期刊
AMERICAN ECONOMIC JOURNAL-MICROECONOMICS
卷 12, 期 2, 页码 257-280出版社
AMER ECONOMIC ASSOC
DOI: 10.1257/mic.20170183
关键词
-
类别
An entrepreneur finances her project via crowdfunding. She chooses a funding mechanism (fixed or flexible), a price, and a funding goal. Under fixed funding, money is refunded if the goal is not met; under flexible funding, there is no refund. Backers observe signals about project value and decide whether to contribute or postpone purchase to the retail stage. Using the linkage principle, we show that the optimal campaign uses fixed funding. Furthermore, we show that an entrepreneur who is not financially constrained can approximately extract full surplus using fixed funding. Therefore, crowdfunding is attractive to both small and large entrepreneurs.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据