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Record W3121441921 · doi:10.1287/mnsc.2018.3278

Learning Through Crowdfunding

2019· article· en· W3121441921 on OpenAlex

Why this work is in the frame

A frame that forgets how it found something cannot be audited. These are the routes that admitted this work.

affAt least one author lists a Canadian institution in the pinned OpenAlex snapshot.

Bibliographic record

VenueManagement Science · 2019
Typearticle
Languageen
FieldBusiness, Management and Accounting
TopicFinTech, Crowdfunding, Digital Finance
Canadian institutionsMcGill University
Fundersnot available
KeywordsStylized factIncentiveMoral hazardSample (material)BusinessProduct (mathematics)Production (economics)MarketingMicroeconomicsEconomicsIndustrial organization

Abstract

fetched live from OpenAlex

We develop a model in which reward-based crowdfunding enables firms to obtain a reliable proof of concept early in their production cycle: they learn about total demand from a limited sample of target consumers preordering a new product. Learning from the crowdfunding sample creates a valuable real option because firms invest only if updated expectations about total demand are sufficiently high. This is particularly valuable for firms facing a high degree of uncertainty about consumer preferences, such as developers of innovative consumer products. Learning also enables firms to overcome moral hazard. The higher the funds raised, the lower the firms’ incentives to divert them, provided third-party platforms limit the sample size by restricting campaign length. Although the probability of campaign success decreases with sample size, the expected funds raised are maximized at an intermediate sample size. Our results are consistent with stylized facts and lead to new empirical implications. This paper was accepted by Gustavo Manso, finance.

Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.

Full frame distilled prediction

Teacher imitation

Not calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.

metaresearch head score (Codex)0.001
metaresearch head score (Gemma)0.000
Version: codex-gemma-dda1882f352aValidation status: machine_predicted_unvalidated
Candidate categoriesScholarly communication, Insufficient payload (model declined to judge)
Consensus categoriesnone
DomainCandidate signal: none · Consensus signal: none
Study designCandidate signal: Theoretical or conceptual · Consensus signal: none
GenreCandidate signal: Empirical · Consensus signal: none
Teacher disagreement score0.873
Threshold uncertainty score1.000

Codex and Gemma teacher scores by category

CategoryCodexGemma
Metaresearch0.0010.000
Meta-epidemiology (narrow)0.0000.000
Meta-epidemiology (broad)0.0000.000
Bibliometrics0.0010.003
Science and technology studies0.0010.000
Scholarly communication0.0010.006
Open science0.0010.001
Research integrity0.0000.000
Insufficient payload (model declined to judge)0.0000.008

Machine scores (provisional)

The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.

Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.

Opus teacher head0.013
GPT teacher head0.227
Teacher spread0.214 · how far apart the two teachers sit on this one work
Validation statusscore_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it