if this message does not display correctly, click here | Table of Contents Beatrice Bertelli, Università degli studi di Modena e Reggio Emilia (UNIMORE) - Dipartimento di Economia Marco Biagi di Modena
Marianna Brunetti, Dept. Economics and Finance, University of Rome Tor Vergata, CEFIN
Costanza Torricelli, University of Modena and Reggio Emilia - Department of Economics, Università degli studi di Modena e Reggio Emilia (UNIMORE) - Center for Research in Banking and Finance (CEFIN), Center for Research on Pensions and Welfare Policies (CeRP)
Mariangela Zoli, University of Rome Tor Vergata Enrico Mattia Salonia, University of Toulouse Capitole - Toulouse School of Economics Tommaso Proietti, University of Rome II - Department of Economics and Finance
Alessandro Giovannelli, University of Rome Tor Vergata | |
CEIS: CENTRE FOR ECONOMIC & INTERNATIONAL STUDIES
Marianna Brunetti - Director "Nudging Households' Sustainable Investments: Results from a Pilot Lab-in-the-field Experiment in Italy" 
CEIS Working Paper No. 600 BEATRICE BERTELLI, Università degli studi di Modena e Reggio Emilia (UNIMORE) - Dipartimento di Economia Marco Biagi di Modena
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MARIANNA BRUNETTI, Dept. Economics and Finance, University of Rome Tor Vergata, CEFIN
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COSTANZA TORRICELLI, University of Modena and Reggio Emilia - Department of Economics, Università degli studi di Modena e Reggio Emilia (UNIMORE) - Center for Research in Banking and Finance (CEFIN), Center for Research on Pensions and Welfare Policies (CeRP)
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MARIANGELA ZOLI, University of Rome Tor Vergata
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This paper addresses two main research questions in sustainable finance: what is the household willingness to pay for sustainable investments? Can households be stimulated in this connection by means of visual nudges? To this end we ran a pilot lab-in-the-field experiment in October-November 2024 in different branches of a large Italian bank. Three are the main results. First, the willingness to pay is lower for graduated individuals, but higher for those with an investment horizon between 1 and 5 years, and among those engaged in volunteering and concerned about climate change. Second, the exposure to a negative visual treatment, by contrast to a positive one, causes an average increase in the willingness to pay for Environmental, Social, and Governance assets, albeit this effect vanishes once the model is augmented with control variables. Third, when dissecting results by the factor of interest, the negative visual treatment significantly increases the willingness to pay among the investors interested in the Environmental dimension only. This suggests that, with a suitable leverage, the demand and willingness to pay for all sustainability dimensions can be nudged, with important industry and policy implications. "Meritocracy as an End and as a Means"
CEIS Working Paper Vol. 23, Issue 4, No. 601 ENRICO MATTIA SALONIA, University of Toulouse Capitole - Toulouse School of Economics
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I introduce a framework for studying different interpretations of meritocracy and testing whether individuals adhere to them. Each meritocracy has two components: a merit criterion, determining when one individual is more meritorious than another, and a reward criterion for each individual, determining when one outcome is more rewarding than another for that individual. An allocation is meritocratic if more meritorious individuals are more rewarded. I distinguish between two conceptions of meritocracy. Meritocracy as an end holds it intrinsically valuable that individuals are rewarded according to their merit. Meritocracy as a means views rewarding merit as instrumental in achieving desirable outcomes according to other standards, such as efficiency. I show that these two conceptions are equivalent: each instance of meritocracy as a means can be associated with a corresponding meritocracy as an end. Finally, I examine two specific meritocracies present in the literature. Pareto meritocracy defines an action as more meritorious if it leads to a Pareto improvement in welfare, whereas proportional meritocracy requires that an individual's consumption be proportional to the amount of labour he provides. By observing whether allocation choices of impartial spectators align with specific merit criteria, one can test whether spectators adhere to these meritocracies. "On the Estimation of Climate Normals and Anomalies"
CEIS Working Paper No. 602 TOMMASO PROIETTI, University of Rome II - Department of Economics and Finance
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ALESSANDRO GIOVANNELLI, University of Rome Tor Vergata
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The quantification of the interannual component of variability in climatological time series is essential for the assessment and prediction of the El Niño-Southern Oscillation phenomenon. This is achieved by estimating the deviation of a climate variable (e.g., temperature, pressure, precipitation, or wind strength) from its normal conditions, defined by its baseline level and seasonal patterns. Climate normals are currently estimated by simple arithmetic averages calculated over the most recent 30-year period ending in a year divisible by 10. The suitability of the standard methodology has been questioned in the context of a changing climate, characterized by nonstationary conditions. The literature has focused on the choice of the bandwidth and the ability to account for trends induced by climate change. The paper contributes to the literature by proposing a regularized real time filter based on local trigonometric regression, optimizing the estimation bias-variance trade-off in the presence of climate change, and by introducing a class of seasonal kernels enhancing the localization of the estimates of climate normals. Application to sea surface temperature series in the Niño 3.4 region and zonal and trade winds strength in the equatorial and tropical Pacific region, illustrates the relevance of our proposal. | | ^top
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