Background: Crowdfunding has risen rapidly as a way of raising funds to support projects such as art projects, charity projects, and new ventures. It is very important to understand how crowds in the crowdfunding market are organized to carry out various activities. This study documents and...

Background: Crowdfunding has risen rapidly as a way of raising funds to support projects such as art projects, charity projects, and new ventures. It is very important to understand how crowds in the crowdfunding market are organized to carry out various activities. This study documents and...

This paper documents and compares two designs for crowdfunding markets, namely, pure crowds, where all crowd members participate as equals, and hybrid crowds, where crowd members are led by an expert investor. The hybrid design is rarely studied in the crowd funding literature, despite its large...