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Consumers’ behavioral economics in renewable energy

In: A Modern Guide to Energy Economics

Author

Listed:
  • Amir Rahmani
  • Roohallah Aboojafari
  • Farhad Taghizadeh-Hesary
  • Ali Bonyadi Naeini
  • Javad Mashayekh

Abstract

The potential of renewable energy technologies (RETs) to mitigate climate change and provide long-term benefits for society and economic growth is widely acknowledged. Due to the different psychological, social, and economic factors adoption of RETs is often slower than anticipated. To address this issue and stimulate renewable energy (RE) demand, behavioral economics offers an effective framework for examining how consumers make decisions about RETs. In this chapter, a systematic review is conducted next to the content analysis of existing studies in the RE adoption field. In this context, an overview of the fundamental concepts in behavioral economics and their relevance to RETs is provided. The findings of the comprehensive analysis reveal that motivations, perceptions, and beliefs are the primary determinants of consumer decision-making in accepting RETs. The implications that emerged from the existing studies on customer behavior related to RE, based on the mentioned variables, are classified in this chapter.

Suggested Citation

  • Amir Rahmani & Roohallah Aboojafari & Farhad Taghizadeh-Hesary & Ali Bonyadi Naeini & Javad Mashayekh, 2024. "Consumers’ behavioral economics in renewable energy," Chapters, in: Farhad Taghizadeh-Hesary & Ehsan Rasoulinezhad & Naoyuki Yoshino (ed.), A Modern Guide to Energy Economics, chapter 2, pages 28-55, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21780_2
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    File URL: https://www.elgaronline.com/doi/10.4337/9781803927732.00010
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    Keywords

    Economics and Finance; Environment;

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