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Households’ Demand Response to Changes in Electricity Prices: A Microeconomic-Physical Approach

Author

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  • Walid Matar

    (King Abdullah Petroleum Studies and Research Center)

Abstract

Energy economists are interested in how a change in electricity prices prompts a response by way of end-user power demand. It is difficult to estimate price elasticities statistically if historical prices are low and change infrequently, especially in the short run. This paper extends a previous analysis by Matar (2018) that explored the merger of a residential building energy model and a utility maximization component by incorporating more demand-reducing measures within a utility-maximization framework for households. The framework is informed by the physical equations that govern how electricity is consumed.

Suggested Citation

  • Walid Matar, 2019. "Households’ Demand Response to Changes in Electricity Prices: A Microeconomic-Physical Approach," Discussion Papers ks-2019-dp51, King Abdullah Petroleum Studies and Research Center.
  • Handle: RePEc:prc:dpaper:ks-2019-dp51
    DOI: 10.30573/KS--2019-DP51
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    File URL: https://www.kapsarc.org/research/publications/households-demand-response-to-changes-in-electricity-prices-a-microeconomic-physical-approach/
    File Function: First version, 2019
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    Keywords

    Electricity demand; Consumer Energy Use; Electricity consumption; Electricity prices;

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