| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17100 |
| DP17100 Socially Optimal Sustainability Standards with Non-Consequentialist ("Warm Glow") Investors | |
| Roman Inderst; Marcus Opp | |
| 发表日期 | 2022-03-10 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Agencies around the world are in the process of developing taxonomies and standards for sustainable (or ESG) investment products. A key assumption in our model is that of non-consequentialist private investors (households) who derive a "warm glow" decisional utility when purchasing an investment product that is labelled as sustainable. We ask when such labelling is socially beneficial even when the social planner can impose a minimum standard on investment and production. In a model of financial constraints (Holmström and Tirole 1997), which we close to include consumer surplus, we also determine the optimal labelling threshold and show how its stringency is affected by determinants such as the prevalence of warm-glow investor preferences, the presence of social network effects, or the relevance of financial constraints at the industry level. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Organizational Economics ; Public Economics |
| 关键词 | Sustainability Esg Green financing Labelling |
| URL | https://cepr.org/publications/dp17100 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546072 |
| 推荐引用方式 GB/T 7714 | Roman Inderst,Marcus Opp. DP17100 Socially Optimal Sustainability Standards with Non-Consequentialist ("Warm Glow") Investors. 2022. |
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