Behavioral Aspects of Smart Meters

Baddeley, M

Behavioral Aspects of Smart Meters

Baddeley, M

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Publisher:: John Wiley
Publication Type:: Chapter
Citation:: Smart Grid Handbook - Socioeconomic Issues, 2016, 3, pp. 1575-1585
Issue Date:: 2016

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Field	Value	Language
dc.contributor.author	Baddeley, M https://orcid.org/0000-0001-7884-0374
dc.contributor.editor	Liu, C-C
dc.contributor.editor	McArthur, S
dc.contributor.editor	Lee Hoboken, S-J
dc.date.accessioned	2022-11-16T03:58:40Z
dc.date.available	2022-11-16T03:58:40Z
dc.date.issued	2016
dc.identifier.citation	Smart Grid Handbook - Socioeconomic Issues, 2016, 3, pp. 1575-1585
dc.identifier.isbn	978-1-118-75548-8
dc.identifier.uri	http://hdl.handle.net/10453/163513
dc.description.abstract	This chapter outlines some of the economic and behavioral considerations that affect the use and uptake of smart metering technologies. In standard economic terms, smart meters (SMs) have the potential to enable better matching of supply and demand, enabling real-time and more efficient pricing. They also have additional benefits explicable using key insights from behavioral economics. If SMs are designed to take account of common heuristics, that is, quick decision-making rules, and decision-making biases, then their net benefit will be significantly increased. The behavioral factors that are likely to be most significant for SMs include status quo and familiarity biases, anchoring and adjustment around reference points, social influences, and present bias/short-termism. This chapter explores the potential for SMs to effectively enable household energy saving – for example, by providing a tool for setting default options, allowing more frequent and accurate real-time energy use data for householders, conveying social information and/or improving information flows, and enabling householders to switch suppliers more easily. SMs have the potential to offer new services in the future too, for example – reducing fuel poverty by enabling prepayment customers to manage their energy payments more easily.
dc.format.extent	27
dc.language	en
dc.publisher	John Wiley
dc.relation.ispartof	Smart Grid Handbook - Socioeconomic Issues
dc.relation.isbasedon	10.1002/9781118755471.sgd023
dc.rights	info:eu-repo/semantics/closedAccess
dc.title	Behavioral Aspects of Smart Meters
dc.type	Chapter
utslib.citation.volume	3
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
utslib.copyright.status	closed_access	*
pubs.consider-herdc	false
dc.date.updated	2022-11-16T03:58:38Z
pubs.place-of-publication	Chichester UK
pubs.publication-status	Published
pubs.volume	3
dc.location	Chichester UK

Abstract:

This chapter outlines some of the economic and behavioral considerations that affect the use and uptake of smart metering technologies. In standard economic terms, smart meters (SMs) have the potential to enable better matching of supply and demand, enabling real-time and more efficient pricing. They also have additional benefits explicable using key insights from behavioral economics. If SMs are designed to take account of common heuristics, that is, quick decision-making rules, and decision-making biases, then their net benefit will be significantly increased. The behavioral factors that are likely to be most significant for SMs include status quo and familiarity biases, anchoring and adjustment around reference points, social influences, and present bias/short-termism. This chapter explores the potential for SMs to effectively enable household energy saving – for example, by providing a tool for setting default options, allowing more frequent and accurate real-time energy use data for householders, conveying social information and/or improving information flows, and enabling householders to switch suppliers more easily. SMs have the potential to offer new services in the future too, for example – reducing fuel poverty by enabling prepayment customers to manage their energy payments more easily.

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http://hdl.handle.net/10453/163513