Imperial College London

DrAdamHawkes

Faculty of EngineeringDepartment of Chemical Engineering

Reader in Energy Systems
 
 
 
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Contact

 

+44 (0)20 7594 9300a.hawkes

 
 
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Assistant

 

Ms Quasirat Hasnat +44 (0)20 7594 7250

 
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Location

 

C502Roderic Hill BuildingSouth Kensington Campus

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Summary

 

Publications

Citation

BibTex format

@article{Sachs,
author = {Sachs, J and Meng, Y and Giarola, S and Hawkes, A},
journal = {Energy},
title = {An agent-based model for energy investment decisions in the residential sector},
url = {http://hdl.handle.net/10044/1/66291},
}

RIS format (EndNote, RefMan)

TY  - JOUR
AB - Energy-related investment decisions in the buildings sector are heterogeneous in that the outcome for each individual varies according to budget, values, and perception of a technology, even if an apparently identical decision task is faced. In particular, the rate of adoption of new energy-efficient technologies is often hard to model and underlines the need for an advanced approach to capture diversity in decision-making, and enable the inclusion of economic, comfort, environmental and social aspects. This paper presents an enhanced agent-based model that captures several characteristics of consumer behaviour that influence investment decisions. Multiple agents with different objectives, search strategies, and decision methods are implemented. A case study is presented which illustrates the benefits of the approach for the residential sector in the UK. The agent-based method shows diversity in investment decisions, without requiring the constraints on uptake needed in many models. This leads to a range of technologies in the market during a transition phase, continuous investment in low capital cost technologies, and eventually the emergence of a low carbon system based on new mass market technologies. The system that emerges is vastly different from one observed when economically rational investment is assumed and uptake constraints are applied.
AU - Sachs,J
AU - Meng,Y
AU - Giarola,S
AU - Hawkes,A
SN - 0360-5442
TI - An agent-based model for energy investment decisions in the residential sector
T2 - Energy
UR - http://hdl.handle.net/10044/1/66291
ER -