【題  目】A "Green Premium" or a "Brown Discount": Evidence from Experimental Asset Markets

【時  間】2025年5月29日（星期四），16:30-17:40

【地  點】后主樓1610會議室

【主講人】徐熠隆 副教授（荷蘭烏得勒支大學(xué)）

【主持人】徐  慧 副教授（北京師范大學(xué)經(jīng)濟與工商管理學(xué)院、人的發(fā)展經(jīng)濟學(xué)研究中心）

摘要：Sustainability preference is often measured at the individual level. However, it is questionable whether individual sustainability preferences can manifest in a competitive asset market setting, whether they influence asset prices, and whether investors seek to generate social impact through investments. To address these issues, we conduct a series of experiments, measuring sustainability preference at both the individual and market levels. In our market experiments, investors may accept lower payoffs for assets that yield positive externalities (green) compared to those with neutral (grey) or negative (brown) externalities. We observe a dual pattern: while green assets are hardly over-priced, investors consistently demonstrate an aversion to brown assets, leading to significant underpricing --- a “Brown Discount.” When we eliminate speculative incentives through a 100% capital gains tax, even the minimal overpricing of green assets disappears, suggesting that any observed green premium is driven by speculative motives rather than pure sustainability preference.

報告人簡介：

徐熠隆于2017年在蒂爾堡大學(xué)獲得經(jīng)濟學(xué)博士學(xué)位。隨后，他在海德堡大學(xué)行為金融學(xué)教席（Stefan Trautmann）擔任博士后研究員。2021年，他加入荷蘭烏得勒支大學(xué)的金融系擔任助理教授，并于2025年晉升為終身副教授。除了在烏得勒支大學(xué)任教外，他還擔任美國亞利桑那大學(xué)經(jīng)濟科學(xué)實驗室和新西蘭懷卡托大學(xué)WEEL實驗室的研究員。他的研究興趣主要集中在實驗金融學(xué)、不平等與道德，以及行為動因與經(jīng)濟決策。他的研究成果發(fā)表在Journal of Financial and Quantitative Analysis、Management Science 和 European Economic Review 等經(jīng)濟學(xué)與金融學(xué)領(lǐng)域的國際知名期刊上。他曾擔任 Journal of Economic Surveys 的客座編輯，并擔任歐洲委員會聯(lián)合研究中心以及 AACSB（國際商學(xué)院促進協(xié)會）– NVAO（荷蘭-弗拉芒認證組織）的咨詢專家。