Based on Alibaba's renowned "green" initiative, the Ant Forest program, we develop a novel measure to reveal an individual investor's nonpecuniary green preference and link it to an individual's investment actions. We present compelling evidence that supports nonfinancial incentives for...

We analyze consumer demand behavior using Dynamic Random Utility Model (DRUM). Under DRUM, a consumer draws a utility function from a stochastic utility process in each period and maximizes this utility subject to her budget constraint. DRUM allows unrestricted time correlation and cross-section...