processes in the Italian Regional and Local Governments -- Chapter 14 Relational capital and crowdfunding: A new opportunity for …

This article is the first one that considers a model of the choice between the different types of crowdfunding, which … provides several implications, most of which have not yet been tested. Our model predicts that equity-based crowdfunding is … more profitable than reward-based crowdfunding when an entrepreneur is overconfident. This is because the entrepreneur …

We characterize optimal reward-based crowdfunding where production is contingent on an aggregate funding threshold …. Crowdfunding adapts project-implementation to demand (market-testing) and its multiple prices enhance rent-extraction via …-Or-Nothing platforms, raises profits but can lower consumer welfare. When new buyers arrive ex-post, crowdfunding's market-test complements …

This paper investigates the optimal design of crowdfunding where crowdfunders are potential consumers with standard … motivations and entrepreneurs are profit maximizing agents. We characterize the typical crowdfunding mechanism where the …-seeking can worsen. Crowdfunding platforms can raise threshold credibility. So we also compare outcomes when the entrepreneur …

This article is the first one that considers a model of the choice between the different types of crowdfunding, which … provides several implications, most of which have not yet been tested. Our model predicts that equity-based crowdfunding is … more profitable than reward-based crowdfunding when an entrepreneur is overconfident. This is because either the …