How hyperbolic discounting preference affects Chinese consumers' consumption choice between conventional and electric vehicles

doi:10.1016/j.enpol.2016.07.004

CSpace > 国家数学与交叉科学中心

	How hyperbolic discounting preference affects Chinese consumers' consumption choice between conventional and electric vehicles
	Wu, Tian1,2,3 ; Shang, Zhe 4; Tian, Xin 2,3,5; Wang, Shouyang1,2,3
	2016-10-01
发表期刊	ENERGY POLICY
ISSN	0301-4215
卷号	97 页码:400-413
摘要	This paper presents a theoretical model and addresses several issues related to life cycle cost analysis to illustrate how time-inconsistent preferences affect consumer choice. The particular case study selects involved consumer choice between a vehicle with high initial acquisition cost but low ownership cost (e.g., an Electric Vehicle, EV) and one with a low initial acquisition cost but high ownership cost (e.g., a conventional Internal Combustion Engine Vehicle, ICEV). To test our theoretical analysis, we conduct an empirical study on how time discounting rates affect consumer choice between ICEVs and EVs with different initial cost ratios. From the survey results, we find that individuals with higher present bias showed irrational purchase behavior even when controlling for wealth level. Specifically, people making some "stronger bias to present' decisions chose higher total cost ICEVs with lower initial cost but higher ownership cost over lower total cost EVs with higher initial cost and lower ownership cost. However, people's long-term discount is not correlated with irrational vehicle purchase behavior. Furthermore, we study the present bias and long-term discount rate in one scenario and found present bias to be correlated with irrational behavior. (C) 2016 Elsevier Ltd. All rights reserved.
关键词	Hyperbolic discounting Life-cycle private cost China transport Time discounting Irrational vehicle consumption choice
DOI	10.1016/j.enpol.2016.07.004
语种	英语
资助项目	National Natural Science Foundation of China[71390331] ; National Natural Science Foundation of China[71202114] ; Shandong Independent Innovation and Achievement Transformation Special Fund of China[2014ZZCX03302]
WOS研究方向	Energy & Fuels ; Environmental Sciences & Ecology
WOS类目	Energy & Fuels ; Environmental Sciences ; Environmental Studies
WOS记录号	WOS:000383292900038
出版者	ELSEVIER SCI LTD
引用统计
文献类型	期刊论文
条目标识符	http://ir.amss.ac.cn/handle/2S8OKBNM/23413
专题	国家数学与交叉科学中心系统科学研究所
通讯作者	Tian, Xin
作者单位	1.Chinese Acad Sci, Acad Math & Syst Sci, Beijing 100190, Peoples R China 2.Univ Chinese Acad Sci, Sch Econ & Management, Beijing 100190, Peoples R China 3.Chinese Acad Sci, Key Lab Big Data Min & Knowledge Management, Beijing 100190, Peoples R China 4.Peking Univ, Dept Psychol, Beijing 100871, Peoples R China 5.Chinese Acad Sci, Res Ctr Fictitious Econ & Data Sci, Beijing 100190, Peoples R China
推荐引用方式 GB/T 7714	Wu, Tian,Shang, Zhe,Tian, Xin,et al. How hyperbolic discounting preference affects Chinese consumers' consumption choice between conventional and electric vehicles[J]. ENERGY POLICY,2016,97:400-413.
APA	Wu, Tian,Shang, Zhe,Tian, Xin,&Wang, Shouyang.(2016).How hyperbolic discounting preference affects Chinese consumers' consumption choice between conventional and electric vehicles.ENERGY POLICY,97,400-413.
MLA	Wu, Tian,et al."How hyperbolic discounting preference affects Chinese consumers' consumption choice between conventional and electric vehicles".ENERGY POLICY 97(2016):400-413.