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Strong growth in disposable income has inflated consumption to unprecedented, but not sustainable levels. In this process consumer behavior has been changing. To explain the driving forces of this development, the paper introduces a theory of evolving consumer preferences that is molded in an...
Persistent link: https://www.econbiz.de/10010286752
Strong growth in disposable income has inflated consumption to unprecedented, but not sustainable levels. In this process consumer behavior has been changing. To explain the driving forces of this development, the paper introduces a theory of evolving consumer preferences that is molded in an...
Persistent link: https://www.econbiz.de/10009371964
This paper studies an endogenous growth model with human capital, exhaustible resources, and overlapping generations. Under laissez-faire, higher study time reduces depletion rates by increasing the share of re- sources that present generations are willing to sell to successors. However, selfish...
Persistent link: https://www.econbiz.de/10003761243
This paper analyzes overlapping-generations models where natural capital is owned by selfish agents. Transfers in favor of young agents reduce the rate of depletion and increase output growth. It is shown that intergenerational transfers may be preferred to laissez-faire by an indefinite...
Persistent link: https://www.econbiz.de/10003459197
This study asked ChatGPT to write a 1000-word essay explaining why the concept of ESG (Environmental, Social and Governance) is a bad idea. It refused to do so because of its ethical belief (yes, it has ethical beliefs) that ESG is a good idea, in spite of all the evidence to the contrary. After...
Persistent link: https://www.econbiz.de/10014362315
The interrelationship between economic growth, efficient use of natural resources, and sustainability has been of great … interest to economists, researchers and policy makers. Knowledge of actual causality direction between sustainability … problems demand urgent attention and planning of adequate policies towards sustainability. Development of new economic and …
Persistent link: https://www.econbiz.de/10014422695
We propose a theory in which each stock's environmental, social, and governance (ESG) score plays two roles: 1) providing information about firm fundamentals and 2) affecting investor preferences. The solution to the investor's portfolio problem is characterized by an ESG-efficient frontier,...
Persistent link: https://www.econbiz.de/10012847417
undergraduate, graduate, and executive students of finance, economics, business, and sustainability, this textbook combines theory …, empirical data, and policy to explain the sustainability challenges for corporate investment. It shows how investors and bankers …
Persistent link: https://www.econbiz.de/10012897459
This paper develops a new framework for sustainable finance. Financial institutions have started to avoid unsustainable companies from a risk perspective, which we label as Sustainable Finance 1.0. In Sustainable Finance 2.0, financial institutions look for companies that balance the financial,...
Persistent link: https://www.econbiz.de/10012899982
This paper analyses Kantian cooperation of sustainability investments in a two-stage game. Firms’ behavior, Kantian … cooperation versus competition, is independent at each stage. Our findings indicate that Kantian cooperation in sustainability … investment results in lower sustainability levels, while Kantian cooperation in production leads to higher sustainability levels …
Persistent link: https://www.econbiz.de/10014354745