Network vs market relations: The effect of friends in crowdfunding
Network vs market relations: The effect of friends in crowdfunding
复制标题
网络与市场关系：朋友在众筹中的作用
DOI：
--
复制
发表时间：
2015
期刊：
影响因子：
--
通讯作者：
Brian Uzzi
中科院分区：
文献类型：
--
作者：
Emőke;Jayaram Uparna;Brian Uzzi
群体提供了一种有效的集体决策的新形式，但关于群体实现卓越结果的机制的知识仍然处于萌芽状态。有人认为，当个人做出独立决策并拥有不同信息时，群体在类似市场的关系中效果最好。相比之下，市场的社会学讨论认为，网络关系可以减轻风险决策，这些网络关系将经济交易嵌入促进信任和互惠的社会关系中。为了调查网络在人群中的作用及其对绩效的影响，我们检查了 Prosper.com（2006 年 1 月 1 日至 2012 年 3 月）金融贷款决策的完整记录，Prosper.com 是美国第一个众筹平台，也是企业家和普通借款人获得资本的主要门户，继续颠覆传统的金融贷款结构，2013 年向市场注入了超过 51 亿美元。持续的共同借贷支撑着网络借贷的动态。此外，我们还展示了网络联系如何影响借贷行为的演变。我们发现，在筹款的早期阶段，网络关系提供的贷款比例更大，通常每次出价的贷款量是陌生人的四倍。他们对贷款请求的响应速度也比陌生人平均快 59.5%。第一笔贷款的规模和放贷时间也往往会促使陌生人放贷，这表明网络关系可能会改变市场，即使更少的贷款人在 Prosper 上主导更多的贷款市场，这一发现仍然存在。最后，网络关系与更大的参与度相关：当第一笔贷款由朋友承保时，剩余贷款的 50% 也来自朋友。
Crowds offer a new form of efficacious collective decision making, yet knowledge about the mechanisms by which they achieve superior outcomes remains nascent. It has been suggested that crowds work best with market-like relationships when individuals make independent decisions and possess dissimilar information. By contrast, sociological discussions of markets argue that risky decisions are mitigated by network relations that embed economic transactions in social ties that promote trustworthiness and reciprocity. To investigate the role of networks within crowds and their performance effects, we examined the complete record of financial lending decisions on Prosper.com, 1/2006-3/2012, the first U.S. crowdfunding platform and a chief gateway to capital for entrepreneurs and general borrowers that continues to disrupt conventional financial lending structures infusing more than $5.1 billion into the market in 2013. Our study reveals how reciprocity, recurring borrower-lender dyads, and persistent co-lending underpin the dynamics of network lending. Further, we show how network ties influence the evolution of the lending behavior. We find that in the early stage of fundraising, network relations provide larger proportions of loans, typically lending four times more per bid than strangers. They also respond to loan requests on average 59.5% sooner than strangers. The size of the first loan and the time to lending also tend to prompt lending by strangers, suggesting that network relations might move the market, a finding that persists even as fewer lenders dominate more of the market for loans on Prosper. Finally, network relations are associated with greater engagement: when the first loan is underwritten by a friend, 50% of the remaining loans come from friends as well.