Levelling Up, Place-based Investing, and Behavioural Economics: Can Theory help to move the UK from Rhetoric to Practical Action?

Richard j. Fairchild and Jonathan Labbé ()
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Richard j. Fairchild: University of Bath [Bath]
Jonathan Labbé: CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine

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Abstract: We analyse the role of place-based investing in driving and improving the outcomes of the UK's levelling up program. We firstly review the evidence on the failure of the existing levelling up efforts, and the potential benefits of place-based investing. We then turn to our major contribution. We develop the first behavioural economics/game theory analysis of place-based investing/levelling up. We demonstrate the following: a) Place-based investing has the potential to drive levelling up if investors think beyond self-interested financial return towards the social impact of the projects that they invest in, b) The matching of appropriate investors with like-minded entrepreneurs may be key, c) we need to recognise that such investors may be capable of providing more than just finance. They can form partnerships with the entrepreneurs and businesses that they invest in, working together to create economic and social value. We confront our game-theoretic analysis with existing academic and practitioner evidence, and suggest areas for future research.

Date: 2024-08-05
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Published in The 13th International Conference on the Restructuring of the Global Economy (ROGE 2024) at the University of Oxford's Said Business School, co-hosted by the Centre for Business & Economic Research (CBER), Levelling Up; Place-based Investing; Behavioural Economics; Stakeholder Theory;, Aug 2024, Oxford (UK), France

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04696208

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