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Measuring Willingness to Pay for Electricity

Measuring Willingness to Pay for Electricity PDF Author: Peter Choynowski
Publisher: DIANE Publishing
ISBN: 1437900542
Category : Technology & Engineering
Languages : en
Pages : 26

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Book Description
The measurement of willingness to pay for electricity relies critically on a reliable estimate of the demand for electricity function. Empirical work tends to assume that the demand for electricity has no satiation point. Many electricity demand models assume a constant price elasticity, which implies infinite demand at low prices. This report proposes a plausible functional form for the demand of electricity. The proposed functional form is consistent with two properties of electricity demand functions for households & firms, namely, the negative relationships between price & quantity, & the finiteness of demand at zero price. The report also demonstrates that this functional form of the demand function leads to easily estimable economic benefits of electricity.