W melbourneinstitute.unimelb.edu.au Melbourne Institute: Applied Economic & Social Research working papers are produced for discussion and comment purposes and have not been peer-reviewed. This paper represents the opinions of the author(s) and is not intended to represent the views of Melbourne Institute. Whilst reasonable efforts have been made to ensure accuracy, the author is responsible for any remaining errors and omissions.

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W melbourneinstitute.unimelb.edu.au Melbourne Institute: Applied Economic & Social Research working papers are produced for discussion and comment purposes and have not been peer-reviewed. This paper represents the opinions of the author(s) and is not intended to represent the views of Melbourne Institute. Whilst reasonable efforts have been made to ensure accuracy, the author is responsible for any remaining errors and omissions.

We would like to thank the Ontario Trillium Foundation for access to their data, to the PEDAL lab and staff for assistance in transforming and linking the data sets. We also thank participants of the CES-IFO Summer Institute Workshop on the Economics of Philanthropy for their comments as well as participants at presentations held at

W melbourneinstitute.unimelb.edu.au Melbourne Institute: Applied Economic & Social Research working papers are produced for discussion and comment purposes and have not been peer-reviewed. This paper represents the opinions of the author(s) and is not intended to represent the views of Melbourne Institute. Whilst reasonable efforts have been made to ensure accuracy, the author is responsible for any remaining errors and omissions.