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The roles of crowdfunding: financing, point provision and ex-post production

ABSTRACT While most researches focus on the financing role of crowdfunding, the functions of ex-post production and point provision have not been deeply investigated yet. In this paper, we reveal the three roles of crowdfunding from the perspective of operations management, wherein the ex-post production role can ensure the on-demand production, and the point provision mechanism can alleviate the risk of demand uncertainty. We construct mathematical models to derive the maximised performance of crowdfunding with the three roles in a holistic framework. Our results show that the synthetic of three roles can achieve maximisation performance, and crowdfunding also can improve consumer welfare by lowering the price or raising product quality. To prevent moral hazard, we further illustrate the existence of separate equilibrium by introducing partial pre-payment contract in the asymmetrical information situation. However, the separation cost is high when the initial capital is limited. Our research can shed light on crowdfunding operations.