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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
Authors: Blasch, Julia
Boogen, Nina
Daminato, Claudio
Filippini, Massimo
et. al: No
DOI: 10.5547/2160-5890.10.2.jbla
Published in: Economics of Energy & Environmental Policy
Volume(Issue): 10
Issue: 2
Page(s): 149
Pages to: 180
Issue Date: 2021
Publisher / Ed. Institution: Sheridan Press
ISSN: 2160-5882
Language: English
Subjects: Bounded rationality; Counsumer durables; Financial literacy; Energy efficiency; Household decision making
Subject (DDC): 332: Financial economics
333.79: Energy
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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