Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Daily Overview |
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Egg-Timer: Consumer Behavior and the Green Transition Location: D-110 Session Chair: Juuso Matias Kiviranta, KU Leuven | |
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An insurance perspective to residential electricity contracts KU Leuven, Belgium I study the retailer-optimal electricity pricing problem. I formulate the problem as a screening problem, in which households are price elastic when exposed to wholesale prices and have private information regarding their heterogeneous risk aversion. The model shows how risk aversion, in particular first order risk aversion, is necessary to rationalize the large share of fixed price contracts observed in reality. This follows from the observation that price elasticity acts as partial self-insurance for the households, making them risk-loving without further assumptions on risk aversion. To showcase the applicability of first order risk averse preferences, I solve the retailer-optimal price schedule with Yaari dual utility preferences (Yaari 1987) for households and binary wholesale prices, and show that the most risk averse agents are pooled together at the fixed price contract. | |