The combination of limited individual information and costly information acquisition in markets for experience goods leads us to believe that significant peer effects drive demand in these markets. In this paper, the researchers model the effects of peers on the demand patterns of products in the market experience goods microfunding. By analyzing data from an online crowdfunding platform from 2006 to 2010 the researchers were able to ascertain that peer effects, and not network externalities, influence consumption.
Crowdfunding platforms enable the financing of projects by soliciting small investments from a large base of potential backers over the Internet. These platforms create a dynamic funding network. This study uses data collected from Kickstarter, the largest crowdfunding platform, to study some of the dynamics of such a network. It focuses on project owners who choose to operate on both sides of the market, creating campaigns of their own as well as backing the projects of others. It finds that an owner’s backing-history has a significant effect on financing outcomes; campaigns initiated by entrepreneurs who have previously supported others have higher success rates, attract more backers and collect more funds. It extends network exchange theory to the domain of crowdfunding and finds evidence for both direct and indirect reciprocity. It quantifies the impact of such reciprocal forces on the performance of crowdfunding platforms and campaigns. It also shows that owners who are backers form a sub- community that is active in backing projects, especially those initiated by its members. These findings suggest that backing the projects of others is a rewarding strategy.
In order to get a constructive non-Nordic view, Tom Fleming Creative Consultancy, a UK-based leading international Creative and Knowledge Economy consultancy , has been commissioned by the Nordic Innovation Centre (NICe) , on behalf of the Nordic Council of Ministers, to develop this Green Paper. It builds on existing policy development to:Provide an overview of the current profile of the Region’s Creative Industries Introduce the current policy status of the Creative Industries Highlight key opportunities for growing the Creative Industries and maximizing the sector’s wider value Present a set of actionable policy recommendations for partners to pursue
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