| 000 -LEADER |
|---|
| fixed length control field |
01243nam a22001577a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
|---|
| fixed length control field |
201130b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
|---|
| Personal name |
Chang, Jen-Wen. |
| 245 ## - TITLE STATEMENT |
|---|
| Title |
The Economics of crowdfunding |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
|---|
| Place of publication, distribution, etc |
American Economic Journal Microeconomics |
| 300 ## - PHYSICAL DESCRIPTION |
|---|
| Extent |
12(2), May, 2020: p. 257-280 |
| 520 ## - SUMMARY, ETC. |
|---|
| Summary, etc |
An entrepreneur finances her project via crowdfunding. She chooses a funding mechanism (fixed or flexible), a price, and a funding goal. Under fixed funding, money is refunded if the goal is not met; under flexible funding, there is no refund. Backers observe signals about project value and decide whether to contribute or postpone purchase to the retail stage. Using the linkage principle, we show that the optimal campaign uses fixed funding. Furthermore, we show that an entrepreneur who is not financially constrained can approximately extract full surplus using fixed funding. Therefore, crowdfunding is attractive to both small and large entrepreneurs. - Reproduced
|
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name as entry element |
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill |
| 9 (RLIN) |
21576 |
| 773 ## - HOST ITEM ENTRY |
|---|
| Main entry heading |
American Economic Journal Microeconomics |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
|---|
| Subject DIP |
CORPORATE GOVERNANCE |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
|---|
| Item type |
Articles |
