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SUMMARY:“Learning Through Crowdfunding”  - Katrin Tinn\, Imperial Coll
 ege London
DTSTART:20170601T120000Z
DTEND:20170601T130000Z
UID:TALK69770@talks.cam.ac.uk
CONTACT:Cerf Admin
DESCRIPTION:Abstract: We develop a model where reward-based crowdfunding e
 nables firms to obtain a reliable proof of concept early in their producti
 on cycle. The information gathered from a subsample of backers through a f
 ixed length pre-selling campaign enables firms to update their beliefs abo
 ut the preferences of all future consumers. This creates a valuable real o
 ption as firms invest only if updated demand is high. Further\, such updat
 ing mitigates moral hazard: the higher the funds raised\, the lower the fi
 rms' incentives to divert them. Our results are consistent with stylized f
 acts and provide new testable implications. 
LOCATION:Room W4.03 Judge Business School
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