Modelling Consumer Response to Pricing and Energy-saving Interventions

People Involved:
  • Jimmy Chih-Hsien Peng, Department of Electrical and Computer Engineering, National University of Singapore
  • Subhayan Mukerjee, Department of Communications and New Media, National University of Singapore
Description

Electricity pricing is a critical issue that affects consumers and the broader economy. As prices fluctuate due to various factors, including inflationary pressures, regulatory frameworks, and market conditions, understanding consumer responses becomes essential. However, consumer behaviour is often marked by price insensitivity and emotional saturation, where individuals become desensitised to incremental price changes. By exploring how social signals, gamification, and personalised behavioural nudges can motivate daily energy-saving behaviour, the study seeks to provide actionable insights for policymakers and utilities on designing effective interventions to promote sustainable energy consumption amidst rising costs.

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