This paper explores whether private markets can incentivize environmental stewardship. We examine the consumer response to the 2010 BP oil spill and test how BP's investment in the 2000-2008 "Beyond Petroleum" green advertising campaign affected this response. We find evidence consistent with consumer punishment: BP station margins and volumes declined by 2.9 cents per gallon and 4.2 percent, respectively, in the month after the spill. However, pre-spill advertising significantly dampened the price response, and may have reduced brand switching by BP stations. These results indicate that firms may have incentives to engage in green advertising without investments in environmental stewardship.

中文翻译：

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广告和环境管理：来自 BP 漏油事件的证据

本文探讨了私人市场是否可以激励环境管理。我们研究了消费者对 2010 年 BP 漏油事件的反应，并测试了 BP 在 2000-2008 年“超越石油”绿色广告活动中的投资如何影响这种反应。我们找到了与消费者惩罚一致的证据：在泄漏事件发生后的一个月内，BP 加油站的利润和产量分别下降了 2.9 美分/加仑和 4.2%。然而，预泄漏广告显着抑制了价格反应，并可能减少了 BP 站的品牌转换。这些结果表明，如果不投资于环境管理，公司可能有动力从事绿色广告。