Some Simple Economics of Crowdfunding
---- Acknowledgements -----
We thank Scott Stern, Josh Lerner, and Erin Scott for thoughtful input on earlier drafts. Participants at the NBER National Press Club workshop in April 2013 offered insightful feedback. We draw inspiration from Tirole and Lerner (2002) for our title and approach to presenting the subject matter. We gratefully acknowledge funding support on our series of crowdfunding research projects from the Centre for Innovation and Entrepreneurship at the Rotman School of Management, the NET Institute, and the Social Sciences and Humanities Research Council of Canada. Errors remain our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.