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DTSTART;TZID=America/Los_Angeles:20130211T120000
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SUMMARY:Environmental Economics\, Policy and Management Monthly Seminar Series: Charles Corbett
DESCRIPTION:Energy Efficiency in Small and Medium-Sized Manufacturing Firms:Order Effects and the Adoption of Process Improvement Recommendations \n  \nSuresh Muthulingam\, Cornell University\, Johnson School of\nManagement \nCharles Corbett\, UCLA Anderson School of Management \nShlomo Benartzi\, UCLA Anderson School of Management \nBohdan Oppenheim\, Loyola Marymount University \n  \nAbstract \nIn\nmany manufacturing operations\, profitable energy efficiency opportunities\nremain unexploited. While previous studies have tried to explain the\nunderinvestment\, we focus on how the way in which a portfolio of opportunities\nis presented in a list affects adoption decisions. We use information on over\n100\,000 energy saving recommendations made to more than 13\,000 small and\nmedium-sized manufacturing firms under the Industrial Assessment Centers (IAC)\nprogram of the US Department of Energy (DOE).We find that adoption rates are\nhigher for initiatives appearing early in a list of recommendations. This\nsequence effect is surprisingly consistent and large: simply moving a\nrecommendation one position lower\, at the mid-point of a list\, has the same\neffect on average as increasing upfront implementation cost by at least 17%\nfrom the average value. Given this impact of sequence on adoption of individual\nrecommendations\, we utilize variations within our data to examine how various\nsequencing approaches affect adoption at the portfolio level. Sequences in\nwhich recommendations are listed from best to worst payback achieve higher\npotential energy savings given the investments in energy efficiency made by the\nfirms. We also observe a choice overload effect at the portfolio level\, but the\nmagnitude of this effect is small.
URL:https://innovation.luskin.ucla.edu/event/environmental-economics-policy-and-management-monthly-seminar-series-charles-corbett/
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