Volatile energy markets, consumers and energy price expectations
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11230%2F23%3A10470682" target="_blank" >RIV/00216208:11230/23:10470682 - isvavai.cz</a>
Alternative codes found
RIV/00216208:11690/23:10470682
Result on the web
<a href="https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=EgWZXZIh42" target="_blank" >https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=EgWZXZIh42</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1016/j.eneco.2023.107039" target="_blank" >10.1016/j.eneco.2023.107039</a>
Alternative languages
Result language
angličtina
Original language name
Volatile energy markets, consumers and energy price expectations
Original language description
We conduct a survey of consumers in four EU countries (the Czech Republic, Germany, Italy and Poland) faced with supply disruptions, rising energy prices, and serious concerns about both prices and actual availability of energy inputs due to Russia's war on Ukraine. We find that people are aware of the current prices of motor fuels, and willing and able to form expectations for them in one, six, 12 and 60 months. The mean annual rate of growth of prices is positive, exceeds or is equal to the current inflation rate, is greater than the long-run inflation rate in the last 10-20 years, and declines with the length of the horizon over which the respondents are to form their expectations. At least one-third of the respondents expect the prices to decline in the future, and about one-quarter expect them to stay the same. The expectations are affected by the individual characteristics of the re-spondents and their beliefs about the causes of the current state of the energy markets. The behavioral responses announced by the respondents (change travel mode, reduce driving, replace their car with a more fuel-efficient one, etc.) appear to be realistic and well thought-out, and depend on the expected direction of the expected price changes, rather than their magnitude. By contrast, our respondents struggle with grasping the current prices per unit of electricity or natural gas, and envision higher, and considerably more uncertain, growth rates for them.
Czech name
—
Czech description
—
Classification
Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
—
OECD FORD branch
50201 - Economic Theory
Result continuities
Project
<a href="/en/project/GX19-26812X" target="_blank" >GX19-26812X: Frontiers in Energy Efficiency Economics and Modelling - FE3M</a><br>
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)
Others
Publication year
2023
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
Energy Economics
ISSN
0140-9883
e-ISSN
1873-6181
Volume of the periodical
126
Issue of the periodical within the volume
October 2023
Country of publishing house
NL - THE KINGDOM OF THE NETHERLANDS
Number of pages
23
Pages from-to
107039
UT code for WoS article
001083148500001
EID of the result in the Scopus database
2-s2.0-85171628794