Does one size fit all in the non‐profit donation production function?*
用半参数工具变量方法研究非营利组织在募捐和政府资助上的异质性效应，发现小组织是挤出效应的主要来源，且募捐的边际生产率符合优化理论。
Abstract We attempt to reconcile two puzzles in the non‐profit (NP) literature: (i) studies often find that NPs grossly underspend on fundraising; (ii) crowd‐out effect estimates of government grants on private donations vary widely, suggesting both crowd‐out and crowd‐in. We examine these impacts via a semi‐parametric instrumental variables strategy. We find heterogeneous effects across NPs, fundraising efforts, and government grant intensity. Smaller NPs appear to drive the presence of crowd‐out; estimates for the marginal productivity of fundraising are consistent with leading theories of NP optimizing behaviour.