There is a lot of expectation surrounding energy sufficiency as part of the energy transition. It may result from an increase in energy prices, but it could also be a conscious choice. In this case, it would be the consequence of an adjustment in preferences or a reduction in behavioural biases. Changes in preferences can be modelled as an adjustment to the relative weights attributed by individuals to durable goods, energy or even non-durable goods. Here, we show that the macroeconomic impacts differ largely based on the type of adjustment, which we can use to guide public policy decisions. This then leads to the question of how to bring these preference adjustments in practice. In addition to nudges to reduce behavioural biases, preference changes can stem from a collective organisation and better information, in particular regarding the co-benefits of energy sufficiency.

Oliu-Barton, M., Pommeret, A., Robinet, A., Schubert, K. & Viennot, M. (2024). Chosen Energy Sufficiency: Preference Shocks and Behavioural Biases. Economie et Statistique / Economics and Statistics, 543, 21–37.
doi: 10.24187/ecostat.2024.543.2117