Affiliation:
1. Tasmanian School of Business and Economics University of Tasmania Tasmania Hobart Australia
2. Australian Resources Research Centre CSIRO Energy Western Australia Kensington Australia
3. University of Sydney Business School University of Sydney New South Wales Sydney Australia
Abstract
AbstractIn response to the looming climate crisis, many countries are adopting technologies to reduce the accumulation of greenhouse gases. However, national energy policies are often multiobjective and resolution deeply divisive. The result is a policy trilemma between the energy mix and the trade‐offs with other policy objectives, including cost and reliability. Utilising a discrete choice experiment (DCE), the objective of this study is to explore Australian household preferences for alternative electricity contracts containing features reflecting changes in future energy policy. The first set of features include investments in renewable generation and community‐based energy storage. The second set of features reflect demand‐side management policies, including installing smart meters and consumption limits being imposed on households during peak demand. Two versions of the DCE were developed to obtain both willingness to pay and willingness to accept estimates for the same features. In line with the literature, differences in the two sets of estimates were observed, with the willingness to accept estimates being statistically larger for some features. These dollar value measures can be used to support public policy decision‐making – the choice of which depending on the context of the policy problem being considered.
Subject
Economics and Econometrics,Agricultural and Biological Sciences (miscellaneous)
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