The largest charity-ratings organization evaluates thousands of charities with combined annual donations of $100 billion. Because charities' initial rating occurs at different times, in random order, I can estimate how the introduction of the ratings affects giving. Donations decrease by 5%–9%, on average. The pattern is intuitive: Donations to highest-rated (4-star) charities are stable. Yet for each consecutive star lower, donations decrease, with 1-star charities losing 12%–14%. I also impute each charity's ratings for years before being rated determine the effect of prior information. Annual losses for the rated charities are approximately $2 billion. Several reasons for the losses are discussed including salience of information, donor expectations, and charity visibility.

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评级的引入会减少捐赠吗？来自慈善机构的证据

最大的慈善评级组织评估数千家慈善机构，每年的捐款总额达 1000 亿美元。因为慈善机构的初始评级发生在不同的时间，以随机的顺序，我可以估计评级的引入如何影响捐赠。捐款平均减少5%–9%。模式很直观：向最高评分（四星级）的慈善机构捐款是稳定的。然而，每连续降低一颗星，捐款就会减少，其中1 颗星慈善机构损失 12%–14%。我还估算了每个慈善机构的多年评级，然后再进行评级，以确定先前信息的影响。受评级慈善机构的年度损失约为 20 亿美元。讨论了造成损失的几个原因，包括信息的显着性、捐助者的期望和慈善机构的知名度。