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SUMMARY:Environment and Energy Economics Weekly Seminar: Hunt Allcott
DESCRIPTION:“The Lightbulb Paradox: Evidence from Two Randomized Experiments”Abstract:It is often suggestedthat consumers are imperfectly informed about or inattentive to energy costs of\ndurable goods such as cars\, air conditioners\, and lightbulbs. We study two\nrandomized control experiments that provide information on energy costs and\nproduct lifetimes for energy efficient compact fluorescent lightbulbs (CFLs)\nvs. traditional incandescent bulbs. We then propose a general model of consumer\nbias in choices between energy-using durables\, derive sufficient statistics for\nquantifying the welfare implications of such bias\, and evaluate energy efficiency\nsubsidies and standards as second best corrective policies if powerful\ninformation disclosure is infeasible. In the context of our theoretical model\,\nthe empirical results suggest that moderate CFL subsidies may be optimal\, but\nimperfect information and inattention do not appear to justify a ban on\ntraditional incandescent lightbulbs in the absence of other inefficiencies.Link to paperAbout the Speaker:Hunt Allcott is an Assistant Professor of Economics at New York University and a Faculty Research Fellow at the National Bureau of Economic Research. He is also a Scientific Director of ideas42\,\n a think tank that applies insights from psychology and economics to\nproblems in international development\, health care\, consumer finance\,\nand the energy industry. He is a Contributing Author of the\nIntergovernmental Panel on Climate Change Fifth Assessment Report and\,\naccording to a recent article in the American Economic Journal\, one of the top five most-cited economists who have completed a PhD after 2005.\n      Professor Allcott holds a PhD from Harvard University and a BS\nand MS from Stanford University. Before coming to NYU\, he was the Energy\n and Society Fellow in the MIT Economics Department and the MIT Energy Initiative.\n He has also worked in the private sector as a consultant with Cambridge\n Energy Research Associates and in international development as a\nconsultant to the World Bank. During academic year 2013-2014\, he is a\nvisiting professor at Berkeley\, Stanford\, and the University of Chicago. \nProfessor Allcott is an applied microeconomist who studies topics in\nenvironmental and energy economics\, industrial organization\, behavioral\neconomics\, and development microeconomics. His research centers on\nconsumer behavior\, business strategy\, and regulatory policy in energy\nmarkets. He uses a variety of tools\, including both structural and\nreduced form econometrics\, applied theory\, and randomized field\nexperiments.
URL:https://innovation.luskin.ucla.edu/event/environment-and-energy-economics-weekly-seminar-hunt-allcott/
ATTACH;FMTTYPE=image/jpeg:https://innovation.luskin.ucla.edu/wp-content/uploads/2018/07/Allcott.jpg
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