Leveraging carbon label to achieve low-carbon economy: Evidence from a survey in Chinese first-tier cities.

Carbon label is an important tool for countries to achieve green economy in the context of global climate change. Since the public is the end consumer of carbon-labeled products, understanding their attitudes towards carbon label is crucial for the future development of carbon labeling system. Under this background, we conduct a survey on consumers' perception of carbon-labeled electrical and electronic products (CEP) in Chinese first-tier cities. Consumers' premium willingness to pay (WTP) for CEP and its influencing factors are explored. After correcting the possible estimation bias by a sample selection model, we find that 85.97% of respondents are willing to pay more for carbon-labeled products. Besides, males, respondents who are younger or richer, or with underage children at home are more willing to pay a premium for carbon-labeled products. The degree of trust and understanding of carbon label also has a positive impact on the premium WTP. As for the specific value of premium WTP, an additional 7.85% of the original price for CEP is willing to be paid. The above findings can provide targeted reference for policymakers in pricing carbon-labeled products, and also yield effective policy recommendations for the future development of carbon label system.