| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11363 |
| DP11363 Learning through Crowdfunding | |
| Gilles Chemla; Katrin Tinn | |
| 发表日期 | 2016-06-28 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We develop a model where reward-based crowdfunding enables firms to obtain a reliable proof of concept early in their production cycle. Crowdfunding allows firms to learn about total demand from a limited sample of target consumers pre-ordering a new product. Learning creates a valuable real option as firms invest only if updated in and out of sample demand is sufficiently high. This is particularly valuable for firms facing a high degree of uncertainty about consumer preferences, such as developers of innovative consumer products. The real option value of learning enables these firms to overcome moral hazard, even if diverting funds is costless. The higher the funds raised, the lower the firms' incentives to divert them, provided third-party platforms limit the sample size by restricting campaign length. Expected funds raised are maximized at an intermediate sample size. Our results are consistent with stylized facts and lead to new empirical implications. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Reward-based crowdfunding Moral hazard Real options Learning Uncertainty Kickstarter |
| URL | https://cepr.org/publications/dp11363 |
| 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/540177 |
| 推荐引用方式 GB/T 7714 | Gilles Chemla,Katrin Tinn. DP11363 Learning through Crowdfunding. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Gilles Chemla]的文章 |
| [Katrin Tinn]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Gilles Chemla]的文章 |
| [Katrin Tinn]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Gilles Chemla]的文章 |
| [Katrin Tinn]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
