A field experiment on attracting crowdfunders

Published: 17 April 2023| Version 1 | DOI: 10.17632/9prftpkdfc.1
Lars Hornuf,
Christoph Siemroth


This folder contains the final dataset (datasetfinal.dta), as well as Stata code (analysis01.do) to replicate the statistical analysis of the following paper: Hornuf & Siemroth (2023): "A field experiment on attracting crowdfunders", Economics Letters, 222, 110928. Abstract: In a field experiment, we tracked whether crowdfunders clicked on a newsletter link to a new project and whether they invested. In terms of clicks, we find that crowdfunders overall respond most to an environmental framing, while older crowdfunders respond more to a financial framing than younger ones, and men respond less to a financial framing than women. There were no significant differences in terms of investments. The paper is obtainable for free via open access at: https://doi.org/10.1016/j.econlet.2022.110928 This work was supported by the Economic and Social Research Council [grant number ES/T015357/1] and the German Federal Ministry of Education and Research [grant number 031B0781A]. ***************************** 1 TERMS OF USE ***************************** Feel free to use the data or the Stata code in any way you see fit, provided you give credit in any output by citing: Hornuf & Siemroth (2023): "A field experiment on attracting crowdfunders", Economics Letters, 222, 110928. ***************************** 2 CONTENTS ***************************** The folder contains the final dataset "datasetfinal.dta" in the Stata format, which is used to replicate the statistical analyses using the code in analysis01.do. The PDF of the paper is in the docs subfolder. These contain details about the experimental design. ***************************** 3 HOW TO USE ***************************** - Unpack the folder somewhere locally - open "analysis01.do" contained therein in Stata. Tested in Stata 17.0, but will likely work in other versions - IMPORTANT: At the top of the do-file, change the line cd "C:\Users\cs16004\Desktop\Hornuf & Siemroth 2023 data" to cd "YOURPATH" where YOURPATH is the path to the local directory you unpacked the folder to. This needs to be correct for the do-file to find the data - now run the do-file in Stata (ctrl+d), which runs the statistical analyses and creates the tables from the paper - "analysis01.do" might some user-written Stata commands. If not installed, these will cause an error. Fix this by installing the user-written commands via ssc or similar - note: table layouts may not look exactly like the published versions, as the journal changed layouts - note: tables will be written in latex format into the "tables" subfolder


Steps to reproduce

See readme contained in the archive.


Technische Universitat Dresden, University of Essex


Economics, Finance, Sustainability, Investment, e-Mail, Data Replication, Green Economy, Experimental Economics, Preference, Behavioral Experiment, Investors, Experiment in Economics, Environmentalism


Economic and Social Research Council

grant number ES/T015357/1

Bundesministerium für Bildung und Forschung