Households' Energy Saving Behavior Reduces Demand, Income Has Little Impact.
The article analyzes how people in different countries respond to changes in electricity prices and income levels. Researchers used data from 11 OECD countries to estimate how much people reduce their electricity use when prices go up. They found that most countries are sensitive to price changes, with Korea being the least responsive and Australia being the most. Surprisingly, people's income levels had little impact on their electricity consumption. The study also discovered that households who reported saving energy actually used less electricity, showing that behavior plays a role in energy demand. These findings suggest that there is more room for reducing energy consumption through policy changes than previously believed.