Voluntary provision of threshold public goods with continuous contributions: experimental evidence.

Abstract This paper examines experimentally the effects of allowing individuals to contribute any desired proportion of their endowments toward a threshold public good. Permitting continuous rather than binary ''all-or-nothing'' contributions significantly increases contributions and facilitates provision. A money-back guarantee further encourages provision, especially when the threshold is high. A high threshold discourages provision in the absence, but not in the presence of a money-back guarantee. High rewards also significantly increase contributions and provision. Sufficiently high rewards elicit convergence of contributions to the threshold, rather than the deterioration towards free riding, often reported in previous studies

The CAPM and the Calendar: Empirical Anomalies and the Risk-Return Relationship

Tinic and West (1984) argue that a tradeoff between risk and return exists only in January. This study demonstrates that it is not just the January Effect on stock returns which is related to the measured risk-return relationship and how that measure is apparently affected by the calendar. Other returns anomalies can also be paired with a conclusion about the relationship between risk and return. For example, risk appears to be rewarded at the turn of the month but not during the rest of the year and late in the week but not early in the week. This paper argues that, given the returns anomalies, the corresponding calendar effects on the risk-return relationship are consistent with the CAPM. Thus, the anomaly to be explained is not the relationship between risk and return focused on by Tinic and West (1984) but rather the calendar related variations in the returns themselves.stock market anomalies, capital asset pricing model, January effect, turn-of-month effect, day-of-week effect, risk-return relationship