{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2024,3,14]],"date-time":"2024-03-14T14:06:42Z","timestamp":1710425202521},"reference-count":28,"publisher":"World Scientific Pub Co Pte Lt","issue":"03","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Int. Game Theory Rev."],"published-print":{"date-parts":[[2020,9]]},"abstract":"<jats:p> This paper analyzes the strategic interaction between a crowdfunding platform specialized in medical projects and a set of potential investors. The problem is cast as a two-stage game. In the first stage, the platform chooses its participation fee and selects a project. In the second stage, investors decide whether to back the project or not. We consider a crowdfunding platform which runs all-or-nothing programs and transfers funds to the entrepreneur only if an investment target is reached. Moreover, we assume that some agents present a systematic positive bias driven by positive emotions about projects with high social impact, which is a major characteristic of medical projects. We frame the second-stage investor problem as a typical global game and solve it for the threshold equilibrium. The analysis reveals that crowdfunding finance might back financially inefficient projects, a result amplified by the existence of enthusiastic investors. We further show that the optimal fee charged by the platform is related to the frequency of overoptimistic agents, a result that might explain why platforms tend to over-emphasize the social role of their projects. <\/jats:p>","DOI":"10.1142\/s0219198919500166","type":"journal-article","created":{"date-parts":[[2019,10,18]],"date-time":"2019-10-18T03:06:39Z","timestamp":1571367999000},"page":"1950016","source":"Crossref","is-referenced-by-count":2,"title":["A Global Game Model of Medical Project Crowdfunding"],"prefix":"10.1142","volume":"22","author":[{"given":"Damien","family":"Besancenot","sequence":"first","affiliation":[{"name":"University of Paris Descartes and LIRAES, 45 rue des Saints P\u00e8res, Paris 75270, France"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Radu","family":"Vranceanu","sequence":"additional","affiliation":[{"name":"ESSEC Business School and THEMA, 1 Av. 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