Consumers as Financiers: Consumer Surplus, Crowdfunding, and Initial Coin Offerings
研究了消费者直接提供资金对效率的影响，发现中介机构无法为所有高效项目融资，而众筹能提升效率，并讨论了首次代币发行中二级市场与投机的影响。
Abstract We study the efficiency implications of funding directly provided by consumers. Intermediaries fail to finance all efficient projects, and crowdfunding can improve efficiency. Whereas intermediaries value projects based on cash flows, consumers also receive a consumption benefit. Unique to crowdfunding is the ability of consumers to commit to pay for the benefit, and the degree to which they can do so determines its efficiency. We discuss the implications of introducing a resale market for consumers’ claims, as in the case of initial coin offerings, and the speculation that necessarily accompanies such markets. We provide testable and policy-related implications.