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2015-07-28Buch DOI: 10.18452/4593
Crowdfunding, demand uncertainty, and moral hazard - a mechanism design approach
dc.contributor.authorStrausz, Roland
dc.date.accessioned2017-06-16T01:17:32Z
dc.date.available2017-06-16T01:17:32Z
dc.date.created2016-07-27
dc.date.issued2015-07-28
dc.date.submitted2015-07-28
dc.identifier.issn1860-5664
dc.identifier.urihttp://edoc.hu-berlin.de/18452/5245
dc.description.abstractCrowdfunding challenges the traditional separation between finance and marketing. It creates economic value by reducing demand uncertainty, which enables a better screening of positive NPV projects. Entrepreneurial moral hazard threatens this effect. Using mechanism design, mechanisms are characterized that induce efficient screening, while preventing moral hazard. "All-or-nothing" reward-crowdfunding platforms reflect salient features of these mechanisms. Efficiency is sustainable only if expected gross returns exceed twice expected investment costs. Constrained efficient mechanisms exhibit underinvestment. With limited consumer reach, crowdfunders become actual investors. Crowdfunding complements rather than substitutes traditional entrepreneurial financing, because each financing mode displays a different strength.eng
dc.language.isoeng
dc.publisherHumboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät
dc.subjectmarketingeng
dc.subjectcrowdfundingeng
dc.subjectfinanceeng
dc.subjectdemand uncertaintyeng
dc.subjectmoral hazardeng
dc.subject.ddc310 Statistik
dc.subject.ddc330 Wirtschaft
dc.titleCrowdfunding, demand uncertainty, and moral hazard - a mechanism design approach
dc.typebook
dc.identifier.urnurn:nbn:de:kobv:11-100239326
dc.identifier.doihttp://dx.doi.org/10.18452/4593
local.edoc.container-titleSonderforschungsbereich 649: Ökonomisches Risiko
local.edoc.pages41
local.edoc.type-nameBuch
local.edoc.container-typeseries
local.edoc.container-type-nameSchriftenreihe
local.edoc.container-volume2015
local.edoc.container-issue36
local.edoc.container-year2015
local.edoc.container-erstkatid2195055-6

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