Giving behavior of millionaires

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...

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Bibliographic Details
Published in:Proceedings of the National Academy of Sciences - PNAS Vol. 112; no. 34; pp. 10641 - 10644
Main Authors: Smeets, Paul, Bauer, Rob, Gneezy, Uri
Format: Journal Article
Language:English
Published: United States 25.08.2015
Subjects:
Age Factors
Aged
Altruism
Attitude
Decision Making
Female
Games, Experimental
Humans
Income
Male
Middle Aged
Motivation
Netherlands
Poverty
Random Allocation
Social Class
Netherlands
experimental economics
donations
philanthropy
ultimatum game
dictator game
ISSN:1091-6490
Online Access:Get more information
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Summary: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.
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ISSN:1091-6490
DOI:10.1073/pnas.1507949112