Crowdfunding provides innovation in enabling entrepreneurs to contract with consumers before investment. Under … information threatens this benefit. Despite these threats, popular crowdfunding schemes are able to implement optimal screening … mechanisms. Crowdfunding's after-markets enable consumers to actively implement deferred payments and thereby optimally manage …

Crowdfunding challenges the traditional separation between finance and marketing. It creates economic value by reducing …. "All-or-nothing" reward-crowdfunding platforms reflect salient features of these mechanisms. Efficiency is sustainable only … underinvestment. With limited consumer reach, crowdfunders become actual investors. Crowdfunding complements rather than substitutes …

Crowdfunding provides innovation in enabling entrepreneurs to contract with consumers before investment. Under … information threatens this benefit. Crowdfunding’s after-markets enable consumers to actively implement deferred payments and … thereby manage moral hazard. Popular crowdfunding platforms offer schemes that allow consumers to do so through conditional …

Strausz (2017) claims that crowdfunding implements the optimal mechanism design outcome in an environment with … participation constraint. We provide a simple example of a crowdfunding design that raises profit and welfare by tolerating some … general, this must hide information, including prices, from consumers. So crowdfunding cannot implement these optima …

Crowdfunding provides the innovation that, before the investment, entrepreneurs contract with consumers. Under demand … trade-off between value screening and moral hazard, the paper characterizes optimal mechanisms. Current crowdfunding schemes … degree of moral hazard. Constrained efficient mechanisms exhibit underinvestment. Crowdfunding blurs the distinction between …

Crowdfunding challenges the traditional separation between finance and marketing. It creates economic value by reducing …. "All-or-nothing" reward-crowdfunding platforms reflect salient features of these mechanisms. Efficiency is sustainable only … underinvestment. With limited consumer reach, crowdfunders become actual investors. Crowdfunding complements rather than substitutes …

Crowdfunding provides innovation in enabling entrepreneurs to contract with consumers before investment. Under … information threatens this benefit. Despite these threats, popular crowdfunding schemes are able to implement optimal screening … mechanisms. Crowdfunding's after-markets enable consumers to actively implement deferred payments and thereby optimally manage …