Do Investors Care about Impact?
通过实地实验发现，投资者愿意为可持续投资支付溢价，但该溢价并不随投资的社会影响力增加而显著提高，即使对专注影响力投资的投资者也是如此；投资者更关注相对而非绝对影响力水平，且选择可持续投资时主要受情感驱动。
Abstract We assess how investors’ willingness-to-pay (WTP) for sustainable investments responds to the social impact of those investments, using a framed field experiment. While investors have a substantial WTP for sustainable investments, they do not pay significantly more for more impact. This also holds for dedicated impact investors. When investors compare several sustainable investments, their WTP responds to relative, but not to absolute, levels of impact. Regardless of investments’ impact, investors experience positive emotions when choosing sustainable investments. Our findings suggest that the WTP for sustainable investments is primarily driven by an emotional, rather than a calculative, valuation of impact.