Energy demand is usually correlated to income and price, neglecting the effects of behavioural factors, the environment and the macro‐economy. However, even psychological studies from the 1990s show that monetary measures are not considered the only important factors affecting energy demand and conservation. Consumption patterns are dynamic and multidimensional, affected by behavioural, institutional, economic, policy, environmental and technological factors, that could lead even to macro‐economic rebound effects or even backfire within the economy, as in case of internal combustion engine that enhanced the second industrial revolution.
Barker et. al. (2009)
Stern, P. C. (1992). What psychology knows about energy conservation. American Psychologist, 47(10), 1224‐1232. http://psy.nccu.edu.tw/download.php?filename=11_f484ca80.pdf&dir=news&title=STERN_1992%28What_psychology_knows%29%5B1%5D.pdf
Barker, Terry & Dagoumas, Athanasios & Rubin, Jonathan. (2009). The macroeconomic rebound effect and the world economy. Energy Efficiency. 2. https://www.researchgate.net/profile/Terry_Barker/publication/225930575_The_macroeconomic_rebound_effect_and_the_world_economy/links/5c45f1fea6fdccd6b5be1c75/The‐macroeconomic‐reboundeffect‐and‐the‐world‐economy.pdf