Abstract:

In the current global economic environment， crowdfunding has rapidly developed into an important means for innovative enterprises and startups to obtain financing. However， despite crowdfunding becoming a key method for bringing innovative products to market， there are still significant differences in success rates， particularly between platforms that adopt different financing strategies. The two-phase pricing strategy is a common pricing method in crowdfunding， where companies often attract consumers by offering products in different models and colors to achieve their financing goals. However， whether to adopt separate or bundled financing for crowdfunding products， especially when using a two-phase pricing strategy， has become a critical focus for both crowdfunding projects and academic research.It focuses on how to optimize the financing strategy for two homogeneous products under the all-or-nothing （AoN） mechanism when adopting a two-period pricing strategy， specifically whether to choose separate crowdfunding or bundled crowdfunding. In particular， a two-stage model is constructed to explore the impact of the independence， substitutability， and complementarity of homogeneous products on the optimal financing strategy during crowdfunding. It also analyzes what differences in backers’ valuations and the distribution of those valuations under different market conditions determine the choice between separate crowdfunding or bundled crowdfunding.The research findings suggest that for independent products， bundled financing is usually the optimal choice； for products with strong substitutability or complementarity， the optimal financing strategy depends on the degree of interdependence between the products. Strongly substitutable products should adopt separate financing， while strongly complementary products are better suited for bundled financing. When the interdependence between products is weak， differences in backers’ valuations and their distribution become the deciding factors. Additionally， for complementary products， a discounted two-phase pricing strategy performs well in bundled financing. The study results provide practical guidance for companies in selecting pricing and financing strategies for dual products， especially in crowdfunding markets where tailored pricing strategies based on backers’ valuation differences can help improve both the success rate of financing and the total amount raised.

Key words: reward-based crowdfunding, homogeneous products, intertemporal pricing policy, finding strategy