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The Charity of the Extremely Wealthy

Tom Coupé and Claire Monteiro
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Claire Monteiro: Georgetown University

No 51, Discussion Papers from Kyiv School of Economics

Abstract: In this paper, we compare the charitable behavior of billionaires who inherited their wealth to the charitable behavior of those billionaires who made their own wealth. Self-made billionaires are found to be more likely to sign the ‘Giving Pledge’ and more likely to be in the Million Dollar Gifts lists or the Philanthropy Top 50 list of big givers, even after controlling for many other variables that can affect charitable behavior. They also are found to give more conditional on giving. This finding, which is consistent with ‘mental accounting’ occurring even at extremely high stakes, means policy makers in many emerging markets with ‘new’ billionaires better quickly modernize their outdated charity laws.

Keywords: billionaires; Forbes; mental accounting; fundraising (search for similar items in EconPapers)
JEL-codes: C14 D63 J81 (search for similar items in EconPapers)
Date: 2013-11
New Economics Papers: this item is included in nep-cbe, nep-hme and nep-nps
Note: Submitted to ERSTE Social Science Research Paper Series
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Downloads: (external link) November 2013 (application/pdf)

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Journal Article: THE CHARITY OF THE EXTREMELY WEALTHY (2016) Downloads
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