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A Theory of Crowdfunding - A Mechanism Design Approach with Demand Uncertainty and Moral Hazard

Citations

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Cited by:

  1. Mahmood, Ammara & Luffarelli, Jonathan & Mukesh, Mudra, 2019. "What's in a logo? The impact of complex visual cues in equity crowdfunding," Journal of Business Venturing, Elsevier, vol. 34(1), pages 41-62.
  2. Benedetti, Hugo & Kostovetsky, Leonard, 2021. "Digital Tulips? Returns to investors in initial coin offerings," Journal of Corporate Finance, Elsevier, vol. 66(C).
  3. Adena, Maja & Huck, Steffen, 2022. "Voluntary ‘donations’ versus reward-oriented ‘contributions’: two experiments on framing in funding mechanisms," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 25(5), pages 1399-1417.
  4. Fabrice Hervé & Armin Schwienbacher, 2018. "Crowdfunding And Innovation," Journal of Economic Surveys, Wiley Blackwell, vol. 32(5), pages 1514-1530, December.
  5. Felipe, Israel José dos Santos & Mendes-Da-Silva, Wesley & Leal, Cristiana Cerqueira & Braun Santos, Danilo, 2022. "Reward crowdfunding campaigns: Time-to-success analysis," Journal of Business Research, Elsevier, vol. 138(C), pages 214-228.
  6. Stefano Cascino & Maria Correia & Ane Tamayo, 2019. "Does Consumer Protection Enhance Disclosure Credibility in Reward Crowdfunding?," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 57(5), pages 1247-1302, December.
  7. Ni, Jian & Xin, Yi & Yang, Fangzhu, 2025. "Financing micro-entrepreneurship in online crowdfunding markets: What drives local bias?," Journal of Economic Behavior & Organization, Elsevier, vol. 238(C).
  8. Chen, Xiao & Huang, Bihong & Shaban, Mohamed, 2022. "Naïve or sophisticated? Information disclosure and investment decisions in peer to peer lending," Journal of Corporate Finance, Elsevier, vol. 77(C).
  9. Duan, Yang & Hsieh, Tien-Shih & Wang, Ray R. & Wang, Zhihong, 2020. "Entrepreneurs' facial trustworthiness, gender, and crowdfunding success," Journal of Corporate Finance, Elsevier, vol. 64(C).
  10. Vincent Meisner & Pascal Pillath, 2024. "Monetizing digital content with network effects: A mechanism-design approach," Berlin School of Economics Discussion Papers 0049, Berlin School of Economics.
  11. Elena Belavina & Simone Marinesi & Gerry Tsoukalas, 2020. "Rethinking Crowdfunding Platform Design: Mechanisms to Deter Misconduct and Improve Efficiency," Management Science, INFORMS, vol. 66(11), pages 4980-4997, November.
  12. Astebro, Thomas B. & Lovo, Stefano & Fernandez Sierra, Manuel & Vulkan, Nir, 2017. "Herding in Equity Crowdfunding," HEC Research Papers Series 1245, HEC Paris, revised 04 Jun 2018.
  13. Tzur, Hana & Segev, Ella, 2025. "Entrepreneurs’ optimal decisions in equity crowdfunding campaigns," European Journal of Operational Research, Elsevier, vol. 327(2), pages 673-689.
  14. Han Jiang & Zhiyi Wang & Lusi Yang & Jia Shen & Jungpil Hahn, 2021. "How Rewarding Are Your Rewards? A Value-Based View of Crowdfunding Rewards and Crowdfunding Performance," Entrepreneurship Theory and Practice, , vol. 45(3), pages 562-599, May.
  15. Tuo Gladys & Yi Feng & Sarpong Solomon & Wang Wenxin, 2020. "The Second Round Resource Acquisition of Entrepreneurial Crowdfunded Ventures: The Relevance of Campaign and Project Implementation Performance Outcomes," Entrepreneurship Research Journal, De Gruyter, vol. 10(3), pages 1-21, July.
  16. Fang, Xing, 2022. "Why we hide good deeds? The selfless and anonymous donation behavior in crowdfunding," Technology in Society, Elsevier, vol. 71(C).
  17. Roma, Paolo & Vasi, Maria & Kolympiris, Christos, 2021. "On the signaling effect of reward-based crowdfunding: (When) do later stage venture capitalists rely more on the crowd than their peers?," Research Policy, Elsevier, vol. 50(6).
  18. Meisner, Vincent & Pillath, Pascal, 2024. "Monetizing digital content with network effects: A mechanism-design approach," VfS Annual Conference 2024 (Berlin): Upcoming Labor Market Challenges 302417, Verein für Socialpolitik / German Economic Association.
  19. Boudreau, Kevin J. & Jeppesen, Lars Bo & Reichstein, Toke & Rullani, Francesco, 2021. "Crowdfunding as Donations to Entrepreneurial Firms," Research Policy, Elsevier, vol. 50(7).
  20. Massimo G. Colombo & Kourosh Shafi, 2021. "Receiving external equity following successfully crowdfunded technological projects: an informational mechanism," Small Business Economics, Springer, vol. 56(4), pages 1507-1529, April.
  21. Lin, Tse-Chun & Pursiainen, Vesa, 2022. "Regional social capital and moral hazard in crowdfunding," Journal of Business Venturing, Elsevier, vol. 37(4).
  22. Susanne Goldlücke & Thomas Tröger, 2018. "Assigning an unpleasant task without payment," CRC TR 224 Discussion Paper Series crctr224_2018_003, University of Bonn and University of Mannheim, Germany.
  23. Gerry Tsoukalas & Brett Hemenway Falk, 2020. "Token-Weighted Crowdsourcing," Management Science, INFORMS, vol. 66(9), pages 3843-3859, September.
  24. Broere, Mark & Christmann, Robin, 2024. "Signaling and Fraud when Crowdfunding Campaigns Compete for Pledges," MPRA Paper 121784, University Library of Munich, Germany.
  25. Qiang Liu & Xiaofeng Liu & Subramanian Balachander, 2021. "Crowdfunding Project Design: Optimal Product Menu and Funding Target," Production and Operations Management, Production and Operations Management Society, vol. 30(10), pages 3800-3811, October.
  26. Nafisa Mahbub & Anh Le & Jun Zhuang, 2022. "Online crowd-funding strategy: a game-theoretical approach to a Kickstarter case study," Annals of Operations Research, Springer, vol. 315(2), pages 1019-1036, August.
  27. Hu, Jianwei & Hua, Xiuping & Li, Haolin & Boateng, Agyenim, 2025. "Home region orientation, international intensity, and funding performance of international crowdfunding projects," Technovation, Elsevier, vol. 140(C).
  28. Praveen Kumar & Nisan Langberg & David Zvilichovsky, 2020. "Crowdfunding, Financing Constraints, and Real Effects," Management Science, INFORMS, vol. 66(8), pages 3561-3580, August.
  29. Wei, Ju & Gong, Xiaomin & Cao, Xiao, 2024. "Operational analysis of crowdfunding on business: A perspective of product competition," International Review of Financial Analysis, Elsevier, vol. 93(C).
  30. Bender, Mark & Gal-Or, Esther & Geylani, Tansev, 2019. "Crowdfunding As a Vehicle for Raising Capital and for Price Discrimination," Journal of Interactive Marketing, Elsevier, vol. 46(C), pages 1-19.
  31. Regner, Tobias & Crosetto, Paolo, 2021. "The long-term effects of self pledging in reward crowdfunding," Technological Forecasting and Social Change, Elsevier, vol. 165(C).
  32. Andrej Woerner & Sander Onderstal & Arthur Schram, 2022. "Comparing Crowdfunding Mechanisms: Introducing the Generalized Moulin-Shenker Mechanism," CESifo Working Paper Series 10081, CESifo.
  33. Rouault, Cyril & Zoroglu, Resul, 2025. "Designing rebate rules in public goods provision: Axioms, limits, and comparisons," Working Paper Series in Economics 175, Karlsruhe Institute of Technology (KIT), Department of Economics and Management.
  34. Armin Schwienbacher, 2018. "Entrepreneurial risk-taking in crowdfunding campaigns," Small Business Economics, Springer, vol. 51(4), pages 843-859, December.
  35. Cason, Timothy N. & Zubrickas, Robertas, 2019. "Donation-based crowdfunding with refund bonuses," European Economic Review, Elsevier, vol. 119(C), pages 452-471.
  36. E. Erjiang & Ming Yu & Geng Peng, 2022. "Intermediation in reward-based crowdfunding: a cash deposit mechanism to reduce moral hazard," Electronic Commerce Research, Springer, vol. 22(4), pages 1227-1248, December.
  37. Ivelin Elenchev & Aleksandar Vasilev, 2019. "Forecasting the Success Rate of Reward Based Crowdfunding Projects," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 17(1 (Spring), pages 51-77.
  38. Renwick, Matthew J. & Mossialos, Elias, 2017. "Crowdfunding our health: Economic risks and benefits," Social Science & Medicine, Elsevier, vol. 191(C), pages 48-56.
  39. Francis de Véricourt & Georgia Perakis, 2020. "Frontiers in Service Science: The Management of Data Analytics Services: New Challenges and Future Directions," Service Science, INFORMS, vol. 12(4), pages 121-129, December.
  40. Butticè, Vincenzo & Di Pietro, Francesca & Tenca, Francesca, 2020. "Is equity crowdfunding always good? Deal structure and the attraction of venture capital investors," Journal of Corporate Finance, Elsevier, vol. 65(C).
  41. Ellman, Matthew & Hurkens, Sjaak, 2019. "Optimal crowdfunding design," Journal of Economic Theory, Elsevier, vol. 184(C).
  42. Kou, Mingting & Yang, Yuanqi & Chen, Kaihua, 2024. "Financial technology research: Past and future trajectories," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 162-181.
  43. Gilles Chemla & Katrin Tinn, 2020. "Learning Through Crowdfunding," Management Science, INFORMS, vol. 66(5), pages 1783-1801, May.
  44. Tian, Jingwen & Wei, Ju & Fan, Weiguo & Wang, Yafei, 2024. "When crowdfunding meets bank financing: Substitute or supplement?," International Journal of Production Economics, Elsevier, vol. 277(C).
  45. Sahm, Marco, 2016. "Advance-purchase financing of projects with few buyers," BERG Working Paper Series 118, Bamberg University, Bamberg Economic Research Group.
  46. Itai Arieli & Moran Koren & Rann Smorodinsky, 2024. "Information aggregation in large collective purchases," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 78(1), pages 295-345, August.
  47. Gary Dushnitsky & Evila Piva & Cristina Rossi‐Lamastra, 2022. "Investigating the mix of strategic choices and performance of transaction platforms: Evidence from the crowdfunding setting," Strategic Management Journal, Wiley Blackwell, vol. 43(3), pages 563-598, March.
  48. Chu, Tiankuo & Wei, Xu & Zhou, Yimin, 2021. "The pricing and efficiency of pre-Sale crowdfunding," Finance Research Letters, Elsevier, vol. 40(C).
  49. Boyarchenko, Svetlana, 2021. "Inefficiency of sponsored research," Journal of Mathematical Economics, Elsevier, vol. 95(C).
  50. Xu, Lei & Li, Dahui & Chiu, Chun-Hung & Zhang, Qing & Gao, Runpeng, 2022. "Implications of warm-glow effect and risk aversion in reward-based crowdfunding," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 160(C).
  51. Wang, Peng & Ghosh, Bikram & Liu, Yong, 2024. "Marketing strategies in reward-based crowdfunding: The role of demand uncertainties," International Journal of Research in Marketing, Elsevier, vol. 41(4), pages 724-744.
  52. Erik Ansink & Mark Koetse & Jetske Bouma & Dominic Hauck & Daan van Soest, 2017. "Crowdfunding public goods: An experiment," Tinbergen Institute Discussion Papers 17-119/VIII, Tinbergen Institute.
  53. Douglas J. Cumming & Gaël Leboeuf & Armin Schwienbacher, 2020. "Crowdfunding models: Keep‐It‐All vs. All‐Or‐Nothing," Financial Management, Financial Management Association International, vol. 49(2), pages 331-360, June.
  54. Din Amir & Bar Hoter & Moran Koren, 2025. "Strategic Behavior in Crowdfunding: Insights from a Large-Scale Online Experiment," Papers 2510.14872, arXiv.org.
  55. Xu, Yang & Zhang, Yu & Lyu, Jiancheng, 2026. "Reveal the new function of crowdfunding: Production risk transfer mechanism," Omega, Elsevier, vol. 138(C).
  56. Vincent Meisner & Pascal Pillath, 2025. "Monetizing Digital Content with Network Effects," Rationality and Competition Discussion Paper Series 541, CRC TRR 190 Rationality and Competition.
  57. Michele Fabi & Matthew Ellman, 2022. "A Theory of Crowdfunding Dynamics," Working Papers 1349, Barcelona School of Economics.
  58. Vincent Meisner & Pascal Pillath, 2024. "Monetizing digital content with network effects: A mechanism-design approach," Papers 2408.15196, arXiv.org, revised Jul 2025.
  59. Viotto da Cruz, Jordana, 2018. "Beyond financing: crowdfunding as an informational mechanism," Journal of Business Venturing, Elsevier, vol. 33(3), pages 371-393.
  60. Zhu, Bo & Zhao, Yue, 2022. "Carbon risk and the cost of bank loans: Evidence from China," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
  61. Carla Martínez-Climent & Ricardo Costa-Climent & Pejvak Oghazi, 2019. "Sustainable Financing through Crowdfunding," Sustainability, MDPI, vol. 11(3), pages 1-16, February.
  62. Damien Besancenot & Radu Vranceanu, 2018. "Crowdfunding with overenthusiastic investors : a global game model," Working Papers hal-01718793, HAL.
  63. Xu, Yang & Zhou, Qiang & Wang, Xu, 2023. "Joint price and quality optimization strategy in crowdfunding campaign," International Journal of Production Economics, Elsevier, vol. 263(C).
  64. Yongli Li & Zhi-Ping Fan & Wei Zhang, 2018. "Network-based Referral Mechanism in a Crowdfunding-based Marketing Pattern," Papers 1808.03070, arXiv.org.
  65. Garratt, Rodney J. & van Oordt, Maarten R.C., 2022. "Entrepreneurial incentives and the role of initial coin offerings," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
  66. Hsieh, Hui-Ching & Vu, Thi Huyen Chi, 2021. "The impact of economic policy uncertainty on crowdfunding success," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
  67. Sounman Hong & Jungmin Ryu, 2019. "Crowdfunding Public Projects: Collaborative Governance for Achieving Citizen Co-funding of Public Goods," Papers 1902.02480, arXiv.org.
  68. BELLEFLAMME Paul, & LAMBERT Thomas, & SCHWIENBACHER Armin,, 2019. "Crowdfunding dynamics," LIDAM Discussion Papers CORE 2019014, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  69. Lin, Tse-Chun & Pursiainen, Vesa, 2023. "Gender differences in reward-based crowdfunding," Journal of Financial Intermediation, Elsevier, vol. 53(C).
  70. Bruno Torres & Zélia Serrasqueiro & Márcio Oliveira, 2024. "Portugal’s Crowdfunding: A Systematic Literature Review," JRFM, MDPI, vol. 17(1), pages 1-32, January.
  71. Kaminski, Jermain & Hopp, Christian & Tykvová, Tereza, 2019. "New technology assessment in entrepreneurial financing – Does crowdfunding predict venture capital investments?," Technological Forecasting and Social Change, Elsevier, vol. 139(C), pages 287-302.
  72. Kuan Zeng, 2024. "The role of venture capitalists in reward-based crowdfunding: a game-theoretical analysis," Annals of Operations Research, Springer, vol. 336(3), pages 1741-1775, May.
  73. Kim, Jin-Hyuk & Newberry, Peter & Qiu, Calvin, 2022. "The role of information signals in determining crowdfunding outcomes," Journal of Empirical Finance, Elsevier, vol. 67(C), pages 168-181.
  74. Sha Zhou & Tao Ma & Zhengchi Liu, 2021. "Crowdfunding as a screener for collective investment," Electronic Commerce Research, Springer, vol. 21(1), pages 195-221, March.
  75. Jiri Chod & Nikolaos Trichakis & S. Alex Yang, 2022. "Platform Tokenization: Financing, Governance, and Moral Hazard," Management Science, INFORMS, vol. 68(9), pages 6411-6433, September.
  76. Fabian Gerstmeier & Yigit Oezcelik & Michel Tolksdorf, 2023. "Rebate rules in reward-based crowdfunding: Introducing the bid-cap rule," Working Papers 202304, University of Liverpool, Department of Economics.
  77. Xing, Chao & Zhang, Yuming & Tripe, David, 2021. "Green credit policy and corporate access to bank loans in China: The role of environmental disclosure and green innovation," International Review of Financial Analysis, Elsevier, vol. 77(C).
  78. Zihao Li, 2025. "Coasian Dynamics with Free Disposability and Zero Marginal Cost: Information Goods," Papers 2507.13137, arXiv.org, revised Feb 2026.
  79. Timothy N. Cason & Alex Tabarrok & Robertas Zubrickas, 2025. "Signaling Quality: How Refund Bonuses Can Overcome Information Asymmetries in Crowdfunding," Management Science, INFORMS, vol. 71(7), pages 5933-5947, July.
  80. Jiang, Zhong-Zhong & Feng, Guangqi & Yi, Zelong & Lu, Weida, 2022. "Raising funds through crowdfunding for a capital-constrained servicing manufacturer," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 164(C).
  81. Lv, Jiancheng & Bi, Gongbing & Xu, Yang, 2023. "Crowdfunding pricing and quality overstatement in the presence of platform regulation," Journal of Retailing and Consumer Services, Elsevier, vol. 70(C).
  82. Swati Oberoi & Smita Srivastava & Vishal K. Gupta & Rohit Joshi & Atul Mehta, 2022. "Crowd Reactions to Entrepreneurial Failure in Rewards-Based Crowdfunding: A Psychological Contract Theory Perspective," JRFM, MDPI, vol. 15(7), pages 1-26, July.
  83. Oleg Muratov, 2023. "Entrepreneur–Investor Information Design," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 64(4), pages 1431-1467, November.
  84. Zvilichovsky, David & Danziger, Shai & Steinhart, Yael, 2018. "Making-the-Product-Happen: A Driver of Crowdfunding Participation," Journal of Interactive Marketing, Elsevier, vol. 41(C), pages 81-93.
  85. Joyee Deb & Aniko Oery & Kevin R. Williams, 2018. "Aiming for the Goal: Contribution Dynamics of Crowdfunding," Cowles Foundation Discussion Papers 2149R2, Cowles Foundation for Research in Economics, Yale University, revised Feb 2023.
  86. Ying-Ju Chen & Tinglong Dai & C. Gizem Korpeoglu & Ersin Körpeoğlu & Ozge Sahin & Christopher S. Tang & Shihong Xiao, 2020. "OM Forum—Innovative Online Platforms: Research Opportunities," Manufacturing & Service Operations Management, INFORMS, vol. 22(3), pages 430-445, May.
  87. Siemroth, Christoph & Hornuf, Lars, 2023. "Why Do Retail Investors Pick Green Investments? A Lab-in-the-Field Experiment with Crowdfunders," Journal of Economic Behavior & Organization, Elsevier, vol. 209(C), pages 74-90.
  88. Matthew Ellman & Sjaak Hurkens, 2025. "Optimal Investment-Based Crowdfunding: Crowdblessing Versus Scale," Working Papers 1540, Barcelona School of Economics.
  89. Md. Mukitul Hoque, 2024. "Crowdfunding for innovation: a comprehensive empirical review," Future Business Journal, Springer, vol. 10(1), pages 1-19, December.
  90. Hans Peter Grüner & Christoph Siemroth, 2019. "Crowdfunding, Efficiency, and Inequality," Journal of the European Economic Association, European Economic Association, vol. 17(5), pages 1393-1427.
  91. Lin William Cong & Yizhou Xiao, 2024. "Information Cascades and Threshold Implementation: Theory and an Application to Crowdfunding," Journal of Finance, American Finance Association, vol. 79(1), pages 579-629, February.
  92. Gad Allon & Volodymyr Babich, 2020. "Crowdsourcing and Crowdfunding in the Manufacturing and Services Sectors," Manufacturing & Service Operations Management, INFORMS, vol. 22(1), pages 102-112, January.
  93. Yan Xu & Jian Ni, 2022. "Entrepreneurial Learning and Disincentives in Crowdfunding Markets," Management Science, INFORMS, vol. 68(9), pages 6819-6864, September.
  94. Lin, Tse-Chun & Pursiainen, Vesa, 2021. "The round number heuristic and entrepreneur crowdfunding performance," Journal of Corporate Finance, Elsevier, vol. 68(C).
  95. Andrej Woerner & Sander Onderstal & Arthur Schram, 2022. "Comparing Crowdfunding Mechanisms: Introducing the Generalized Moulin-Shenker Mechanism," CESifo Working Paper Series 10081, CESifo.
  96. Bi, Gongbing & Geng, Botao & Liu, Lindong, 2019. "On the fixed and flexible funding mechanisms in reward-based crowdfunding," European Journal of Operational Research, Elsevier, vol. 279(1), pages 168-183.
  97. Nguyen, Thang & Cox, Joe & Rich, Judy, 2019. "Invest or regret? An empirical investigation into funding dynamics during the final days of equity crowdfunding campaigns," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 784-803.
  98. Kamil Gemra & Piotr Hościłowicz, 2021. "Świadomość funkcjonowania crowdfundingu," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 2, pages 67-90.
  99. Sylvain Dejean, 2020. "The role of distance and social networks in the geography of crowdfunding: evidence from France," Regional Studies, Taylor & Francis Journals, vol. 54(3), pages 329-339, March.
  100. Georgiana-Loredana Schipor (Frecea), 2020. "Exploring the Crowdfunding Revolution: Reaching the Right Goal," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 1029-1036, August.
  101. Anton Miglo, 2023. "ICO vs. Equity Financing under Imperfect, Complex and Asymmetric Information," FinTech, MDPI, vol. 3(1), pages 1-23, December.
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  103. Francisca Jiménez-Jiménez & Maria Virtudes Alba-Fernández & Cristina Martínez-Gómez, 2021. "Attracting the Right Crowd under Asymmetric Information: A Game Theory Application to Rewards-Based Crowdfunding," Mathematics, MDPI, vol. 9(21), pages 1-23, October.
  104. Erik Ansink & Mark Koetse & Jetske Bouma & Dominic Hauck & Daan van Soest, 2022. "Crowdfunding Conservation (and Other Public Goods)," Journal of the Association of Environmental and Resource Economists, University of Chicago Press, vol. 9(3), pages 565-602.
  105. Joyee Deb & Aniko Oery & Kevin R. Williams, 2018. "Aiming for the Goal: Contribution Dynamics of Crowdfunding," Cowles Foundation Discussion Papers 2149R, Cowles Foundation for Research in Economics, Yale University, revised Jan 2021.
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  107. Eric Tassel, 2023. "Crowdfunding investors, intermediaries and risky entrepreneurs," Small Business Economics, Springer, vol. 60(3), pages 1033-1050, March.
  108. Zhang, Juan & Huang, Jian, 2020. "Deceptive advertising in a crowdfunding market," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 135(C).
  109. Farag, Hisham & Johan, Sofia, 2021. "How alternative finance informs central themes in corporate finance," Journal of Corporate Finance, Elsevier, vol. 67(C).
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  111. Gerstmeier, Fabian & Oezcelik, Yigit & Tolksdorf, Michel, 2023. "Rebate rules in reward-based crowdfunding: Introducing the bid-cap rule," VfS Annual Conference 2023 (Regensburg): Growth and the "sociale Frage" 277698, Verein für Socialpolitik / German Economic Association.
  112. Diandian Xiang & Leinan Zhang & Qiuyan Tao & Yonggui Wang & Shuang Ma, 2019. "Informational or emotional appeals in crowdfunding message strategy: an empirical investigation of backers’ support decisions," Journal of the Academy of Marketing Science, Springer, vol. 47(6), pages 1046-1063, November.
  113. Bargain, Olivier & Cardebat, Jean-Marie & Vignolles, Alexandra, 2016. "Crowdfunding in Wine," Working Papers 234638, American Association of Wine Economists.
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  115. Zhiyi Wang & Lusi Yang & Jungpil Hahn, 2023. "Winner Takes All? The Blockbuster Effect on Crowdfunding Platforms," Information Systems Research, INFORMS, vol. 34(3), pages 935-960, September.
  116. Saurav Chandra Talukder & Zoltán Lakner, 2023. "Exploring the Landscape of Social Entrepreneurship and Crowdfunding: A Bibliometric Analysis," Sustainability, MDPI, vol. 15(12), pages 1-22, June.
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  118. Tseng, Jauling, 2025. "Factors and quantile differences influencing funding volumes of successful crowdfunding campaigns on reward-based platforms in developed, developing, and emerging crowdfunding markets," The Quarterly Review of Economics and Finance, Elsevier, vol. 104(C).
  119. Hedieh Tajali & Piruz Saboury, 2025. "Why give if others will? Evidence of crowd-out in a crowdfunding platform," Edinburgh School of Economics Discussion Paper Series 322, Edinburgh School of Economics, University of Edinburgh.
  120. Sjaak Hurkens & Matthew Ellman, 2018. "A Theory of Crowdfunding -A Mechanism Design Approach with Demand Uncertainty and Moral Hazard: Comment," Working Papers 1012, Barcelona School of Economics.
  121. Menghan Xu, 2024. "Search Frictions in Many‐to‐one Markets," Journal of Industrial Economics, Wiley Blackwell, vol. 72(1), pages 284-326, March.
  122. Soudipta Chakraborty & Robert Swinney, 2021. "Signaling to the Crowd: Private Quality Information and Rewards-Based Crowdfunding," Manufacturing & Service Operations Management, INFORMS, vol. 23(1), pages 155-169, 1-2.
  123. Marco Sahm, 2020. "Advance-Purchase Financing of Projects with Few Buyers," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 57(4), pages 909-933, December.
  124. Penz, R. Frederic & Hörisch, Jacob & Tenner, Isabell, 2022. "Investors in environmental ventures want good money—and a clean conscience: How framing, interest rates, and the environmental impact of crowdlending projects influence funding decisions," Technological Forecasting and Social Change, Elsevier, vol. 182(C).
  125. Ellman, Matthew & Hurkens, Sjaak, 2019. "Fraud tolerance in optimal crowdfunding," Economics Letters, Elsevier, vol. 181(C), pages 11-16.
  126. Jin-Hyuk Kim & Frank Stähler, 2020. "The Impact of Peer-to-Peer Lending on Small Business Loans," CESifo Working Paper Series 8268, CESifo.
  127. Loertscher, Simon & Marx, Leslie M., 2017. "Club good intermediaries," International Journal of Industrial Organization, Elsevier, vol. 50(C), pages 430-459.
  128. Xu, Shengshuo & Ling, Liuyi & Du, Shaofu & Liu, Lindong, 2023. "Crowdfunding or traditional mode? Strategy choices in product selling," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 172(C).
  129. Neligh, Nathaniel, 2025. "A minimum-offer Lindahl mechanism for the provision of public goods," Journal of Public Economics, Elsevier, vol. 251(C).
  130. He Li & Erbao Cao, 2023. "Competitive crowdfunding under asymmetric quality information," Annals of Operations Research, Springer, vol. 329(1), pages 657-688, October.
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