Giving behavior of millionaires

P.M.A. Smeets*, R.M.M.J. Bauer, U. Gneezy

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review

Abstract

This paper studies conditions influencing the generosity of wealthy people. We conduct incentivized experiments with individuals who have at least €1 million in their bank account. The results show that millionaires are more generous toward low-income individuals in a giving situation when the other participant has no power, than in a strategic setting, where the other participant can punish unfair behavior. Moreover, the level of giving by millionaires is higher than in any other previous study. Our findings have important implications for charities and financial institutions that deal with wealthy individuals.

Data source:
experiment with ABN AMRO clients
Original languageEnglish
Pages (from-to)10641-10644
Number of pages4
JournalProceedings of the National Academy of Sciences of the United States of America
Volume112
Issue number34
DOIs
Publication statusPublished - 25 Aug 2015

Keywords

  • philanthropy
  • donations
  • experimental economics
  • dictator game
  • ultimatum game
  • SOCIAL-CLASS
  • BARGAINING EXPERIMENTS
  • HIDDEN COSTS
  • FAIRNESS
  • TRUSTWORTHINESS
  • FRAMEWORK
  • TRUST
  • GAMES
  • AGE

Fingerprint

Dive into the research topics of 'Giving behavior of millionaires'. Together they form a unique fingerprint.

Cite this