We assess how investors’ willingness-to-pay (WTP) for sustainable investments responds to the social impact of those investments, using a framed field experiment. While investors have a substantial WTP for sustainable investments, they do not pay significantly more for more impact. This also holds for dedicated impact investors. When investors compare several sustainable investments, their WTP responds to relative, but not to absolute, levels of impact. Regardless of investments' impact, investors experience positive emotions when choosing sustainable investments. Our findings suggest that the WTP for sustainable investments is primarily driven by an emotional, rather than a calculative, valuation of impact.

中文翻译：

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投资者关心影响吗？

我们使用框架式现场实验评估投资者对可持续投资的支付意愿 (WTP) 如何响应这些投资的社会影响。尽管投资者对可持续投资有可观的 WTP，但他们并不会为获得更大的影响而付出更多。这也适用于专门的影响力投资者。当投资者比较几项可持续投资时，他们的 WTP 反应的是相对而非绝对的影响水平。无论投资的影响如何，投资者在选择可持续投资时都会感受到积极的情绪。我们的研究结果表明，可持续投资的 WTP 主要是由情感而非计算性的影响估值驱动的。