Synergy between monetary and non-monetary interventions: experimental evidence on crowdfunding techniques for R&D in new energy sources

Tetsuya Kawamura, Takanori Ida and Kazuhito Ogawa

Applied Economics, 2025, vol. 57, issue 25, 3312-3326

Abstract: Crowdfunding is a well-known method for financing research and development (R&D). Nonetheless, it remains necessary to discover effective ways to get more people involved and encourage them to contribute more. Using an online randomized controlled trial (RCT), we investigated which of the three interventions – ‘social information’, ‘matching’, and ‘social information & matching’ – significantly facilitated donations; then we examined the relationship between the interventions and the motivation to donate. The results indicate that (1) all the interventions significantly increased donation rates (8.34%, 4.86%, and 8.69% increases in ‘social information’, ‘matching’, and ‘social information & matching’, respectively), (2) a crowding-out effect in the ‘matching’ intervention was observed only among participants with high intrinsic motives, and (3) a sub-additive synergy between the interventions was observed only among participants with low intrinsic motives.

Date: 2025
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DOI: 10.1080/00036846.2024.2337776

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