MR reader Jeffrey Drucker writes:
I’ll be graduating college in just a few weeks and entering the real world. That is I’ll be a salaried employee making all budgetary decisions for myself. Aside from the necessary components of spending, saving, and repaying my college loans I’d like to set a portion of my earnings aside for charitable donation. I’ve always thought that charity was a crucial element of any caring libertarian’s mindset. Now that I will be able to spend my own money, I wondered if you could provide any insight into the economic considerations of charity.
Obviously, the decision to donate is based on personal considerations and evaluations of the relative merit of different organizations. But economically is it more sensible to donate to a wide number of worthy causes or champion just one. Should I focus on issues closer to home or those who are in the most need the world over? How large a percentage of my income is it reasonable to donate, what issues should I consider (value of investment opportunities, lifetime consumption)?
Putting political and intellectual non-profits aside, here are some principles for purely charitable giving:
1. Published information on budget ratios devoted to programs and fundraising expenses is not reliable. Many charities manipulate the data.
2. Consider neglected but long-simmering problems; read my earlier analysis of whether you should focus on the crisis of the day.
3. Hardly anyone gives enough to charity and you won’t either. Pick a cause or causes you will become addicted to. Tell others you won’t back down from your cause, so that you will lose face if you do.
4. My preferred approach is pure cash transfers to rural Mexicans, vis-a-vis Western Union. You don’t get the tax break but administrative expenses are very low. Think of Western Union as a for-profit charity.
5. In-kind aid sounds inefficient to the economist, but the commitment may make you happier. You are wasting most of your time anyway.
6. Don’t give money to beggars, the explanation is here.
The comments are open for other suggestions. Analytical principles are especially welcome.
0) Pick a target percentage of your income. Typical values range from 3-5%, with 5% levels typically coming from people in the lower quintiles (who are probably seniors, see the Statistical Abstract). The goal drives your giving (a Schelling point?), and knowing that you have a plan makes it easier to say no to unwanted solicitations.
1) Choose charities that reinforce rather than undermine property rights, e.g. Habitat for Humanity and The Nature Conservancy
I believe it is a moot point attempting to assess efficiency in the non-profit market. One of the fundamental principles of that market is that donors neither require nor receive:
a) accountability in the classic sense (shareholders get no say in operational decision making, and often will have no idea where the money goes specifically at all.)
b) greater returns to investment between 2 different charities
Given that, I recommend an alternative set of criteria.
1) Give to organizations whose missions generate the greatest personal utility for you. Give to an organization that utilizes a model you like, champions a cause you are passionate about, or targets a population you have a special interest in.
2) Avoid earmarking your funds – earmarking hinders the ability of organizations to fund important causes over urgent or glamorous ones. If you trust an organization with your money, trust them the whole way.
3) I like to fund organizations that don’t spam me with incredible amounts of literature. Junk mail and spam lower my personal utility from giving to charities.
Don’t give to beggars – good advice.
Earlier this week some blog with ads plastered all over it had the nerve
to beg for money. I didn’t give any.
Sorry to take advantage of a comment thread, but there are people who would love some followup to your debate with Max. A response to Kevin Drum would be a good start. Thanks.
A third property-rights charity to consider is the Heifer Project, http://www.heifer.org , which gives livestock to poor farming families around the world — i.e. a direct infusion of the most important form of capital among the rural poor.
I love Habitat, but they have been criticized for their cost effectiveness and for mortgages which allegedly undermine the property rights/resale opportunities for homeowners, by giving Habitat rights to rebuy the houses cheaply if the homeowner wants to sell. I am not familiar with the details, but so far I continue to support Habitat.
The Nature Conservancy has been _heavily_ criticized for tax deals with their board members/major contributors. Check out the Washington Post series on them.
http://www.washingtonpost.com/wp-dyn/nation/specials/natureconservancy/
Form your own opinion from the stories, but the general allegation is that they acquire large undeveloped land parcels, allow rich people to build houses on them, and then put in deed covenants preventing other development (which give the rich people tax breaks.)
Personally, I prefer to give to the international church charities — Episcopal Relief& Development for me, but Catholic Charities, Lutheran World Relief, and other groups for every religion and denomination are available. I like these b/c the churches already have an organization on the ground which (1) keeps additional overhead costs down — instead of sending expensive American consultants to Kenya, you use local Kenyan priests to run things; (2) provides good information on small, local needs, such as the individual poor people Tyler gives to; (3) provides a supervision system with strong moral norms. Obviously, your mileage may vary here depending on your religious belief and/or trust.
Given that for many people part of charity is to make one feel better about oneself, I’d recommend giving to one charity each year instead of ten. Otherwise it’s likely that at least one of these charities will share your information with other organizations and you’ll be annoyed every day from the dozens of solicitations you’ll be getting each month.
I also second the recommendation for the Heifer Project. One of the best things about them is that when you give money to them you know how your money’s going to be spent.
There’s a case out there – and two minutes of google research failed to reveal it to me – that one should give to one charity only. Something about economies of scale? I dunno, but single charity giving does limit the expressive, self-regarding upside of donating smaller sums to a variety of causes one likes.
DK
I do know about Habitat and their issues with the “restrictive covenants”
Basically, Habitat homes are rent-to-own. They are a great deal, but the
“lease” puts a lot of conditions on the homes that make them much less valuable to homeowners. For example, you cannot rent rooms out.
This last point brings up the very most objectionable thing about Habitat: they beg local goverments to waive property tax. The reason they claim this need is because their homeowners are responsible for the increases in tax due to the increases in appraised value (something very relavent around the country recently). They claim that their homeowners are unable to pay the extra tax because they are not able to rent rent rooms or get a home equity loan or otherwise profit from the increase in their home value (until the end of their 20 year covenant). But this condition was created entirely by Habitat! It is ridiculous for Habitat to beg for charity for their homeowners when they created the problem in the first place.
Btw, the previous comment was intended as a joke, but may not have come off that way.
Expected utility dictates a single charity until you believe that your chosen charity is adequately funded. Economically we should use each dollar to buy the good which provides the greatest marginal utility. In general in life we buy a varied basket of goods because the marginal utility of a given good diminishes as consumption of that good increases. With our first dollar we buy good A (food prehaps, or possibly a drug), as the utility of the first unit of A is greatest, then, after consuming 3 or 4 units of A, its marginal utility has fallen beneath that of the first unit of B (some clothing? fuel?) you spend your next dollar to buy a unit of B. For charitable giving, given typical donors and much larger typical charities the marginal utility of a donation is strictly linear with size (increasing slightly at first due to the initial disutility of getting on a mailing list unless you like being on mailing lists more than you like your preferred charity saving the money it costs them to send mail out, a feature of your potential character that you would loose utility by recognizing if it is true of you now that I have pointed it out ). The charity will do as much good with your second $1000 as with your first. It follows that a rational donor will always a) donate exclusively to charities that he/she can fund to an extent sufficient to reduce their marginal utility for a dollar or b) donate to only a single charity. It also follows that a rational donor will, before tax and social considerations, and ignoring response to disasters, never donate anything until their other net consumption (consumption on goods which do not raise their economic productivity) exceeds a threshold, and subsequently donate all of their surplus earnings. However, their gross consumption (typically simple called consumption) may continue to rise. For instance, they may invest an increasing amount in capital goods which increase their earnings potential by raising their status, self-esteem, productivity, or time efficiency even after passing the donation threshold, because as their income increases the utility of such goods may rise above that of money donated to a charity due to the goods being complements of income. Also, a rational entity with only partial control of their utility function will invest in retaining their current utility function, so if they sense that donating another dollar to charity X will cause them resentment which will undermine their desire to donate to charity X in the future they may refrain.
The Motley Fool generally has a good list of capitalist-friendly charities each year with “Foolanthropy”.
http://www.fool.com/foolanthropy/2005/foolanthropy2005.htm
Another Heifer mention! And on a personal note, I volunteed for them once and milked a goat
We should distinguish between _charity_ and (also voluntary) _tipping_. IMHO, giving to your college or your favorite blog should not be in the same category as giving to starving 3rd world children. Instead, it is a tip you give (a) to signify your gratitude/received utility for service and (b) to show you are a good member of a community and not a free-rider. Thus, I do not see giving to your college as fulfilling your moral obligation to help the poor, only as fulfilling a different obligation.
I had some friends at my (richly endowed ivy) undergrad college who declared that they would never donate to the school, b/c their endowment was already sufficient for all reasonable needs, while starving children in the 3rd world have real needs. Their reasoning was wrong b/c it ignored the tipping/free-rider aspects of the problem. But I still have sympathy for their viewpoint, b/c the school in question really does have enough money to make tuition free forever if they so chose.
p.s. this is largely a response to Michael H’s joke and the college-giving comment above, but yes, I realize it is a joke, and I laughed.
By the way, a few charities combine small size and high expected utility to such a degree that they break down any issues of altruism. Donations to the Singularity Institute http://www.singinst.org , and the Methusaleh Prize http://www.mprize.org/ constitute rational investments based on expected payoff and lack of correlation to other investment payoffs. If you care about the well-being of other people, that’s simply a multiplier effect that makes the expected utility of giving to them even higher. The only reason not to donate is the variance of expected returns and the possibility that their actual expected value is lower than it appears because of time discounting or subjective time discounting. Do you discount the utility of your 100 year distant future self by 1,000,100 years if he has been living at a 2000-fold accelerated rate for 50 of those years?
Michael Vassar, in your last post, I’m not I follow you. do you mean that what I call “tipping” is “This new good”, that not tipping is effectively stealing, and that therefore not tipping is equivalent to consumption (of some form of social capital?) I think I agree with you, but I am not entirely sure.
My point really is just that to me, charity and “tipping” your alma mater are not substitutable goods. If I send Princeton a check, I might gain a good feeling, but I will never feel that it gets me off the hook for sending a check to feed starving children. This may just be my own personal preference, though, and not applicable to many others.
I like Noumenon’s idea of a charity “index fund”. Basically there are economies of scale in researching really good charities from bad ones and specialists could find good charitiable investments just like a mutual fund manager picks good stocks. Except there might be more value-added from the labor of a charity fund picker because market there is no real reason to think that the return on all charitable investments is nearly the same.
Who would start such a fund. Maybe Fidelity and Vanguard and the others could. I think that is an excellent idea.
Btw, wasn’t that kind of the idea behind United Way?
I think it might be necessary to specify if the question is about only one person or any, and eventually every person.
If the recommendation is for everyone I would suggest not to give for charity. Tipping makes salary fall and makes noise in labour market. Charitable society makes similar problems.
Political advise: I live in a Third World poor rural area. We would prefer no subsidies in USA and EU and real free-trade (labour too) more than free cows and charity aid.
A wesbsite, CharityNavigator provides useful financial information on charities. But there is a desparate need for information about the relative efficiencies of charities. Objective informnation on this would be hard to obtain, but a survey of professionals in the field might yield some useful, albeit biased, information.
Tom Mayer
Check out how much the CEOs are paid:
Red Cross $600,000 per year
United Way $300,000
Salvation Army $13,000 plus board
The Kennedy that runs a non-profit for discounted heating oil $400,000 per year.
The awful truth is that you could give $5 more right now. Why aren’t you? There is a job you could take instead of watching TV, there is an opportunity to make more money instead of spending time with your family.. But you don’t.
If capitalism is the best way for society to flourish, why is charity necessary? At what point does you giving $5 more for 3rd world medications become equivalent to government Medicaid outlays? When you and a friend make it $10, or when you and 280 million not-friends make it 5 billion?
Getting back to Noumenon’s idea of a charity “index fund”, there is the National Philantropic Trust:
http://www.nptrust.org/
10% of my income isn’t a lot; it doesn’t look like the NPT would be interested in setting up a donor fund just for my biannual $6000. (I do the alternating standard/itemized donation thing too. You can’t deduct more than 33-50% of your income for that year, though.)
The Danish International Development Agency (DANIDA) sat lots of clever bods down one day to decide who they should give money to. They ranked aid projects on the basis of bang-per-buck. The result was the Copenhagen Consensus (http://www.copenhagenconsensus.com/). Also, there was a post on the PSD blog about a ‘market’ for charities a while back, but I’ve lot it, I’m afraid.
One more reason to give to one charity than many: it will reduce the number of charitable appeals you receive in the mail (see http://www.charitynavigator.org/index.cfm/bay/content.view/catid/68/cpid/254.htm).
The Salvation Army is a very good choice. Absolute rock-bottom wastage of resources on overhead, and very cost effective delivery of services to the bottom rung of our society. Their performance during Katrina was very impressive. If your criterion is to maximize bang-for-the-buck then they are hard to beat (at least when you confine your attention to domestic charities. … Internationally, you can do an awful lot with a very small amount of money.)
Hi every one!
My name is lemon, and somebody of this group is known person, and they are in my friendlist, And i have known about this group from one of them, At first i wanna thanks her! Actually i feeling shame to write here such kind of letter but i am ready to write anywhere yet it looks silly!
At first i beg ur purdon to waste ur important time, actually from last month i have changed my mind, and now i have no sense about right or wrong! true or false! because i am standing on that point where human can’t do anything, can’t think anything, can’t take decission instantly , and may be from this point a great maxim has created by someone “Man Cannot Live Alone!”
So i also need help of someone, i need support , i need strength to fight with my present condition, because at present i need help for my father’s treatment,he is heart patient, i need help for my baby,she needs food or cloths which is her basic rights, i need help for my whole family to assure their sleep in own room in bed, someone already heard about myself, and i am writing breif to those peoples who dont know my probolem yet!
Bank is gonna capture our home with our all properties even if a chair! because two years ago my father was taken bank loan for business purpose, and he was swiftly controlling his business and paying bank installment as well, but our country political condition is not healthy, and for our forthcoming election everywhere is spreading political movement and chaos! and ultimately the business condition was going decrease, and my father was also lost his business for strike, chaos, slogan etc. I know may be u will think that there was a lots of victims in those days, ya i agree with u, there was a lots of middle class business man has lost their business and there are a lots of family in our country is suffering such conditions, but someone is sacrificing their family and going to be finished silently, and they are cursing destiny for all happening, and someone is still trying to save their family and they are ready to sell their blood, i also was tried to get instant help from our country local charity organizations, if u ever read news about our country may be u know that our country is 5 times champion in corruption! so no need to say that the charity organizations will help poor undone family from that fund; which they got free!Huh!
I don’t wanna write long my story , may be someone is already has stopped reading! Only one request to u all that if anybody of this world can give me just one chance to turn back from present situation, then i can save my family, i don’t need help continue, i am not expecting money continuously, i could arrange those money but i need instantly because will not wait for me , already they gave us chance for human being! how long i will press them for awaiting?
Thanks all for give me the time. Just bless for me and my child, and bless to God so that he keep my father alive! because only for his family he was suffering. God give me the chance to pay back a little to him.
Bye. and thanks for create such kind of group.
Md. Fazlel Mahbub Lemon
Bangladesh.
lemon_880172837556@yahoo.com
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Too bad there’s all of that spam commentary, only the most desperate will ever see this comment.
@washcycle:
A while back, I attended the local Habitat for Humanity annual dinner and learned something related to this discussion. It turns out that they strongly prefer regular donations to large one-time donations. The reason is very simple: they can budget, plan, take out loans, etc. If I donate $50/month (which, by the way, comes to $600 per year and is still (a) large enough to consider in my taxes and (b) enough to qualify me as a “special” donor by your criteria), they can plan on being able to spend that on nails or 2x4s or whatever every month. If I give $600 once per year, it’s a nice windfall that they can use for a one-time purchase, but it doesn’t help the regular execution of any project.
Plus, I’ll bet that my strategy of regular small donations is more likely to be executed than any strategy of one-time large donations, all else being equal. In five years, I might forget, die, be suddenly faced with an unexpected expense (car, medical, plumbing), or change my mind about the charity. Meanwhile, the regular giver committed to the same total has actually given an increasingly large percentage of the same amount. If both givers changed their minds in the fourth year, the regular giver has already given 80% of the total.
And the value of money now is greater than the value of the same amount 5 years from now.
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