建立在"创新个性化"和"投资民主化"基础上的互联网众筹模式具有显著的网络经济时代特征。本文分析了互联网众筹的"极客经济"属性，提出众筹产品感知价值与定价机制的逻辑关系。在此基础上，构建众筹产品差别化定价基准模型，并对发起人最优定价策略进行均衡分析。研究发现，众筹产品定价下限（门槛价格）应等于投资人低感知价值，定价上限（溢出价格）应介于低感知价值和高感知价值之间。同时发现，互联网众筹社群中存在"利他主义"、"声望效应"以及"认知差异"等特质，这将进一步引起最优定价机制的策略性调整。本文为理解和优化互联网众筹平台运营提供了理论基础。
The Internet crowdfunding which based on "innovative personalization" and "investment democratization" has conspicuous characteristics of the network economy era. In this paper, the "geeks economy" property of the Internet crowdfunding is analyzed and the logical relationship between perceived value and pricing mechanism is proposed. From the discussion, a differential pricing model of crowdfunding product is built up and equilibrium analysis on the creators' optimal pricing strategy is made. The result shows that the existence of "internet geeks" is the basis of the differential pricing strategy of internet crowdfunding, and the formation of "internet community" greatly influences the investment behavior of crowdfunding investors. To be specific, at first,crowdfunding product' price floor (threshold price) should be equal to the low perceived value of investors, the price ceiling (overflow prices) should be between the low perceived value and high perceived value. Secondly, the "altruism motivation", "reputation effect" and "cognitive difference" within the internet crowdfunding community can lead to a further strategic adjustment of the optimal pricing mechanism. Among them, "altruism motivation" and "reputation effect" help to extend the interval of differential pricing, while "cognitive difference" leads to a more narrow interval. A theoretical basis is provided for understanding and optimizing the operation mechanism of the Internet.
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