| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10488 |
| DP10488 Cutting out the Middleman: Crowdinvesting, Efficiency, and Inequality | |
| Hans Peter Grüner | |
| 发表日期 | 2015-03-15 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We show that direct investments by consumers without the use of financial intermediaries can efficiently allocate financial capital to firms seeking funding for production of a novel consumption good. In our setting, consumers are also investors, and their privately known consumption preferences are correlated. Hence, consumers can use their own preferences to identify worthwhile investment opportunities and tend to invest in firms whose product they like. A socially optimal capital allocation and complete information aggregation about consumer preferences is achieved if and only if all groups of consumers have enough wealth to invest. If some groups of consumers cannot invest, then capital flows reflect preferences of the wealthy but not necessarily future aggregate demand. Traditional financial intermediaries can improve the allocation of capital only if wealth inequality prevents an efficient allocation of capital by consumers, but financing via intermediaries never reaches the social optimum. |
| 主题 | Financial Economics |
| 关键词 | Capital markets Crowdfunding Crowdinvesting Financial markets Financial intermediation Information aggregation Wealth inequality Welfare |
| URL | https://cepr.org/publications/dp10488 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539320 |
| 推荐引用方式 GB/T 7714 | Hans Peter Grüner. DP10488 Cutting out the Middleman: Crowdinvesting, Efficiency, and Inequality. 2015. |
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