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Rational Herding in Reward-Based Crowdfunding: An MTurk Experiment.

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Rational Herding in Reward-Based Crowdfunding: An MTurk Experiment.

dc.contributor.author	Comeig Ramírez, Irene
dc.contributor.author	Mesa Vázquez, Ernesto
dc.contributor.author	Sendra-Pons, Pau
dc.contributor.author	Urbano, Amparo
dc.date.accessioned	2020-11-25T08:40:45Z
dc.date.available	2020-11-25T08:40:45Z
dc.date.issued	2020
dc.identifier.citation	Comeig Ramírez, Irene Mesa Vázquez, Ernesto Sendra-Pons, Pau Urbano, Amparo 2020 Rational Herding in Reward-Based Crowdfunding: An MTurk Experiment. Sustainability 12 9827
dc.identifier.uri	https://hdl.handle.net/10550/76464
dc.description.abstract	Crowdfunding is gaining popularity as a way of financing social sustainable initiatives. We performed a controlled economic experiment in MTurk by simulating a crowdfunding platform and developed a theoretical model that rationalizes herding behavior. The experiment was designed to test and quantify the causal effects of revealing specific information to prospective backers: (i) the number of early contributors already financing the project and (ii) positive opinions of other backers versus those of experts. The results show that early contributions to the campaign and positive opinions of peers act as a reinforcing signal to potential backers and affect backers' beliefs about the probability of success, increasing contributions to the campaign. Furthermore, we show that herding is rational and set expectations on when we should observe rational herding and when not. The theoretical model captures the rational herding, which may be the main information aggregation path in reward-based crowdfunding platforms, and can help managers increase the likelihood of success in crowdfunding campaigns.
dc.language.iso	eng
dc.relation.ispartof	Sustainability, 2020, vol. 12, num. 9827
dc.subject	Economia
dc.subject	Finances
dc.title	Rational Herding in Reward-Based Crowdfunding: An MTurk Experiment.
dc.type	journal article	es_ES
dc.date.updated	2020-11-25T08:40:45Z
dc.identifier.doi	10.3390/su12239827
dc.identifier.idgrec	141474
dc.rights.accessRights	open access	es_ES