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Misunderstanding Nonlinear Prices: Evidence from a Natural Experiment on Residential Electricity Demand
American Economic Journal: Economic Policy ( IF 6.067 ) Pub Date : 2020-08-01 , DOI: 10.1257/pol.20180061
Blake Shaffer 1
Affiliation  

This paper examines how consumers respond to nonlinear prices. Exploiting a natural experiment with electricity consumers in British Columbia, I find evidence that some households severely misunderstand nonlinear prices—incorrectly perceiving that the marginal price applies to all consumption, not simply the last unit. While small in number, the exaggerated responses by these households have a large effect in aggregate, masking an otherwise predominant response to average price. Largely unexplored in the literature, this type of misunderstanding has important economic, policy, and methodological implications beyond electricity markets. I estimate the welfare loss for these households to be the equivalent of 10 percent of annual electricity expenditure.

中文翻译:

误解非线性价格:来自住宅电力需求自然实验的证据

本文研究了消费者如何对非线性价格做出反应。利用对不列颠哥伦比亚省电力消费者的自然实验,我发现有证据表明一些家庭严重误解了非线性价格——错误地认为边际价格适用于所有消费,而不仅仅是最后一个单位。虽然数量不多,但这些家庭的夸大反应总体上产生了很大影响,掩盖了对平均价格的主要反应。这种类型的误解在很大程度上未在文献中探索,但在电力市场之外具有重要的经济、政策和方法学意义。我估计这些家庭的福利损失相当于每年电力支出的 10%。
更新日期:2020-08-01
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