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Making the implicit explicit: A look inside the implicit discount rate

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  • Joachim Schleich

    (Fraunhofer ISI - Fraunhofer Institute for Systems and Innovation Research - Fraunhofer Institute for Systems and Innovation Research, MTS - Management Technologique et Strategique - Grenoble École de Management (GEM))

  • Xavier Gassmann

    (MKT - Marketing - Grenoble École de Management (GEM))

  • Corinne Faure

    (MKT - Marketing - Grenoble École de Management (GEM))

  • Thomas Meissner

    (TECHNICAL UNIVERSITY OF BERLIN, MKT - Marketing - Grenoble École de Management (GEM))

Abstract

Implicit discount rates (IDRs) are employed in energy models to capture household investment decisions, yet the factors behind the IDR and their respective implications for policy-making usually remain blurred and fractional. The proposed comprehensive framework distinguishes three broad categories of factors underlying the IDR for household adoption of energy-efficient technologies (EETs): preferences (notably over time, risk, loss, debt, and the environment), predictable (ir)rational behavior (bounded rationality, rational inattention, behavioral biases), and external barriers to energy efficiency. Existing empirical findings suggest that the factors underlying the IDRs that differ across household characteristics and technologies should be accounted for in energy models. Furthermore, the framework allows for a fresh look at the interplay of IDRs and policies. We argue that a simple observation of high IDRs (or observing correlations between IDRs and socio-economic characteristics) does not provide guidance for policy-making since the underlying sources cannot be identified. Instead, we propose that some of the factors underlying the IDR - notably external barriers - can be changed (through directed policy interventions) whereas other factors - notably preferences and predictable (ir)rational behavior - are innate and can only be taken into account (through reactive policy interventions).

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  • Joachim Schleich & Xavier Gassmann & Corinne Faure & Thomas Meissner, 2016. "Making the implicit explicit: A look inside the implicit discount rate," Grenoble Ecole de Management (Post-Print) hal-01366541, HAL.
  • Handle: RePEc:hal:gemptp:hal-01366541
    DOI: 10.1016/j.enpol.2016.07.044
    Note: View the original document on HAL open archive server: http://hal.grenoble-em.com/hal-01366541
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    Cited by:

    1. Schleich, Joachim & Gassmann, Xavier & Meissner, Thomas & Faure, Corinne, 2018. "A large-scale test of the effects of time discounting, risk aversion, loss aversion and present bias on household adoption of energy efficient technologies," Working Papers "Sustainability and Innovation" S04/2018, Fraunhofer Institute for Systems and Innovation Research (ISI).
    2. Cristina Cattaneo, 2018. "Internal and External Barriers to Energy Efficiency: Made-to-Measure Policy Interventions," Working Papers 2018.08, Fondazione Eni Enrico Mattei.
    3. repec:eee:appene:v:205:y:2017:i:c:p:1560-1570 is not listed on IDEAS

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    Keywords

    Energy efficiency; Energy modeling; Implicit discount rate; Energy policy; Behavioral economics;

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