Patience and the adoption of electric vehicles: an application of the dual-self model

Abstract

Solutions to environmental protection programs involve changes in human behavior. This study examined the importance of consumer patience and car usage on adoption of electric vehicles. Purchase of an EV requires patience both in terms of waiting for a longer payback period, and coping with the inconveniences of adjusting to a new technology. This research applied and extended the dual-self model of Fudenburg and Levine (Am Econ Rev 96(5):1449–1476, 2006) to the EV purchase context. The study extended the original model by relaxing the assumptions on the relation between self-control cost and net benefit from action. The modeling proved two results: that patient individuals and individuals with greater car usage are more likely to be early adopters of electric vehicles. Data collected from electric vehicle owners in Korea were compared to data from internal combustion vehicle owners. Two key variables, patience and car usage, were measured and regressed on the dependent variable of vehicle type owned. A logistic regression result showed supporting evidence for the two hypotheses. Implications for manufacturers and governments, based on the results, are discussed.