19049, Moscow, Shabolovka Ulitsa, 28/11, Building 9, Room 1114
Phone: +7 (495) 772-95-90*26056
The Department of Statistics and Data Analysis, which is part of HSE’s Economics Faculty, brings together leading Russian and international specialists in the field of business statistics, macroeconomic statistics, stochastic analysis, actuarial mathematics and statistical methods for analysing economic and social processes.
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Our next speaker in the FES International Research Seminar Series is Robertas Zubrickas, who is a Lecturer at the University of Bath, UK Speaker: Robertas Zubrickas, University of Bath Title: Donation-Based Crowdfunding with Refund Bonuses (joint with Timothy Cason) The abstract: We study donation-based crowdfunding for threshold public good provision. Our main focus is on an extension with refund bonuses aimed at resolving the problems of equilibrium coordination and free riding. In the case of insufficient contributions, contributors not only have their contributions refunded but they also receive refund bonuses proportional to their pledged contributions. Thus, refund bonuses encourage more contributions but ultimately enough is raised given sufficient preference for the public good and in equilibrium no bonuses need to be paid. We test the predicted effects of refund bonuses in an experiment using a laboratory-based crowdfunding platform that features most main aspects of real-life platforms. Our main empirical result is that refund bonuses substantially increase the rate of funding success when contributors can support multiple projects. Furthermore, our findings also demonstrate that refund bonuses lead to significant economic gains even after accounting for their costs.
Venue: Shabolovka campus, room 3211
FES Seminars webpage: https://economics.hse.ru/en/seminars/ For external participants: to order the pass, please contact Disa Malbakhova firstname.lastname@example.org