Conservation: From Voluntary Restraint to a Voluntary Price Premium |
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| Authors: | Matthew J Kotchen Michael R Moore |
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| Institution: | (1) Bren School of Environmental Science & Management and Department of Economics, University of California, Santa Barbara, CA 93106, USA;(2) National Bureau of Economic Research, Cambridge, MA, USA;(3) School of Natural Resources & Environment, University of Michigan, Ann Arbor, USA |
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| Abstract: | This paper investigates how concern for the environment translates into predictable patterns of consumer behavior. Two types
of behavior are considered. First, individuals who care about environmental quality may voluntarily restrain their consumption
of goods and services that generate a negative externality. Second, individuals may choose to pay a price premium for goods
and services that are more environmentally benign. A theoretical model identifies a symmetry between such voluntary restraint
and a voluntary price premium that mirrors the symmetry between environmental policies based on either quantities (quotas)
or prices (taxes). We test predictions of the model in an empirical study of household electricity consumption with introduction
of a price-premium, green-electricity program. We find evidence of voluntary restraint and its relation to a voluntary price
premium. The empirical results are consistent with the theoretical model of voluntary conservation.
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| Keywords: | Conservation behavior Electricity demand Renewable energy |
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