Experimental Design Details
We will recruit active crowdfunders from the platform via email newsletters. The platform is sending regular newsletters, and has conducted a survey of its own before, so this is not unusual.
Subjects will go through a survey and a choice experiment. The order of these two elements is randomized at subject level. The core of the experiment is to elicit a willingness to accept a donation to one of 3 causes (two environmental, one social) over a 25 Euro voucher, which can be used on the homerocket crowdfunding platform. This choice is incentivized, as we will actually give subjects the voucher or make the donation on their behalf, according to their choice.
Since the voucher can only be invested in real estate projects, but not in green projects, the choice between the voucher (similar to cash or higher returns) or the green or social causes tells us what subjects truly care about in an incentivized way.
The donations go to one of three organisations: carbonoffset.com, Greenpeace, or the Red Cross Austria. The first two achieve environmental impact, the last achieves social impact. Thus, if subjects give up the voucher to let us make these donation, then this reveals their preference for environmental or social impact.
As we describe in the pre-analysis plan, these elicited willingnesses to pay then help us determine whether investors invest in green projects for their higher expected returns, their environmental impact, or their social impact.