讲座：Quality Signaling through Crowdfunding Pricing
题 目：Quality Signaling through Crowdfunding Pricing
嘉 宾：Ehsan Bolandifar 副教授 北京大学深圳研究生院
主持人：赵文辉 教授 上海交通大学安泰经济与管理学院
地 点：上海交通大学徐汇校区 安泰楼A305室
We study an entrepreneur's pricing strategy in a reward-based crowdfunding campaign under asymmetric product quality information. We propose two signaling mechanisms and investigate the relative performance of these mechanisms under different market conditions. This problem is relevant to practice, as asymmetric quality information is a major concern in reward-based crowdfunding; high-quality entrepreneurs are looking for credible mechanisms to signal their quality to customers. For a high-quality entrepreneur who lacks a strong fan-base, we propose a new theory on quality signaling. In many cases, a low funding price might be the only signaling tool needed (i.e., one-price signaling); a high-quality entrepreneur should offer a good deal to customers in the funding period to increase the chance of a successful campaign to reach the regular selling period. However, such an entrepreneur can increase his funding price, if he commits to his future price in the regular selling period (i.e., two-price signaling).
We characterize financing target levels that allow entrepreneurs to signal quality through one- or two-price mechanisms. In particular, we show that two-price signaling is plausible for a broad range of financing target levels. When both one- and two-price signaling are plausible (i.e., when the financing target level is not large), the gap in potential high- and low-quality levels and the accuracy of the market signal on customers valuation of the product in the regular selling period determine the more efficient signaling mechanism.
Professor Ehsan Bolandifar, is currently serving at Peking University, Shenzhen graduate school, as associate professor of operations management. His research is mainly focused on the interface of operations and finance, multi-sided platforms and healthcare operations. His research has appeared in some of the top Business journals like Manufacturing and Service Operations Management, Production and Operations Management, Journal of Operations Management, and European Journal of Operational Research.