All-Pay Auction for Charity
|June 12th, 2013|
In a less scammy vein, however, this is also how competitive prizes work. In the X-Prize teams spent over $100M in competition for a $10M prize. I can't find an estimate for how much people spent to win the $1M Netflix Prize but when you look at the number of people and number of teams it was probably well above $1M.
Could we use this for charity? Imagine a donor thought two charities were both excellent and had very similar returns, but they knew lots of other people strongly disagreed and preferred one or the other. By offering to donate $X to the charity that received the most in donations, could they move more than $X to the charity of their choice? It might be even better to make the criterion be the most independent donations of at least $Y, because getting more people to donate has value in terms of expected future donations.
(I suggested something similar a few months ago in a comment on my post on donation matching, but hadn't thought about prizes at the time.)
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