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NBER Working Papers · November 2, 2026 · On the brief until November 16, 2026

Green Tastes, Beliefs, and Portfolios: Evidence from Synthetic Investors -- by Xindi He, Lubos Pastor

FinanceEconomicsBusiness Analytics
THE AI ANGLE
Simulating investor identities to answer financial surveys

Researchers used large language models as synthetic respondents to study green preferences across 540 investor identities. Institutions reported weaker green tastes than retail investors yet held greener portfolios due to outside pressure. Researchers can now evaluate portfolio tilts separately from underlying investor motives.

Summary written by AI Business Lens with an AI model from the article at nber.org. It is not the article, and the publisher has not reviewed it. For publishers.

THE TEACHING ANGLE
Institutional investors hold greener portfolios than retail investors because of outside pressure despite having weaker green tastes.

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