Of Principle and Principal: Value Plurality in the Market of Impact Investing

This article examines the concept of "value plurality" within the market of impact investing, where both financial and social/environmental values are pursued. Drawing from valuation studies, it explores how market proponents navigate and define these complex value dimensions. The paper frames impact investing as a case of market design, illustrating how a valuation infrastructure is constructed to make social and environmental value calculable for investors without necessarily assigning it a financial equivalent.