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Good For You, Bad For Us: The Financial Disincentive For Net Demand, Jim Rossi, Michael P. Vandenbergh
Good For You, Bad For Us: The Financial Disincentive For Net Demand, Jim Rossi, Michael P. Vandenbergh
Vanderbilt Law School Faculty Publications
This Article examines a principal barrier to reducing U.S. carbon emissions — electricity distributors’ financial incentives to sell more of their product — and introduces the concept of net demand reduction (“NDR”) as a primary goal for the modern energy regulatory system. Net electricity demand must decrease substantially from projected levels for the United States to achieve widely-endorsed carbon targets by 2050. Although social and behavioral research has identified cost-effective ways to reduce electricity demand, state-of-the-art programs to curtail demand have not been implemented on a widespread basis. We argue that electric distribution utilities are important gatekeepers that can determine …
Good For You, Bad For Us: The Financial Disincentive For Net Demand Reduction, Michael P. Vandenbergh, Jim Rossi
Good For You, Bad For Us: The Financial Disincentive For Net Demand Reduction, Michael P. Vandenbergh, Jim Rossi
Vanderbilt Law School Faculty Publications
This Article examines a principal barrier to reducing U.S. carbon emissions — electricity distributors’ financial incentives to sell more of their product — and introduces the concept of net demand reduction (“NDR”) as a primary goal for the modern energy regulatory system. Net electricity demand must decrease substantially from projected levels for the United States to achieve widely-endorsed carbon targets by 2050. Although social and behavioral research has identified cost-effective ways to reduce electricity demand, state-of-the-art programs to curtail demand have not been implemented on a widespread basis. We argue that electric distribution utilities are important gatekeepers that can determine …
Using Warnings To Extend The Boundaries Of Consumer Sovereignty, W. Kip Viscusi
Using Warnings To Extend The Boundaries Of Consumer Sovereignty, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
We make decisions every day for which we may not have full information. Not all such decisions lead to negative consequences, however. For example, scientists still know very little about why aspirin has its beneficial effects. However, the lack of our knowledge does not necessarily imply that our decisions are in error or that our freedom to make these decisions should be constrained. Almost invariably, we must make decisions with uncertain implications when we fail to have complete information, whether it be with respect to today's weather forecast or the chemical composition of the foods we eat, but this does …
Are Individuals Bayesian Decision Makers?, W. Kip Viscusi
Are Individuals Bayesian Decision Makers?, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
There has been increasing interest in whether normative models of individual choice under uncertainty accord with actual behavior. These concerns have been much greater than in other economic contexts because of the particularly severe demands such decisions place on the rationality of the decision maker. The limitations of these decisions have widespread consequences, as they provide the rationale for many governmental efforts to regulate the risks people face. Here I explore the issues raised by a Bayesian decision framework, focusing particularly on my analyses of worker and consumer behavior.