嘉　宾：Keehyung Kim  Associate Professor  University of Oklahoma

主持人：刘佳璐  助理教授  上海交通大学安泰经济与管理学院

时　 间：2025年6月25日（周三）10:30-12:00

地　 点：上海交通大学徐汇校区安泰楼A305

内容简介:

Crowdfunding platforms often engage expert investors to provide professional advice, assisting crowd investors in making informed decisions. To incentivize experts, platforms implement a carry structure, allowing experts to collect a fee from either crowd investors or startup companies. We propose an abstract model reflecting key aspects of revenue-sharing crowdfunding involving a startup, an expert, and a crowd investor. This study experimentally examines how the source of the carry influences the objectivity of the expert‘s report and how startups and crowd investors adjust their strategies in response. Experimental results indicate that experts tend to overreport project quality, with the highest bias occurring when the startup pays the carry. Conversely, when the carry is paid by the crowd investor, experts exhibit greater aversion to misreporting, suggesting a heightened sense of perceived responsibility toward the funding party. Both startups and crowd investors anticipate these biases, adjusting project quality and investment amounts accordingly. Notably, both metrics peak when the carry comes from the crowd investor, indicating that expert objectivity enhances platform efficiency. A behavioral model capturing the expert‘s psychological tradeoff between self-interest and objectivity supports these findings. Our study offers insights for platform designers and policymakers aiming to design effective expert incentive systems that promote transparency and efficient capital allocation.

演讲人简介：

Keehyung is an Associate Professor of MIS at Price College of Business, University of Oklahoma. Prior to that, he was a faculty at University of Waterloo and Chinese University of Hong Kong. He received his Ph.D. from University of Wisconsin-Madison. His scholarly activities are largely about how technology features and platform policies affect the decision-making process and individual behaviors. His research appears in premier journals including Management Science (MS), Journal of Management Information Systems (JMIS), Production and Operations Management (POM), European Journal of Information Systems (EJIS). In teaching, his course and instructor ratings have been consistently placed at the top. He has been awarded various teaching awards at the CUHK Business School and the Wisconsin School of Business.

欢迎广大师生参加！