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How much is too much? The effects of information quantity on crowdfunding performance


  • Naomi Moy
  • Ho Fai Chan
  • Benno Torgler


We explore the effects of the quantity of information on the tendency to contribute to crowdfunding campaigns. Using the crowdfunding platform Kickstarter, we analyze the campaign descriptions and the performance of over 70,000 projects. We look empirically at the effect of information quantity (word count) on funding success (as measure by amount raised and number of backers). Within this empirical approach, we test whether an excessive amount of information will affect funding success. To do so, we test for the non-linearity (quadratic) effect of our independent variable (word count) using regression analysis. Consistent with the hypothesis that excess information will negatively affect funds raised and number of contributors, we observe a consistent U-shaped relationship between campaign text length and overall success which suggest that an optimal number of words exists within crowdfunding texts and that going over this point will reduce a project’s chance of fundraising success.

Suggested Citation

  • Naomi Moy & Ho Fai Chan & Benno Torgler, 2018. "How much is too much? The effects of information quantity on crowdfunding performance," PLOS ONE, Public Library of Science, vol. 13(3), pages 1-15, March.
  • Handle: RePEc:plo:pone00:0192012
    DOI: 10.1371/journal.pone.0192012

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    References listed on IDEAS

    1. Benno Torgler & Marco Piatti, 2011. "A Century of American Economic Review," Working Papers 2011.27, Fondazione Eni Enrico Mattei.
    2. Ho Fai Chan & Malka Guillot & Lionel Page & Benno Torgler, 2015. "The inner quality of an article: Will time tell?," Scientometrics, Springer;Akadémiai Kiadó, vol. 104(1), pages 19-41, July.
    3. Brendan Burchell & Catherine Marsh, 1992. "The effect of questionnaire length on survey response," Quality & Quantity: International Journal of Methodology, Springer, vol. 26(3), pages 233-244, August.
    4. Lurie, Nicholas H, 2004. "Decision Making in Information-Rich Environments: The Role of Information Structure," Journal of Consumer Research, Oxford University Press, vol. 30(4), pages 473-486, March.
    5. Malhotra, Naresh K, 1982. "Information Load and Consumer Decision Making," Journal of Consumer Research, Oxford University Press, vol. 8(4), pages 419-430, March.
    6. Bernardo A. Huberman & Fang Wu, 2008. "The Economics Of Attention: Maximizing User Value In Information-Rich Environments," Advances in Complex Systems (ACS), World Scientific Publishing Co. Pte. Ltd., vol. 11(04), pages 487-496.
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    Cited by:

    1. Xiaobei Liang & Xiaojuan Hu & Jiang Jiang, 2020. "Research on the Effects of Information Description on Crowdfunding Success within a Sustainable Economy—The Perspective of Information Communication," Sustainability, MDPI, Open Access Journal, vol. 12(2), pages 1-36, January.
    2. Uwe Dulleck, 2019. "Financial Decisions and Financial Regulation: Three Concepts of Performance Based Regulation," CESifo Working Paper Series 8006, CESifo.

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