crowdfunding platforms have only emerged as a major source of funding for start-ups and new projects for a decade. The information … available to backers on crowdfunding platforms is generally coarse. This paper surveys the existing literature on the extent to … which crowdfunding harnesses the wisdom of crowds. We discuss two broad categories of crowdfunding. Reward …

Various forms of social learning and network effects are at work on crowdfunding platforms, giving rise to … their common presence on the platform. We finally show that these crowdfunding dynamics stir platform growth, with important …