Abstract: This paper constructs a reward crowdfunding model to study crowdfunder's pricing strategies on how to increase his profit and success rate of crowdfunding. The model considers three stages including financing from backers, providing products to backers and selling products to ordinary consumers. Then the paper makes comparative static to discuss the impact of value-added service provided by crowdfunder and consumption patience degree of backers. The results show that it is a dynamic game process about price and utility between crowdfunder and backers and achieves Nash equilibrium eventually. The value-added service provided by crowdfunder and the consumption patience degree of consumers have a different impact on backer's profit and on the success of crowdfunding, so the product prices and the funding goal should be set in a reasonable range.

Key words: reward model of crowdfunding, product pricing, value-added service, time preference

摘要： 构建了众筹融资、向支持者提供产品和向普通消费者出售产品的回报型众筹三阶段模型,研究兼顾增加发起人收益与提高项目众筹成功率的发起人定价决策,并运用比较静态方法探讨了发起人给支持者提供的增值服务和投资者的消费耐心程度因素对发起人定价决策的影响。研究表明,发起人与消费者是一个关于价格和效用的动态博弈过程,并最终达到纳什均衡;支持者所得的增值服务和消费者消费的时间偏好在改善发起人收益与项目众筹成功率之间并不协同,因此发起人的产品定价和筹资目标设定应折中设置在一个合理的范围。结论为发起人合理的产品定价和项目筹资成功率的提高提供一定理论依据和实践参考。

关键词: 回报型众筹, 产品定价, 增值服务, 时间偏好