The Economics of Crowdfunding
研究了创业者如何选择众筹机制（固定或灵活）、定价和筹资目标，发现固定筹资机制最优，且不受资金约束的创业者可通过固定筹资近似获取全部剩余，对大小创业者均有吸引力。
An entrepreneur finances her project via crowdfunding. She chooses a funding mechanism ( fixed or flexible), a price, and a funding goal. Under fixed funding, money is refunded if the goal is not met; under flexible funding, there is no refund. Backers observe signals about project value and decide whether to contribute or postpone purchase to the retail stage. Using the linkage principle, we show that the optimal campaign uses fixed funding. Furthermore, we show that an entrepreneur who is not financially constrained can approximately extract full surplus using fixed funding. Therefore, crowdfunding is attractive to both small and large entrepreneurs.