Energy preservation is central to prevent resource depletion, climate change and environment degradation. Investment in raising efficiency of appliances is among the most significant attempts to save energy. Ironically, introduction of many such energy saving appliances increased the total energy consumption instead of reducing it. This effect in literature is attributed to the inherent Jevons paradox (JP) and optimism bias (OB) in consumer behavior. However, the magnitude of these instincts var…