The economics of crowdfunding platforms

Agrawal, 2013, Some simple economics of crowdfunding, 14 Agrawal, 2013 Ahlers, 2015, Signaling in equity crowdfunding, Entrepreneurship Theory Pract., 39, 955, 10.1111/etap.12157 Albano, 2001, Strategic certification and the provision of quality, Int. Econ. Rev., 42, 267, 10.1111/1468-2354.00110 Allison, 2013, The effect of entrepreneurial rhetoric on microlending investment: an examination of the warm-glow effect, J. Bus. Ventur., 28, 690, 10.1016/j.jbusvent.2013.01.003 Allison, 2014, Crowdfunding in a prosocial microlending environment: examining the role of intrinsic versus extrinsic cues, Entrepreneurship Theory Pract., 39, 53, 10.1111/etap.12108 Armstrong, 2006, Competition in Two-Sided Markets, Rand J. Econ., 37, 668, 10.1111/j.1756-2171.2006.tb00037.x Banerjee, 1992, A simple model of herd behavior, Q. J. Econ., 107, 797, 10.2307/2118364 Barron, 2002, Private e-mail requests and the diffusion of responsibility, Comput. Hum. Behav., 18, 507, 10.1016/S0747-5632(02)00007-9 Bedre-Defolie, 2013, Pricing payment cards, Am. Econ. J.: Microecon., 5, 206 Belleflamme, 2014, Crowdfunding: tapping the right crowd, J. Bus. Ventur., 5, 585, 10.1016/j.jbusvent.2013.07.003 Belleflamme, 2014, Crowdfunding: some empirical findings and microeconomic underpinnings, Forum Financier – Rev. Bancaire Financière, 4, 288 Belleflamme, 2010 Berkovich, 2011, Search and herding effects in peer-to-peer lending: evidence from prosper.com, Ann. Finance, 7, 389, 10.1007/s10436-011-0178-6 Bertrand, 2004, Are Emily and Brendan more employable than Latoya and Tyrone? Evidence on racial discrimination in the labor market from a large randomized experiment, Am. Econ. Rev., 94, 991, 10.1257/0002828042002561 Biglaiser, 1993, Middlemen as experts, Rand J. Econ., 24, 212, 10.2307/2555758 Bouvard, 2013 Burtch, 2013, An empirical examination of the antecedents and consequences of contribution patterns in crowd-funded markets, Inf. Syst. Res., 24, 499, 10.1287/isre.1120.0468 Burtch, 2014, Cultural differences and geography as determinants of online pro-social lending, MIS Q., 38, 773, 10.25300/MISQ/2014/38.3.07 Burtch, 2015, The hidden cost of accommodating crowdfunder privacy preferences: a randomized field experiment, Manage. Sci., 61, 949, 10.1287/mnsc.2014.2069 Cabral, 2010, The dynamics of seller reputation: evidence from eBay, J. Ind. Econ., 58, 54, 10.1111/j.1467-6451.2010.00405.x Cecere, 2015 Chen, 2014, A trust model for online peer-to-peer lending: a lender’s perspective, Inf. Technol. Manage., 15, 239, 10.1007/s10799-014-0187-z Chen, 2014 Chen, 2014, Auctions for social lending: a theoretical analysis, Games Econ. Behav., 86, 367, 10.1016/j.geb.2013.05.004 Cholakova, 2015, Does the possibility to make equity investments in crowdfunding projects crowd out reward-based investments?, Entrepreneurship Theory Pract., 39, 145, 10.1111/etap.12139 Cumming, 2014 Damiano, 2008, Competing matchmaking, J. Eur. Econ. Assoc., 6, 789, 10.1162/JEEA.2008.6.4.789 Duarte, 2012, Trust and credit: the role of appearance in peer-to-peer lending, Rev. Financ. Stud., 25, 2455, 10.1093/rfs/hhs071 Ellman, M., Hurkens, S., 2014. Optimal crowdfunding design. NET Institute Working paper no. 14–21. Evans, 2007, The industrial organization of markets with two-sided platforms, Compet. Policy Int., 3, 151 Everett, C.R., 2010. Group membership, relationship banking and loan default risk: the case of online social lending. Working paper. Financial Conduct Authority, 2013. The FCA’s regulatory approach to crowdfunding (and similar activities), Consultation paper CP13/13, United Kingdom, October 2013. Freedman, S., Jin, G.Z., 2011. Learning by doing with asymmetric information: evidence from prosper.com. NBER Working paper, no. 16855. Frey, 2001, Motivation crowding theory, J. Econ. Surv., 15, 589, 10.1111/1467-6419.00150 Galak, 2011, Micro-finance decision making: a field study of prosocial lending, J. Mark. Res., 48, S130, 10.1509/jmkr.48.SPL.S130 Garcia, 2002, Crowded minds: the implicit bystander effect, J. Pers. Soc. Psychol., 83, 843, 10.1037/0022-3514.83.4.843 Gatautis, 2014, Crowdsourcing application in marketing activities, Soc. Behav. Sci., 11, 1243, 10.1016/j.sbspro.2013.12.971 Gerber, 2012 Greiner, 2010, Building consumer-to-consumer trust in e-finance marketplaces: an empirical analysis, Int. J. Electron. Commer., 15, 105, 10.2753/JEC1086-4415150204 Grossman, 1981, The informational role of warranties and private disclosure about product quality, J. Law Econ., 24, 461, 10.1086/466995 Hemer, J., 2011. A snapshot on crowdfunding. Working paper R2/2011. Fraunhofer Institute. Herzenstein, 2011, Strategic herding behavior in peer-to-peer loan auctions, J. Interact. Mark., 25, 27, 10.1016/j.intmar.2010.07.001 Herzenstein, 2011, Tell me a good story and i may lend you money: the role of narratives in peer-to-peer lending decisions, J. Mark. Res., 48, 138, 10.1509/jmkr.48.SPL.S138 Hildebrand, 2013 Hornuf, 2014 Iizuka, 2014 Iyer, R., Khwaja, A.I., Luttmer, E., Sue, K., 2013. Screening peers softly: inferring the quality of small borrowers. NBER Working paper no. 15242. Kahneman, 1979, Prospect theory: an analysis of decision under risk, Econometrica, 47, 263, 10.2307/1914185 Katz, 1985, Network externalities, competition and compatibility, Am. Econ. Rev., 75, 424 Kennes, 2007, Simple reputation systems, Scand. J. Econ., 109, 71, 10.1111/j.1467-9442.2007.00481.x Kim, 2013, The experts in the crowd: the role of reputable investors in a crowdfunding market Kircher, 2008, Strategic firms and endogenous consumer emulation, Q. J. Econ., 123, 621, 10.1162/qjec.2008.123.2.621 Klein, T., Lambertz, C., Stahl, K., 2013. Market transparency, adverse selection, and moral hazard. CESifo Working paper 4552. Köszegi, 2006, A model of reference-dependent preferences, Q. J. Econ., 121, 1133 Kremer, 2014, Implementing the wisdom of the crowd, J. Polit. Econ., 122, 988, 10.1086/676597 Kumar, 2015 Kuppuswamy, V., Bayus, B. L., 2013. Crowdfunding creative ideas: the dynamics of projects backers in kickstarter. UNC Kenan-Flagler Research paper no. 2013–15. Lambert, 2010 Lee, 2012, Herding behavior in online P2P lending: an empirical investigation, Electron. Commer. Res. Appl., 11, 495, 10.1016/j.elerap.2012.02.001 Li, Z., Duan, J. A., 2014. Dynamic strategies for successful online crowdfunding. NET Institute Working paper no. 14–09. Lin, 2013, Judging borrowers by the company they keep: friendship networks and information asymmetry in online peer to peer lending, Manage. Sci., 59, 17, 10.1287/mnsc.1120.1560 Lin, 2014 Lizzeri, 1999, Information revelation and certification intermediaries, Rand J. Econ., 30, 214, 10.2307/2556078 Liu, 2015, Friendships in online peer-to-peer lending: pipes, prisms, and social herding, MIS Quarterly, 39, 729, 10.25300/MISQ/2015/39.3.11 Marom, 2015 Massolution, 2013. The Crowdfunding Industry Report, 2013CF. Massolution, 2015. The Crowdfunding Industry Report, 2015CF. Michels, 2012, Do unverifiable disclosures matter? evidence from peer-to-peer lending, Acc. Rev., 87, 1385, 10.2308/accr-50159 Milgrom, 1981, Good news and bad news: representation theorems and applications, Bell J. Econ., 12, 380, 10.2307/3003562 Mollick, 2014, The dynamics of crowdfunding: determinants of success and failure, J. Bus. Ventur., 29, 1, 10.1016/j.jbusvent.2013.06.005 Morse, A., 2015. Peer-to-peer crowdfunding: information and the potential for disruption in consumer lending. NBER Working paper 20899. Nocke, 2011, Advance-purchase discounts as a price discrimination device, J. Econ. Theory, 146, 141, 10.1016/j.jet.2010.07.008 Oesterreicher-Singer, 2012, Recommendation networks and the long tail of electronic commerce, MIS Q., 36, 65, 10.2307/41410406 Okuno-Fujiwara, 1990, Strategic information revelation, Rev. Econ. Stud., 57, 25, 10.2307/2297541 Pope, 2011, What’s in a picture? Evidence of discrimination from Prosper.com, J. Hum. Resour., 46, 53 Reisinger, 2014, Two-part tariff competition between two-sided platforms, Eur. Econ. Rev., 68, 168, 10.1016/j.euroecorev.2014.03.005 Rochet, 2003, Platform competition in two-sided markets, J. Eur. Econ. Assoc., 1, 990, 10.1162/154247603322493212 Rochet, 2006, Two-sided markets: a progress report, Rand J. Econ., 37, 645, 10.1111/j.1756-2171.2006.tb00036.x Röthler, D., Wenzlaff, K., 2011. Crowdfunding schemes in Europe. EENC report. Saxton, 2014, The social network effect: the determinants of giving through social media, Nonprofit Voluntary Sect. Q., 43, 850, 10.1177/0899764013485159 Schwienbacher, 2012, Crowdfunding of small entrepreneurial ventures Thies, F., Wessel, M., Benlian, A., 2014. Understanding the dynamic interplay of social buzz and contribution behavior within and between online platforms – evidence from crowdfunding. Mimeo (Thirty Fifth International Conference on Information Systems, Auckland). Thompson, 2010, Does paying referees expedite reviews? Results of a natural experiment, Southern Econ. J., 76, 678, 10.4284/sej.2010.76.3.678 Tucker, 2014, Social networks, personalized advertising, and privacy controls, J. Mark. Res., 51, 546, 10.1509/jmr.10.0355 Tucker, 2011, How does popularity information affect choices? A field experiment, Manage. Sci., 57, 828, 10.1287/mnsc.1110.1312 van de Rijt, 2014, Field experiments of success-breeds-success dynamics, 111, 6934 Wardrop, 2015, Moving mainstream Weisbrod, 1986, Demand for collective goods in private nonprofit markets: can fundraising expenditures help overcome free-rider behavior?, J. Public Econ., 30, 83, 10.1016/0047-2727(86)90078-2 Weiss, G., Pelger, K., Horsch, A., 2010. Mitigating adverse selection in P2P lending – empirical evidence from Prosper. com, SSRN Working paper. White, 2015 Zhang, 2012, Rational herding in microloan markets, Manage. Sci., 58, 892, 10.1287/mnsc.1110.1459 Zvilichovsky, 2014