Abstract
Based on a stated-choice experiment among about 3600 German household heads on the purchase of electricity-using durables, this paper explores the impact of cognitive reflection on consumers’ valuation of energy efficiency, as well as its interaction with consumers’ response to the EU energy label. Using a standard cognitive reflection test, our results indicate that consumers with low cognitive reflection value energy efficiency less than those with high scores. Furthermore, we find that consumers with a low level of cognitive reflection respond strongly to grade-like energy efficiency classes and tend to disregard detailed information on annual energy use, while the opposite holds true for consumers with a high level of cognitive reflection.
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