haku: @indexterm LOTTERIES / yhteensä: 59
viite: 9 / 59
| Tekijä: | Lange, A. List, J. A. Price, M. K. |
| Otsikko: | A fundraising mechanism inspired by historical tontines: Theory and experimental evidence |
| Lehti: | Journal of Public Economics
2007 : SEP, VOL. 91:9, p. 1750-1782 |
| Asiasana: | fund-raising lotteries public goods |
| Kieli: | eng |
| Tiivistelmä: | A particular place in economic history of 17th and 18th centuries is reserved for tontine, which is a mix of group annuity, group life insurance, and lottery. Formerly it had an important role when fundraising for public goods, but nowadays its significance has diminished to non-existent. This article presents a formal model of individual contribution decisions under modern variant of the traditional tontine mechanism, which private charities can easily implement. The model is predicted to be better than both the voluntary contribution mechanism and charitable lotteries. An experimental test is made, and its results provides some positive support for the prediction. Particularly when agents are riskaverse or where considerable asymmetrics characterize individual preferences for the public good, the mechanism has definite power. |
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