Behavioral study of demand response: Web-based survey, field experiment, and laboratory experiment

Abstract

This chapter analyzes customers’ electricity conservation behavior when demand response is called for. Behavioral economics provides very useful insights to account for human behavioral anomalies such as status quo bias, loss aversion, overconfidence, moral cost, and default bias. The chapter is composed of five sections. The second section investigates a Web-based survey of residential electricity plan choice. The third section investigates a field experiment on residential electricity plan choice. The fourth section investigates a laboratory experiment on residential energy conservation. The fifth section investigates a field experiment on building electricity conservation.