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|Publication type:||Article in scientific journal|
|Type of review:||Peer review (publication)|
|Title:||Empower the consumer! : energy-related financial literacy and its implications for economic decision making|
|Published in:||Economics of Energy & Environmental Policy|
|Publisher / Ed. Institution:||Sheridan Press|
|Subjects:||Bounded rationality; Counsumer durables; Financial literacy; Energy efficiency; Household decision making|
|Subject (DDC):||332: Financial economics |
|Abstract:||Untapped energy savings potential in the residential sector might lead to substantial welfare losses. While several studies have focused on the role of behavioral biases in explaining the lack of adoption of energy-efficient durable goods, little is known about the role of limited energy-specific knowledge and financial literacy. In this paper, we propose an integrated concept of ‘energy-related financial literacy’, which combines both energy cost-specific knowledge and skills needed to process this information. Using data from a large household survey in three European countries, we explore the determinants of different measures of literacy and, most importantly, we provide empirical evidence on the association between limited knowledge and skills to perform an intertemporal optimization and the adoption of energy-efficient light bulbs. Our findings support the promotion of energy-specific financial education programs and tools to increase the adoption of energy-efficient durable goods.|
|Fulltext version:||Published version|
|License (according to publishing contract):||CC BY 4.0: Attribution 4.0 International|
|Departement:||School of Management and Law|
|Organisational Unit:||Center for Energy and Environment (CEE)|
|Appears in collections:||Publikationen School of Management and Law|
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|2021_Blasch-etal_Empower-the-consumer.pdf||874.5 kB||Adobe PDF|
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Blasch, J., Boogen, N., Daminato, C., & Filippini, M. (2021). Empower the consumer! : energy-related financial literacy and its implications for economic decision making. Economics of Energy & Environmental Policy, 10(2), 149–180. https://doi.org/10.5547/2160-5890.10.2.jbla
Blasch, J. et al. (2021) ‘Empower the consumer! : energy-related financial literacy and its implications for economic decision making’, Economics of Energy & Environmental Policy, 10(2), pp. 149–180. Available at: https://doi.org/10.5547/2160-5890.10.2.jbla.
J. Blasch, N. Boogen, C. Daminato, and M. Filippini, “Empower the consumer! : energy-related financial literacy and its implications for economic decision making,” Economics of Energy & Environmental Policy, vol. 10, no. 2, pp. 149–180, 2021, doi: 10.5547/2160-5890.10.2.jbla.
Blasch, Julia, et al. “Empower the Consumer! : Energy-Related Financial Literacy and Its Implications for Economic Decision Making.” Economics of Energy & Environmental Policy, vol. 10, no. 2, 2021, pp. 149–80, https://doi.org/10.5547/2160-5890.10.2.jbla.
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