用多智能体强化学习模拟企业气候投资,揭示政策与投资者如何影响减排行为。
InvestESG: A multi-agent reinforcement learning benchmark for studying climate investment as a social dilemma
- 构建多智能体框架,模拟企业权衡短期利润与长期气候风险的决策
- 当足够多投资者重视ESG时,企业合作度提升,气候风险显著降低
- 更多信息透明能激励企业主动减排,即使无投资者干预
InvestESG 是一个用于研究环境、社会和治理(ESG)信息披露要求对企业气候投资影响的新型多智能体强化学习(MARL)基准。该基准模拟了一个跨期社会困境:企业需在气候减缓投入带来的短期利润损失与长期气候风险降低之间权衡,而注重ESG的投资者则通过投资决策影响企业行为。企业将资本分配于减缓、漂绿和韧性建设,不同策略影响气候结果与投资者偏好。我们开源了基于PyTorch和JAX的版本,支持可扩展且硬件加速的仿真,用于研究缓解气候变化中的竞争激励机制。实验表明,在缺乏足够资本的ESG投资者时,企业在披露要求下仍维持有限减缓投入;但当形成投资者临界规模并优先考虑ESG时,企业合作增加,从而降低气候风险并提升长期财务稳定性。此外,提供更多全球气候风险信息可促使企业增加减缓投资,即便无投资者介入。研究结果与真实世界数据的实证研究一致,凸显了MARL在高效测试政策与市场设计方面对大规模社会经济挑战的潜在价值。
原文摘要 · Abstract (English)
InvestESG is a novel multi-agent reinforcement learning (MARL) benchmark designed to study the impact of Environmental, Social, and Governance (ESG) disclosure mandates on corporate climate investments. The benchmark models an intertemporal social dilemma where companies balance short-term profit losses from climate mitigation efforts and long-term benefits from reducing climate risk, while ESG-conscious investors attempt to influence corporate behavior through their investment decisions. Companies allocate capital across mitigation, greenwashing, and resilience, with varying strategies influencing climate outcomes and investor preferences. We are releasing open-source versions of InvestESG in both PyTorch and JAX, which enable scalable and hardware-accelerated simulations for investigating competing incentives in mitigate climate change. Our experiments show that without ESG-conscious investors with sufficient capital, corporate mitigation efforts remain limited under the disclosure mandate. However, when a critical mass of investors prioritizes ESG, corporate cooperation increases, which in turn reduces climate risks and enhances long-term financial stability. Additionally, providing more information about global climate risks encourages companies to invest more in mitigation, even without investor involvement. Our findings align with empirical research using real-world data, highlighting MARL's potential to inform policy by providing insights into large-scale socio-economic challenges through efficient testing of alternative policy and market designs.
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