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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w19133 |
来源ID | Working Paper 19133 |
Some Simple Economics of Crowdfunding | |
Ajay K. Agrawal; Christian Catalini; Avi Goldfarb | |
发表日期 | 2013-06-13 |
出版年 | 2013 |
语种 | 英语 |
摘要 | It is not surprising that the financing of early-stage creative projects and ventures is typically geographically localized since these types of funding decisions are usually predicated on personal relationships and due diligence requiring face-to-face interactions in response to high levels of risk, uncertainty, and information asymmetry. So, to economists, the recent rise of crowdfunding - raising capital from many people through an online platform - which offers little opportunity for careful due diligence and involves not only friends and family but also many strangers from near and far, is initially startling. On the eve of launching equity-based crowdfunding, a new market for early-stage finance in the U.S., we provide a preliminary exploration of its underlying economics. We highlight the extent to which economic theory, in particular transaction costs, reputation, and market design, can explain the rise of non-equity crowdfunding and offer a framework for speculating on how equity-based crowdfunding may unfold. We conclude by articulating open questions related to how crowdfunding may affect social welfare and the rate and direction of innovation. |
主题 | Microeconomics ; Market Structure and Distribution ; Economics of Information ; Financial Economics ; Financial Institutions ; Industrial Organization ; Firm Behavior ; Industry Studies ; Regional and Urban Economics ; Regional Economics ; Other ; Culture |
URL | https://www.nber.org/papers/w19133 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576807 |
推荐引用方式 GB/T 7714 | Ajay K. Agrawal,Christian Catalini,Avi Goldfarb. Some Simple Economics of Crowdfunding. 2013. |
条目包含的文件 | 条目无相关文件。 |
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