کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
970315 931987 2007 33 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
A fundraising mechanism inspired by historical tontines: Theory and experimental evidence
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
A fundraising mechanism inspired by historical tontines: Theory and experimental evidence
چکیده انگلیسی

The tontine, which is an interesting mixture of group annuity, group life insurance, and lottery, has a peculiar place in economic history. In the seventeenth and eighteenth centuries it played a major role in raising funds to finance public goods in Europe, but today it is rarely encountered outside of a dusty footnote in actuarial course notes or as a means to thicken the plot of a murder mystery. This study provides a formal model of individual contribution decisions under a modern variant of the historical tontine mechanism that is easily implemented by private charities. Our model incorporates desirable properties of the historical tontine to develop a mechanism to fund the private provision of a public good. The tontine-like mechanism we derive is predicted to outperform not only the voluntary contribution mechanism but also another widely used mechanism: charitable lotteries. Our experimental test of the instrument provides some evidence of the beneficial effects associated with implementing tontine-like schemes. We find that the mechanism has particular power in cases where agents are risk-averse or in situations where substantial asymmetries characterize individual preferences for the public good.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Public Economics - Volume 91, Issue 9, September 2007, Pages 1750–1782
نویسندگان
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