Research On The Problem Of Pricing In Crowdfunding Product Considering Spot Market

Crowdfunding,as a new type of Internet financing channel,any individual or enterprise with ideas can initiate crowdfunding through the online crowdfunding platform.Any individual or enterprise interested in the project can contribute to the crowdfunding project.The emerge of the Kickstarter crowdfunding platform in 2009 promoted the rise of crowdfunding.As the world's largest product crowdfunding website,it has important reference significance for the mechanism design of many crowdfunding platforms.Most of the product crowdfunding websites use the "All or Nothing" financing mechanism.Unless the fundraising target is reached within the predetermined time,the funds raised by the crowdfunding project will be returned to the consumers.The purpose of crowdfunding sponsors is to obtain funds.The only factors that can affect the performance of crowdfunding are the project itself and the initiator itself.Therefore,this paper takes the crowdfunding initiator as the research goal and considers how to design reasonable product strategy.While initiating crowdfunding projects,they need to determine target and time.It is necessary to determine the specifications and pricing of crowdfunding products,as well as the number of different specifications.If the fundraising amount reaches the target before the deadline,the item will succeed,otherwise fail.Therefore,crowdfunding sponsors should develop a reasonable product strategy.Since products based crowdfunding websites account for a large proportion,this paper takes products based crowdfunding websites as objects and takes crowdfunding products as the carrier of projects,considering crowdfunding success.After further selling crowdfunding products in the spot market,they built a two-stage product crowdfunding model.On the basic of considering the decision-making behavior of heterogeneous consumers,considering the pricing of crowdfunding products.At present,crowdfunding has aroused the attention of the academic community.The research on crowdfunding mainly analyzes the factors affecting the performance of crowdfunding from the perspective of empirical analysis.There are fewer articles related to crowdfunding product pricing,and fewer articles analyze how crowdfunding consumers should price different heterogeneous consumers from the perspective of product spot and product quantity limitation.Therefore,it is necessary to study the problem.In view of this,this paper has carried out related research,and the main work completed includes the following four aspects:(1)Give the optimal quality and pricing for different specifications of products considering the spot market.First,the consumers of different preferences are characterized by the utility functions in two phases.Then,establish a profit function model considering the spot market and not.Finally,the profit function in each case is solved separately and the optimal product strategy is obtained in two cases.(2)Analyze the pricing strategies in different market environments and the changes in the specifications and strategies of crowdfunding products after the introduction of product spot.Different product strategies will be compared,and the optimal product strategies will be obtained,and different strategies will be analyzed according to the market environment.Further,by the compare of two situation,the changes in the specifications of the crowdfunding product and the changes of the product strategy will be compared,and the changes will be explained.(3)Give the optimal product quantity and pricing considering the limited number.First,the utility functions of consumers during crowdfunding and waiting for the spot period are characterized.Then,during the spot period,the product pricing is divided into high price and low price,and the profit function is established separately.Finally,the profit function of the two cases is compared to obtain the optimal product strategy.(4)Consider the impact of product quantity limitation on consumers and the ratio of twophase profit.First,analyze the high value consumers' ability to pay premiums.Finally,the profit ratio of the two stages of crowdfunding and spot is compared and analyzed.