Hedging Ambiguity with Pro-Social Preferences: an Illustration from Green Finance
利他的選好によるあいまいさのヘッジ：グリーンファイナンスからの例示 (AI 翻訳)
Geoffrey Heal, M. Lucchetta
🤖 gxceed AI 要約
日本語
本論文は、プロソーシャルな選好（利他的動機）が金融投資におけるあいまいさ回避を緩和するメカニズムを理論モデルで示す。不確実な政策環境下でも、社会的インパクトがリスクとして評価できる場合、投資家のハードルレートが低下し、グリーン資産への投資が促進される。ブレンデッド・ファイナンスや標準化の政策含意を導出し、公正な移行への示唆を与える。
English
This paper models how pro-social preferences hedge against ambiguity in green finance. Under policy uncertainty, if social impact returns are perceived as risky rather than ambiguous, investors' hurdle rates decrease, increasing green investment. It offers policy insights for blended finance and standardization to support just transitions.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本のグリーン金融政策（GX推進、サステナブルファイナンス基本方針）において、投資家の行動バイアスを考慮した制度設計に示唆を与える。特に、ブレンデッド・ファイナンスやインパクト投資の促進策に行動経済学的根拠を提供する。
In the global GX context
This paper introduces a behavioral mechanism (hedging ambiguity via pro-social preferences) to the global green finance literature, complementing standard blended finance approaches. It informs investor behavior modeling in TCFD/ISSB scenarios and transition planning under policy uncertainty.
👥 読者別の含意
🔬研究者:A novel behavioral model linking social preferences to ambiguity hedging in green investments, with implications for asset pricing under ESG integration.
🏢実務担当者:Shows why impact investors may accept lower financial returns when social impact reduces perceived ambiguity, informing portfolio construction and blended finance structures.
🏛政策担当者:Suggests standardization and risk-sharing mechanisms (blended finance) can convert ambiguity to risk, lowering hurdles for green investment.
📄 Abstract（原文）
We explore how pro-social preferences interact with asymmetric ambiguity to influence investment decisions. We develop a model where financial returns are ambiguous (e.g., due to policy uncertainties), while social impact returns are risky or less ambiguous. Employing Gilboa-Schmeidler maxmin and Klibanoff-Marinacci-Mukerji smooth ambiguity frameworks, we demonstrate that pro-social motives act as a hedge, mitigating ambiguity aversion and reducing effective hurdle rates for ambiguous assets. This mechanism explains the resilience of impact investing in bridging environmental funding shortfalls and offers policy insights into how blended finance and standardization can convert ambiguity to risk. Distinct from prior work on blended finance structures, this study emphasizes the behavioral hedging role of social preferences in sustainable finance, with implications for accelerating just transitions amid polycrises.Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3386/w35116first seen 2026-05-15 21:14:29
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