The theory and applications of collective investment
Abstract/Contents
- Abstract
- In many contexts, it is necessary to obtain a critical mass before a collective action can succeed. Some agents jump in early while others wait, gaining confidence of success from the actions of others. Early movers often take extra risk or bear extra cost without benefiting more than late-comers from the success of the cause. Political uprisings are an example, where vanguards lead and others follow. Another example involves the funding of an entrepreneurial venture. One investor may lead while others hold off to see evidence of investment before committing. What explains the actions of different agents? If information is revealed over time, why doesn't everyone wait? Additionally, what is the pattern of actions over time for causes that eventually succeed compared to those that fail? A framework that combines collective action and learning is developed to capture the trade-off in such settings. With features of each application incorporated, this study provides the rationale for why agents move early despite the apparent value of waiting. The timing patterns of actions predicted by the theory are consistent with observational data. In particular, in the case of venture funding, the implications of the theory including the dynamics of investment activities and the impact of early investment on the followers are tested and borne out using unique venture funding data from Kickstarter, a crowdfunding website.
Description
| Type of resource | text |
|---|---|
| Form | electronic resource; remote; computer; online resource |
| Extent | 1 online resource. |
| Place | California |
| Place | [Stanford, California] |
| Publisher | [Stanford University] |
| Copyright date | 2018; ©2018 |
| Publication date | 2018; 2018 |
| Issuance | monographic |
| Language | English |
Creators/Contributors
| Author | Liu, Xiaoning |
|---|---|
| Degree supervisor | Lazear, Edward P |
| Degree supervisor | Milgrom, Paul R. (Paul Robert), 1948- |
| Thesis advisor | Lazear, Edward P |
| Thesis advisor | Milgrom, Paul R. (Paul Robert), 1948- |
| Thesis advisor | Bulow, Jeremy |
| Thesis advisor | Shaw, Kathryn |
| Degree committee member | Bulow, Jeremy |
| Degree committee member | Shaw, Kathryn |
| Associated with | Stanford University, Graduate School of Business. |
Subjects
| Genre | Theses |
|---|---|
| Genre | Text |
Bibliographic information
| Statement of responsibility | Xiaoning Liu. |
|---|---|
| Note | Submitted to the Graduate School of Business. |
| Thesis | Thesis Ph.D. Stanford University 2018. |
| Location | electronic resource |
Access conditions
- Copyright
- © 2018 by Xiaoning Liu
- License
- This work is licensed under a Creative Commons Attribution Non Commercial 3.0 Unported license (CC BY-NC).
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