The economics of crowdfunding platforms

•Survey of the economics of crowdfunding platforms.•Covers theory and empirics.•Particular focus on cross-group and within-group external effects.•Also addresses asymmetric information problems on crowdfunding platforms. This paper provides a description of the crowdfunding sector, considering inves...

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Bibliographic Details
Published in:Information economics and policy 2015-12, Vol.33, p.11-28
Main Authors: Belleflamme, Paul, Omrani, Nessrine, Peitz, Martin
Format: Article
Language:English
Subjects:
Asymmetric information
Crowdfunding
Economic theory
External effects
Information
Investments
Network effects
P2P lending
Payments
Platform markets
Studies
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Summary:•Survey of the economics of crowdfunding platforms.•Covers theory and empirics.•Particular focus on cross-group and within-group external effects.•Also addresses asymmetric information problems on crowdfunding platforms. This paper provides a description of the crowdfunding sector, considering investment-based crowdfunding platforms as well as platforms in which funders do not obtain monetary payments. It lays out key features of this quickly developing sector and explores the economic forces at play that can explain the design of these platforms. In particular, it elaborates on cross-group and within-group external effects and asymmetric information on crowdfunding platforms.
ISSN:0167-6245
1873-5975
DOI:10.1016/j.infoecopol.2015.08.003