Crowdfunding: Tapping the Right Crowd
Crowdfunding: Tapping the Right Crowd
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DOI：
10.2139/ssrn.1578175
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发表时间：
2013-07
期刊：
影响因子：
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通讯作者：
Paul Belleflamme;T. Lambert;Armin Schwienbacher
中科院分区：
文献类型：
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作者：
Paul Belleflamme;T. Lambert;Armin Schwienbacher
众筹的基本思想是从大量受众（“人群”）筹集外部资金，每个人提供非常小的金额，而不是征求一小群老练的投资者。本文建立了一个模型，将众筹与预购和价格歧视联系起来，并研究了众筹优于传统外部融资形式的条件。与传统融资相比，众筹的优势在于为一些消费者提供增强的体验，从而允许企业家实行菜单定价并提取更大份额的消费者剩余;缺点是企业家在价格选择方面受到他/她需要筹集的资本金额的限制：这一数额越大，价格就必须扭曲得越多，以吸引大量预购的“众筹者”，菜单定价方案的利润就越少。
The basic idea of crowdfunding is to raise external finance from a large audience (the “crowd”), where each individual provides a very small amount, instead of soliciting a small group of sophisticated investors. The paper develops a model that associates crowdfunding with pre-ordering and price discrimination, and studies the conditions under which crowdfunding is preferred to traditional forms of external funding. Compared to traditional funding, crowdfunding has the advantage of offering an enhanced experience to some consumers and, thereby, of allowing the entrepreneur to practice menu pricing and extract a larger share of the consumer surplus; the disadvantage is that the entrepreneur is constrained in his/her choice of prices by the amount of capital that he/she needs to raise: the larger this amount, the more prices have to be twisted so as to attract a large number of “crowdfunders” who pre-order, and the less profitable the menu pricing scheme.