Crowdfunding Project Design: Optimal Product Menu and Funding Target
通过分析模型研究创业者如何设计最优产品菜单和融资目标，发现众筹下低质量产品的质量扭曲可能高于、低于或等于传统销售，且众筹仅在固定成本非零时才有吸引力。
We study, using a stylized analytical model, an entrepreneur's design of the optimal product menu for crowdfunding together with the optimal choice of the funding target. We find that in contrast to prior literature on crowdfunding, downward quality distortion of the low‐quality product in the entrepreneur's product menu under crowdfunding can be higher, lesser or even non‐existent than that under traditional selling. We also show that crowdfunding as an alternative to traditional selling is only attractive in the presence of a non‐zero fixed cost. Our findings provide important implications for entrepreneurs in optimizing their crowdfunding project design.