March 20, 2018 – A Giving Day Story by ECON Club: College of Science and College of Business students give most to charity!
On October 26th and 27th, 2017, members of the Economics Club at Virginia Tech carried out a study on giving. The experiment had the participants play a classic Economics game, called the Dictator Game, against either (i) a VT student, or (ii) Feeding America Southwest Virginia, a local food bank that provides meals to needy families in the Virginia Tech region. In this game a player is given a certain sum of money to divide between themself and another person called the recipient in any manner they like.
The Econ Club Experiment was rather simple: Participants were randomly handed a form to fill out. For some of them the recipient was another randomly matched anonymous VT student and for the others, it was Feeding America Southwest Virginia. The goal of the experiment is to analyze whether human beings are more generous towards charities than they are t wards an unknown individual. The sum of money to split was $10, and of all the individuals that participated the Economics Department will randomly implement the decisions of 15 individuals.
The average to donation to charity was $7.78 among 82 subjects, and the average donation to a student was $4.36 among 51 subjects (all results are statistically significant). This also allowed the Econ Department to give more to Feeding America Southwest Virginia. Additionally, COS and COB students gave $9.188 and $9.375 on average respectively to the chosen charity making them the most generous students on campus! For more details on the study contact Econ Club members (Timothy Kirby and Ben Chenault).