G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10488
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
URLhttps://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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