000			01243nam a22001577a 4500
999			_c514695 _d514695
008			201130b ||||| |||| 00| 0 eng d
100			_aChang, Jen-Wen. _921575
245			_aThe Economics of crowdfunding
260			_aAmerican Economic Journal Microeconomics
300			_a12(2), May, 2020: p. 257-280
520			_aAn 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			_aFinancing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill _921576
773			_aAmerican Economic Journal Microeconomics
906			_aCORPORATE GOVERNANCE
942			_cAR