Crowdfunding: Théorie et Applications

par Hung Vo

Projet de thèse en Sciences Économiques

Sous la direction de Raphaël Soubeyran.

Thèses en préparation à Montpellier, SupAgro , dans le cadre de EDEG - Economie Gestion , en partenariat avec CEE-M - CENTRE D'ÉCONOMIE DE L'ENVIRONNEMENT (laboratoire) depuis le 01-09-2016 .

  • Résumé

    La thèse étudiera des problèmes de crowdfunding en abordant les points théoriques avec des modèles formalisés et des aspects empiriques qui pourront faire appel à de l'économétrie et/ou de l'économie expérimentale. La réflexion initiale sera basée sur le projet ci-dessous en anglais.

  • Titre traduit

    Incentives in crowdfunding: Theory and Empirics

  • Résumé

    Problematic: Crowdfunding has been a trend in capital raising for firms in their early stage. It is now growing into a billion-dollar industry and we have recently had a lot of support from the government as a mechanism that will help individuals and small businesses in financing. However, whenever there is any new source of financing, we do need to worry about what is the right regulation, what are the underlying incentives taking place. In particular on crowdfunding, there are individuals on both sides, there is always the concern about sophisticated individuals, taking advantage of other individuals and our understanding on this area is really very limited. Nowadays, platforms appear with different designs on the business model. The challenges have to do asymmetric information This thesis will take a look at current practices of crowdfunding and propose different mechanism designs that figure out the right solutions to the problems of asymmetric information. Below are some key research questions that are addressed by the paper: Theoretical study:  What is the optimal threshold in the provision point mechanism of crowdfunding?  How does the creator make the optimal menu design given that buyers are sufficiently heterogeneous in their product valuations, and the provision point mechanism setting  How does the creator signal its quality through reward plans and announce the estimated production schedule? Empirical study:  Find causal inference to explain loan default rate/ funding success in debt-based crowdfunding. Methodologie For the theoretical framework, principal-agent theory and mechanism design will be applied to study how project's initiators can make optimal production and pricing decisons given the current crowdfunding settings. The paper will also use econometric tools to find causes that lead to the loan default rate in a number of debt-based crowdfunding platforms. Encadrement