000			01748nam a22001697a 4500
999			_c25590 _d25590
020			_a9780231170420
082			_a174.4 _bGOL-E
100			_aGollier, Christian
245			_aEthical Asset Valuation and The Good Society
260			_aNew York _bColumbia University Press _c2018
300			_axxx, 215p.
440			_aKenneth j. arrow lecture series
504			_aInclude Bibliography and Index
520			_aEthical Asset Valuation and the Good Society starts by stating transparent moral principles and, from these, derives simple rules that can be used to evaluate saving and investment decisions in terms of the public good. Rather than trying to explain observed asset prices, Gollier derives what these prices ought to be in order to direct capital toward socially desirable investments. He focuses especially on the two prices that drive most financial decisions--the price of time as reflected in the interest rate and the price of risk--and explores the role these play in our long-term planning. If investment projects in renewable energy could be financed at a lower interest rate than those linked to fossil fuels, for instance, the energy transition would be easier to accomplish. Building on criticism of the short-term thinking of financial markets, Gollier suggests ways to shift investment toward the future through the discounting of the valuation of assets and investments with long-term benefits. In this sophisticated but accessible work, Gollier builds a bridge between welfare economics and finance theory to provide a framework for ethical valuation capable of establishing what asset prices should be on the basis of our shared moral values.
650			_aSecurities -Prices _vValuation _vCommon Goods
942			_2ddc _cBK