Abstract (EN)

We build a general-equilibrium model of an economy with the non-pro.t sector .nanced through private warm-glow donations. Lack of monitoring on the use of funds implies that an increase of funds of the non-pro.t sector (because of a higher income in the for-pro.t sector, a stronger preference for giving, or an in.ow of foreign aid) worsens the motivational composition and performance of the non-pro.t sector. If motivated donors give more than unmotivated ones, there exist two stable (motivational) equilibria. Linking donations to the motivational composition of the non-pro.t sector or a tax-.nanced public funding of non-pro.ts can eliminate the bad equilibrium.