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Title: | A MODEL OF SALIENCE AND ELECTRICITY CONSUMPTION: DERIVING THE SUFFICIENT STATISTICS FOR WELFARE ANALYSIS OF FEEDBACK INTERVENTIONS | Authors: | LIM ZHI HAO | Keywords: | Economic theory salience bias information feedback residential electricity consumption welfare analysis |
Issue Date: | 8-Apr-2019 | Citation: | LIM ZHI HAO (2019-04-08). A MODEL OF SALIENCE AND ELECTRICITY CONSUMPTION: DERIVING THE SUFFICIENT STATISTICS FOR WELFARE ANALYSIS OF FEEDBACK INTERVENTIONS. ScholarBank@NUS Repository. | Abstract: | Motivated by the empirical evidence of resource conservation from real-time information feed- back interventions, I present a general framework of salience where electricity consumption at different times of the day are modeled as distinct goods. I provide theoretical guidance for measuring the extent of salience bias and deriving the sufficient statistics for welfare analysis. My central result is that full welfare effects of such interventions can be characterised by three types of experimental estimates: changes in consumption level, own- and cross-price sensitivities of demand. Using results from previous studies, I attempt to calibrate the salience bias term and quantify full welfare effects. Finally, I consider some of the limitations of my model and briefly discuss how heterogeneity in salience bias complicates welfare analysis. | URI: | https://scholarbank.nus.edu.sg/handle/10635/156381 |
Appears in Collections: | Bachelor's Theses |
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