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Financement participatif de l’entrepreneuriat durable - une théorie postmoderne du portefeuille de Markowitz

Author

Listed:
  • Gilbert Giacomoni

    (UMR PSAE - Paris-Saclay Applied Economics - AgroParisTech - Université Paris-Saclay - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, Fundazione Università di Corsica - Chaire Mutations et Innovations Territoriales, Università di Corsica Pasquale Paoli [Université de Corse Pascal Paoli] - Partenaires INRAE)

Abstract

Die nachhaltige Finanzwirtschaft berücksichtigt bei Investitionsentscheidungen in gewissem Maße ökologische, soziale und Governance-Erwägungen. Sie will dem Gemeinwohl dienen, stößt jedoch auf ein theoretisches Vakuum: Das grundlegende Konzept des Gemeinnutzens ist nicht definiert und kann nicht wirtschaftlich gehandhabt werden. Standardmäßig ist das, was mit dem Gemeinwohl zu tun hat, außerfinanziell, unwissend (d.h. nicht professionell) oder sogar außerhalb der institutionellen Bankkreisläufe, wie z.B. Crowdfunding. Ziel des Artikels ist es, die Argumentation und das Entscheidungsverhalten von erfahrenen und nicht-erfahrenen Geldgebern auf einer einheitlichen theoretischen Grundlage unter verhaltensökonomischen Gesichtspunkten zu modellieren, wobei der Gemeinnutzen die Zufriedenheit (vs. Unzufriedenheit) oder das Wohlbefinden (vs. Unwohlsein) misst, die eine größere Anzahl von Menschen aus dem Konsum oder der Erlangung von Gemeinwohl durch eine kleinere Anzahl von Menschen zieht. Er ist daher relativ zu verstehen, als ein ursprünglicher Nutzen aus einer Zeit, in der dies Teil des Überlebens der Spezies war und das Eigentum noch nicht begonnen hatte, das Gemeinwohl zu bedrohen und seinen Untergang herbeizuführen (Tragedy of the commons). Durch die Verknüpfung mit der modernen Portfoliotheorie von Markowitz (1952) entsteht eine postmoderne Version, die im Dienste einer nachhaltigen Finanzwirtschaft steht und im Bereich des nachhaltigen Unternehmertums erprobt wurde.

Suggested Citation

  • Gilbert Giacomoni, 2023. "Financement participatif de l’entrepreneuriat durable - une théorie postmoderne du portefeuille de Markowitz," Post-Print hal-04209199, HAL.
    • Handle: RePEc:hal:journl:hal-04209199
    DOI: 10.3917/mss.035.0164
    Note: View the original document on HAL open archive server: https://hal.inrae.fr/hal-04209199
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    References listed on IDEAS

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