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Analysis of the evolutionary game of reward-based crowdfunding platforms and entrepreneurs

  • School of Management, University of Science and Technology of China, Hefei 230026, China

Cite this:
https://doi.org/10.3969/j.issn.0253-2778.2017.06.010
  • Received Date: 15 December 2016
  • Rev Recd Date: 12 April 2017
  • Publish Date: 30 June 2017
    Abstract

  • Abstract

    To investigate the selection mechanism of the reward-based crowdfunding platform operation mode, a game model was developed by employing the evolutionary game theory. With this model the evolutionary dynamic stability of the selection for every stakeholder’s strategy was analyzed, and critical factors that determine the selection mechanism of the reward-based crowdfunding platform operation mode were explored by means of numerical simulation. The main result indicates that the key factor influencing the selection mechanism contains the following five dimensions: entrepreneurs’ demand for financing, crowdfunding platform service rates, service efficiency of the crowdfunding platform, opportunity cost of the crowdfunding platform to provide high quality services and government regulation of the reward-based crowdfunding market.

    Abstract

    To investigate the selection mechanism of the reward-based crowdfunding platform operation mode, a game model was developed by employing the evolutionary game theory. With this model the evolutionary dynamic stability of the selection for every stakeholder’s strategy was analyzed, and critical factors that determine the selection mechanism of the reward-based crowdfunding platform operation mode were explored by means of numerical simulation. The main result indicates that the key factor influencing the selection mechanism contains the following five dimensions: entrepreneurs’ demand for financing, crowdfunding platform service rates, service efficiency of the crowdfunding platform, opportunity cost of the crowdfunding platform to provide high quality services and government regulation of the reward-based crowdfunding market.
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    • References(17)
  • [1]
    SCHWIENBACHER A, LARRALDE B. Crowdfunding of small entrepreneurial ventures[J]. SSRN Electronic Journal, 2010, DOI: 10.2139/ssrn.1699183.
    [2]
    BELLEFLAMME P, LAMBERT T, SCHWIENBACHER A. Crowdfunding: Tapping the right crowd [J]. Journal of Business Venturing, 2014, 29(5):585-609.
    [3]
    孟韬，张黎明，董大海.众筹的发展及其商业模式研究[J].管理现代化, 2014(2):50-53.
    MENG Tao, ZHANG Liming, DONG Dahai. A study of the development of crowdfunding and its business model [J]. Modernization of Management, 2014(2):50-53.
    [4]
    SAFNER R. Do patronize me: The comparative political economy of arts patronage, copyright, and crowdfunding[DB/OL]. Rochester, NY: SSRN, 2015 [2015-09-10]. https://ssrn.com/abstract=2499621.
    [5]
    陆冰, 石岿然. 信息不对称下众筹平台发展策略的信号博弈分析[J]. 企业经济, 2016(6): 49-53.
    LU Bing, SHI Kuiran. The signal game analysis of crowdfunding development strategy under the information asymmetry [J]. Enterprise Economy, 2016(6): 49-53.
    [6]
    夏恩君，李森，赵轩维.国外众筹研究综述与展望[J].技术经济, 2015, 34(10):10-16.
    XIA Enjun, LI Sen, ZHAO Xuanwei. Crowdfunding: Literature review and prospect [J]. Technology Economics, 2015, 34(10):10-16.
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    盛昭翰，蒋德鹏.演化经济学[M].上海：上海三联出版社,2002: 5-123.
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    SMITH J M, PRICE G R. The logic of animal conflict[J]. Nature, 1973, 246:15-18.
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    王珍珍，陈功玉.制造业与物流业联动发展的演化博弈分析[J].中国经济问题,2012, 271(2): 86-97.
    WANG Zhenzhen, CHEN Gongyu. Analysis on the evolutionary game of interactive development between manufacturing and logistics industry[J]. Economic Issues in China, 2012, 271(2): 86-97.
    [10]
    TAYLOR P D, JONKER L B. Evolutionary stable strategies and game dynamics[J]. Physical Review E, 2015, 92(2):022820.
    [11]
    聂尔德. 基于演化博弈视角的中小企业融资分析[J]. 财经问题研究, 2011(6): 27-31.
    NIE Erde. Small and medium-sized enterprise financing analysis based evolutionary game[J]. Research on Financial and Economic Issues, 2011(6): 27-31.
    [12]
    梁益琳, 张玉明. 创新型中小企业与商业银行的演化博弈及信贷稳定策略研究[J]. 经济评论, 2012(1): 16-24.
    LIANG Yilin, ZHANG Yuming. Research on evolutionary game and credit stable strategies between innovative SMEs and commercial banks [J]. Economic Review, 2012(1): 16-24.
    [13]
    张琅, 胡海青, 张道宏. 应收账款质押融资模式的演化博弈分析[J]. 中国流通经济, 2013, 27(6): 121-126.
    ZHANG Lang, HU Haiqing, ZHANG Daohong. The evolutionary game analysis on the pattern of financing with the pledge of accounts receivable [J]. China Business and Market, 2013, 27(6): 121-126.
    [14]
    马国顺, 宋伟伟. 基于交易平台的电子商务演化博弈分析[J]. 图书情报工作, 2010, 54(24): 127-131.
    MA Guoshun, SONG Weiwei. The evolutionary game analysis of E-commerce based on trading platform[J]. Library and Information Service, 2010, 54(24): 127-131.
    [15]
    韩景倜, 陈群. 不确定条件下P2P网贷平台运营与政府监管演化博弈稳定性分析[J]. 商业研究, 2016(3): 36-44.
    HAN Jingti, CHEN Qun. An analysis of the stability of evolution game between the operation of P2P lending platform and the supervision of government under uncertainty[J]. Commercial Research, 2016(3): 36-44.
    [16]
    CUMMING D J, LEBOEUF G, SCHWIENBACHER A. Crowdfunding models: Keep-it-all vs. all-or-nothing [DB/OL]. Rochester, NY: SSRN, 2013. [2015-09-10]. https://ssrn.com/abstract=2447567.
    [17]
    FRIEDMAN D. Evolutionary games in economics[J]. Econometrica, 1991, 59(3): 637-666.
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    [1]
    SCHWIENBACHER A, LARRALDE B. Crowdfunding of small entrepreneurial ventures[J]. SSRN Electronic Journal, 2010, DOI: 10.2139/ssrn.1699183.
    [2]
    BELLEFLAMME P, LAMBERT T, SCHWIENBACHER A. Crowdfunding: Tapping the right crowd [J]. Journal of Business Venturing, 2014, 29(5):585-609.
    [3]
    孟韬，张黎明，董大海.众筹的发展及其商业模式研究[J].管理现代化, 2014(2):50-53.
    MENG Tao, ZHANG Liming, DONG Dahai. A study of the development of crowdfunding and its business model [J]. Modernization of Management, 2014(2):50-53.
    [4]
    SAFNER R. Do patronize me: The comparative political economy of arts patronage, copyright, and crowdfunding[DB/OL]. Rochester, NY: SSRN, 2015 [2015-09-10]. https://ssrn.com/abstract=2499621.
    [5]
    陆冰, 石岿然. 信息不对称下众筹平台发展策略的信号博弈分析[J]. 企业经济, 2016(6): 49-53.
    LU Bing, SHI Kuiran. The signal game analysis of crowdfunding development strategy under the information asymmetry [J]. Enterprise Economy, 2016(6): 49-53.
    [6]
    夏恩君，李森，赵轩维.国外众筹研究综述与展望[J].技术经济, 2015, 34(10):10-16.
    XIA Enjun, LI Sen, ZHAO Xuanwei. Crowdfunding: Literature review and prospect [J]. Technology Economics, 2015, 34(10):10-16.
    [7]
    盛昭翰，蒋德鹏.演化经济学[M].上海：上海三联出版社,2002: 5-123.
    [8]
    SMITH J M, PRICE G R. The logic of animal conflict[J]. Nature, 1973, 246:15-18.
    [9]
    王珍珍，陈功玉.制造业与物流业联动发展的演化博弈分析[J].中国经济问题,2012, 271(2): 86-97.
    WANG Zhenzhen, CHEN Gongyu. Analysis on the evolutionary game of interactive development between manufacturing and logistics industry[J]. Economic Issues in China, 2012, 271(2): 86-97.
    [10]
    TAYLOR P D, JONKER L B. Evolutionary stable strategies and game dynamics[J]. Physical Review E, 2015, 92(2):022820.
    [11]
    聂尔德. 基于演化博弈视角的中小企业融资分析[J]. 财经问题研究, 2011(6): 27-31.
    NIE Erde. Small and medium-sized enterprise financing analysis based evolutionary game[J]. Research on Financial and Economic Issues, 2011(6): 27-31.
    [12]
    梁益琳, 张玉明. 创新型中小企业与商业银行的演化博弈及信贷稳定策略研究[J]. 经济评论, 2012(1): 16-24.
    LIANG Yilin, ZHANG Yuming. Research on evolutionary game and credit stable strategies between innovative SMEs and commercial banks [J]. Economic Review, 2012(1): 16-24.
    [13]
    张琅, 胡海青, 张道宏. 应收账款质押融资模式的演化博弈分析[J]. 中国流通经济, 2013, 27(6): 121-126.
    ZHANG Lang, HU Haiqing, ZHANG Daohong. The evolutionary game analysis on the pattern of financing with the pledge of accounts receivable [J]. China Business and Market, 2013, 27(6): 121-126.
    [14]
    马国顺, 宋伟伟. 基于交易平台的电子商务演化博弈分析[J]. 图书情报工作, 2010, 54(24): 127-131.
    MA Guoshun, SONG Weiwei. The evolutionary game analysis of E-commerce based on trading platform[J]. Library and Information Service, 2010, 54(24): 127-131.
    [15]
    韩景倜, 陈群. 不确定条件下P2P网贷平台运营与政府监管演化博弈稳定性分析[J]. 商业研究, 2016(3): 36-44.
    HAN Jingti, CHEN Qun. An analysis of the stability of evolution game between the operation of P2P lending platform and the supervision of government under uncertainty[J]. Commercial Research, 2016(3): 36-44.
    [16]
    CUMMING D J, LEBOEUF G, SCHWIENBACHER A. Crowdfunding models: Keep-it-all vs. all-or-nothing [DB/OL]. Rochester, NY: SSRN, 2013. [2015-09-10]. https://ssrn.com/abstract=2447567.
    [17]
    FRIEDMAN D. Evolutionary games in economics[J]. Econometrica, 1991, 59(3): 637-666.
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