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Ethical Asset Valuation and the Good Society

2018 Columbia University Press ;ISBN: 0231170424 ;ISBN: 9780231170420 ;ISBN: 9780231545921 ;ISBN: 0231545924 ;EISBN: 9780231545921 ;EISBN: 0231545924 ;DOI: 10.7312/goll17042 ;OCLC: 1023529197 ;LCCallNum: HG4523 .G655 2018

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  • Title:
    Ethical Asset Valuation and the Good Society
  • Author: Gollier, Christian
  • Subjects: Business ; Capital market ; Capital market-Moral and ethical aspects ; Common good ; Finance ; Moral and ethical aspects ; Prices ; Public good ; Securities ; Securities-Prices ; Valuation ; Value
  • Description: For all of their focus on asset prices, financial economists rarely ask if assets are pricedethically-that is, if their prices are compatible with the public good. Yet in a world facing major, possibly catastrophic problems-global warming, for instance, and growing inequality-it is now more important than ever that we allocate capital to projects that will benefit society as a whole, not just today but far into the future. In this book, Christian Gollier develops a powerful method for transforming our societal goals of collective prosperity into the cornerstone of our financial decision making.Ethical Asset Valuation and the Good Societystarts 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.
  • Publisher: New York: Columbia University Press
  • Creation Date: 2017
  • Format: 248
  • Language: English
  • Identifier: ISBN: 0231170424
    ISBN: 9780231170420
    ISBN: 9780231545921
    ISBN: 0231545924
    EISBN: 9780231545921
    EISBN: 0231545924
    DOI: 10.7312/goll17042
    OCLC: 1023529197
    LCCallNum: HG4523 .G655 2018
  • Source: ScholarVox International
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