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Moisson, Paul-Henri
(2024)
Social Responsibility, Consequentialism and Public Policy.
TSE Working Paper, n. 24-1521, Toulouse
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Abstract
The paper investigates socially responsible investment (SRI) when savers’ moral compass is direct consequentialism. It unveils the determinants of the (positive) green premium
under laissez-faire and studies the ability of Pigouvian taxes to deliver the first-best outcome. It characterizes conditions under which, despite leakage, divestment increases social
welfare. It describes when best-in-class strategies dominate exclusion. It further demonstrates that, whenever a polluting technology may be cleaned, shareholder activism in
the polluting sector may be the morally right action. The paper then conducts the same
analysis with two other moral criteria: "shared responsibility" and rule consequentialism,
and compares their implications to the ones of direct consequentialism.
| Item Type: | Monograph (Working Paper) |
|---|---|
| Language: | English |
| Date: | March 2024 |
| Place of Publication: | Toulouse |
| Uncontrolled Keywords: | socially responsible investment, consequentialism, impact investing, green premium, Pigou tax, divestment, shareholder activism |
| JEL Classification: | A13 - Relation of Economics to Social Values D62 - Externalities H23 - Externalities; Redistributive Effects; Environmental Taxes and Subsidies Q59 - Other |
| Subjects: | B- ECONOMIE ET FINANCE |
| Divisions: | TSE-R (Toulouse) |
| Institution: | Université Toulouse Capitole |
| Site: | UT1 |
| Date Deposited: | 04 Apr 2024 13:43 |
| Last Modified: | 04 Apr 2024 13:43 |
| OAI Identifier: | oai:tse-fr.eu:124697 |
| URI: | https://publications.ut-capitole.fr/id/eprint/49102 |
