What does this research mean for the field?

Racial discrimination in crowdfunding varies by platform type, with donation crowdfunding exhibiting taste-based discrimination against Black fundraisers and investment crowdfunding manifesting statistical discrimination that can be positive or negative depending on the decision frame. Novelty: ClaimNovelty.CONTRADICTORY. Consensus alignment: ConsensusAlignment.CHALLENGES_CONSENSUS.

What question did this study set out to answer?

Determine the underlying economic and psychological mechanisms driving racial discrimination across donation-based versus investment-based crowdfunding platforms.

August 31, 2026MIS Quarterly

Taste vs. Stats: Investigating Racial Discrimination in Online Donation and Investment Crowdfunding

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Determine the underlying economic and psychological mechanisms driving racial discrimination across donation-based versus investment-based crowdfunding platforms.
Conducted three preregistered randomized experiments evaluating funding decisions in donation and investment crowdfunding settings.
Assessed outcomes across racial groups and manipulated decision framing via modified task instructions in Experiment 3.
Experiment 1 revealed taste-based discrimination directed against Black fundraisers in donation crowdfunding.
Experiment 2 demonstrated statistical discrimination resulting in positive discrimination toward Asian fundraisers in investment crowdfunding.
Experiment 3 showed that modifying task instructions to induce a negative decision frame reversed the direction of discrimination against Asian fundraisers.

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Implication

Randomized experiments reveal distinct taste-based and statistical discrimination mechanisms across crowdfunding models, highlighting the impact of decision framing.

Cite This Study

Liu et al. (2026) studied this question.

synapsesocial.com/papers/6a978921923bb7518ba67358 https://doi.org/10.25300/misq/2025/18542

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Implication

Randomized experiments reveal distinct taste-based and statistical discrimination mechanisms across crowdfunding models, highlighting the impact of decision framing.

Taste vs. Stats: Investigating Racial Discrimination in Online Donation and Investment Crowdfunding

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Discussion

Implication

Cite This Study

Taste vs. Stats: Investigating Racial Discrimination in Online Donation and Investment Crowdfunding

Key Points

Discussion

Implication

Cite This Study

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