SFS Cavalcade North America 2024
Georgia State University | May 19-22, 2024
Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
Please note that all times are shown in the time zone of the conference. The current conference time is: 13th May 2024, 07:30:15pm EDT
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Session Overview |
Session | ||
Track W3-3: ESG in Financial Intermediation
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Presentations | ||
Money to Burn: Wildfire Insurance via Social Networks 1University of Wisconsin - Madison; 2University of Colorado - Boulder Crowdfunding is an increasingly popular way to raise emergency funding after disasters. However, for victims of a major Colorado wildfire, we find that crowdfunding raised more support for wealthier beneficiaries rather than helping the most vulnerable. Specifically, beneficiaries with income above $150,000 receive 28% more support on GoFundMe than beneficiaries with income below $75,000. High-income households are also 14 percentage points more likely to have a crowdfunding campaign at all. These findings hold conditional on the amount of property value destroyed by the fire. The regressive allocation of disaster crowdfunding relates to several network advantages possessed by high-income households, including more connections outside the disaster area. Our findings highlight substantial disparities in social network insurance, which, as we show, likely exacerbate income inequalities in the recovery process.
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