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The Geography of Crowdfunding

Submitted by agrawal 
on Sat, 04/06/2013 - 21:33

Ajay K. AgrawalChristian CataliniAvi Goldfarb

NBER Working Paper No. 16820
Issued in February 2011
NBER Program(s):  PR

Download paper here - Perhaps the most striking feature of "crowdfunding" is the broad geographic dispersion of investors in small, early-stage projects. This contrasts with existing theories that predict entrepreneurs and investors will be co-located due to distance-sensitive costs. We examine a crowdfunding setting that connects artist-entrepreneurs with investors over the internet for financing musical projects.