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Voluntary contributions with risky and uncertain marginal returns: the importance of the minimal value

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  • M. Vittoria Levati

    ()
    (Max Planck Institute of Economics, Jena)

  • Andrea Morone

    ()
    (Department of Economics and Mathematics, University of Bari)

Abstract

Previous research indicates that risky and uncertain marginal returns from the public good significantly lower contributions. This paper presents experimental results illustrating that the effects of risk and uncertainty depend on the employed parameterization. Speci?cally, if the value of the marginal per capita return under the worst state of nature allows for some efficiency gains, the presence of risk and uncertainty about the public good's value is not detrimental to cooperation. This ?nding casts doubt on the hypothesis that risk and uncertainty, per se, weaken people's willingness to contribute.

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Bibliographic Info

Paper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics in its series Jena Economic Research Papers with number 2009-062.

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Date of creation: 06 Aug 2009
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Handle: RePEc:jrp:jrpwrp:2009-062

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Keywords: Public goods experiments; Voluntary contributions; Risk; Uncertainty;

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