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).
Please note that all times are shown in the time zone of the conference. The current conference time is: 24th Aug 2026, 01:52:43am WEST
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Daily Overview |
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Egg-Timer: Energy Transition and Technology Adoption Location: D-110 Session Chair: Graham Macklin, Toulouse School of Economics | |
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When Instruments Affect Outcomes: Revisiting Wind-Based IV Estimates of Real-Time Pricing Elasticities University of Cologne, France We study household electricity demand responses to hourly price variation under real-time pricing using Finnish smart-meter data from 2019–2023. The analysis revisits a widely used wind-based instrumental-variable design and shows that, in residential settings with electric heating, local wind conditions can directly affect electricity demand through heating-related channels, violating the exclusion restriction. Explicitly controlling for local wind speed substantially revises elasticity estimates. In normal market conditions, estimated household price responses are close to zero. By contrast, during the 2022 energy crisis, households exposed to real-time pricing respond significantly: an increase of 10 euro-cents per kWh in the retail electricity price reduces consumption by about four percent. The direct effect of wind speed on demand is economically meaningful and comparable in magnitude to large retail price shocks observed during the crisis. Translating elasticities into bill impacts shows that incentives for short-run load shifting are minimal in calm periods but become nonnegligible when prices and volatility are exceptionally high. | |