Markets, Technology and Institutions
Project Energy Code focuses on understanding the “green gap”—the individual statements of concern over energy and the environment and the actual decisions and behaviors of individuals with the ability to modify electricity consumption, and the institutions that enable options mentioned above. These Project Energy Code differences between respect to their energy choices. Why does this green gap exist in our electricity consumption choices? This essay explores two sets of issues:
1. Technological change. New infrastructure technologies that increase
transparency, consumer awareness of electricity consumption, and
enable adoption of such innovations.
2. Individual cognitive characteristics. How individual behaviors affect economic decision-making, particularly with respect to implementing the technological and institutional characteristics include risk aversion, status quo bias, loss aversion, and the use of heuristics to make choices in an information-rich and a complex environment.
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