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

【时  间】2025年5月29日（星期四），16:30-17:40

【地  点】后主楼1610会议室

【主讲人】徐熠隆 副教授（荷兰乌得勒支大学）

【主持人】徐  慧 副教授（北京师范大学经济与工商管理学院、人的发展经济学研究中心）

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.

报告人简介：

徐熠隆于2017年在蒂尔堡大学获得经济学博士学位。随后，他在海德堡大学行为金融学教席（Stefan Trautmann）担任博士后研究员。2021年，他加入荷兰乌得勒支大学的金融系担任助理教授，并于2025年晋升为终身副教授。除了在乌得勒支大学任教外，他还担任美国亚利桑那大学经济科学实验室和新西兰怀卡托大学WEEL实验室的研究员。他的研究兴趣主要集中在实验金融学、不平等与道德，以及行为动因与经济决策。他的研究成果发表在Journal of Financial and Quantitative Analysis、Management Science 和 European Economic Review 等经济学与金融学领域的国际知名期刊上。他曾担任 Journal of Economic Surveys 的客座编辑，并担任欧洲委员会联合研究中心以及 AACSB（国际商学院促进协会）– NVAO（荷兰-弗拉芒认证组织）的咨询专家。