Cognitive reflection and the valuation of energy efficiency
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Date
2019
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Abstract
Based on a stated-choice experiment among about 3,600 German household
heads on the purchase of electricity-using durables, this paper explores the impact
of cognitive reflection on consumers’ valuation of energy efficiency, as well as its
interaction with consumers’ response to the EU energy label. Using a standard
cognitive reflection test, our results indicate that consumers with low cognitive
reflection scores value energy efficiency less than those with high scores. Furthermore,
we find that consumers with a low level of cognitive reflection respond more
strongly to grade-like energy efficiency classes than to detailed information on
annual energy use.
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Keywords
environmental certification, energy-using durables, decision heuristics