Crowdfunding models: Keep‐It‐All vs. All‐Or‐Nothing
研究了两种众筹模式：全部保留（KIA）和全有或全无（AON），发现AON模式让创业者承担更大风险但能吸引更多资金，并作为高质量项目的信号，带来更高成功率和创新性。
Abstract Reward‐based crowdfunding campaigns are commonly offered in one of two models via fundraising goals set by an entrepreneur: “Keep‐It‐All” (KIA), where the entrepreneur keeps the entire amount raised regardless of achieving the goal, and “All‐Or‐Nothing” (AON), where the entrepreneur keeps nothing unless the goal is achieved. We hypothesize that AON forces the entrepreneur to bear greater risk and encourages crowdfunders to pledge more capital enabling entrepreneurs to set larger goals. We further hypothesize that AON is a costly signal of commitment for entrepreneurs yielding a separate equilibrium with higher quality and more innovative projects with greater success rates. Empirical tests support both hypotheses.