Behavioral interventions and market efficiency: The case of a volatile retail electricity market

IF 1.6 3区经济学 Q2 ECONOMICS

Journal of Behavioral and Experimental Economics Pub Date : 2025-02-01 DOI:10.1016/j.socec.2024.102328

Rimvydas Baltaduonis , Jūratė Jaraitė , Andrius Kažukauskas

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引用次数: 0

Abstract

Numerous field experiments have demonstrated that various monetary and informational incentives encourage demand response by increasing awareness about peak electricity prices and potentially inefficient energy use. However, very little is known about the effects of such interventions on overall market efficiency. We conducted a laboratory experiment with 200 participants to test the effects of different interventions on consumer decisions and overall market efficiency in a market reminiscent of a retail electricity market. We investigate two types of incentives—monetary information in the form of notifications about surge prices and non-monetary informational incentives in the form of peer comparisons—separately and together. We find that notifications about surge prices are effective interventions for reducing resource use and increasing market efficiency during surge-price periods. During these periods, the combination of peak-price notifications and peer-comparison information exhibits the highest efficiency.

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行为干预与市场效率：以波动的零售电力市场为例

许多实地实验表明，各种货币和信息激励措施通过提高对高峰电价和潜在的低效率能源使用的认识来鼓励需求反应。然而，人们对此类干预对整体市场效率的影响知之甚少。我们对200名参与者进行了一项实验室实验，以测试不同干预措施对消费者决策和整体市场效率的影响，该市场让人想起零售电力市场。我们分别和共同研究了两种类型的激励——关于高峰价格通知形式的货币信息和同行比较形式的非货币信息激励。我们发现，关于高峰价格的通知是在高峰价格期间减少资源使用和提高市场效率的有效干预措施。在此期间，峰值价格通知和同行比较信息的组合显示出最高的效率。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Behavioral and Experimental Economics ECONOMICS-

CiteScore

2.60

自引率

12.50%

发文量

113

审稿时长

83 days

期刊介绍： The Journal of Behavioral and Experimental Economics (formerly the Journal of Socio-Economics) welcomes submissions that deal with various economic topics but also involve issues that are related to other social sciences, especially psychology, or use experimental methods of inquiry. Thus, contributions in behavioral economics, experimental economics, economic psychology, and judgment and decision making are especially welcome. The journal is open to different research methodologies, as long as they are relevant to the topic and employed rigorously. Possible methodologies include, for example, experiments, surveys, empirical work, theoretical models, meta-analyses, case studies, and simulation-based analyses. Literature reviews that integrate findings from many studies are also welcome, but they should synthesize the literature in a useful manner and provide substantial contribution beyond what the reader could get by simply reading the abstracts of the cited papers. In empirical work, it is important that the results are not only statistically significant but also economically significant. A high contribution-to-length ratio is expected from published articles and therefore papers should not be unnecessarily long, and short articles are welcome. Articles should be written in a manner that is intelligible to our generalist readership. Book reviews are generally solicited but occasionally unsolicited reviews will also be published. Contact the Book Review Editor for related inquiries.