Attitude towards risk and preferences for low-carbon energy sources: Findings from two preregistered studies

Risk attitudes are an important determinant of energy efficiency investments, but little is known about their role in shaping preferences for energy sources, and low-carbon energy sources specifically. In two large preregistered studies conducted in Germany and Spain (combined n = 2864) we therefore test whether risk attitudes predict preferences for solar, wind, hydro, and nuclear energy. We find little support for this hypothesis overall. Exploratory analyses of the Spanish data, nevertheless, indicate that in case of environmentally concerned individuals, preferences for hydropower become stronger as risk aversion increases. This research contributes to a stream of recent investigations mapping when risk attitudes may influence energy-related decisions.