München)

  • Sabrina Teyssier

    (GAEL - Laboratoire d'Economie Appliquée de Grenoble - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes)

Abstract

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.

Suggested Citation

  • Urs Fischbacher & Simeon Schudy & Sabrina Teyssier, 2021. "Heterogeneous preferences and investments in energy saving measures," Post-Print hal-03726323, HAL.
    • Handle: RePEc:hal:journl:hal-03726323
    DOI: 10.1016/j.reseneeco.2020.101202
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    More about this item

    Keywords

    Risk preferences; Time preferences; Environmental preferences; Social preferences; Energy efficiency; Artefactual field experiment;
    All these keywords.

    JEL classification:

    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General

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