The real effects of transparency in crowdfunding
研究揭示众筹市场存在实施不足的低效率，发现仅消除成本不确定性反而可能因加剧消费者协调失败而降低效率，对提倡更高透明度提出警示。
Abstract In this paper, we investigate the real effects of information transparency in crowdfunding markets. Our analysis shows that the crowdfunding market features an under‐implementation inefficiency, driven by two types of uncertainty that consumers face: fundamental uncertainty about the entrepreneur's implementation cost, and strategic uncertainty due to potential coordination failures among consumers. We find that when both fundamental and strategic uncertainties are present, eliminating the fundamental uncertainty alone by revealing the implementation cost does not necessarily improve efficiency. Surprisingly, from an ex ante perspective, greater transparency makes the coordination among crowdfunding consumers less efficient, which makes the under‐implementation problem even worse and thus impairs efficiency. Our findings send a message of caution against promoting greater transparency in the crowdfunding market.