Abstract: Reward-based crowdfunding is a common form of crowdfunding that requests project creators to provide innovative production or service as a reward for backers to raise funds for starting their ventures. It has always been a concern that how to improve the success rate of projects for crowdfunding creators, and amounts of creators prefer to adopt price discrimination strategy to simulate bakers pledging and increase project success rate. A model is considered that helps creators promote the success rate which in an all-or-nothing(AoN) mechanism by optimizing the price discrimination that through optimizing pricing and volume. A stochastic model is utilized within a function of pledging probability, and a two-stage model is adopted to discuss the related factors of price gap. In particular, it is shown that success rate, project's quality and innovation degree, the warm affection effect has the positive impact on the pledging behavior. Then the basic model is extended from the backer's valuation type, and the backers' pledging behavior in different valuation types when facing a range of price gap is analyzed. It is shown that a large or small price gap will impede the pricing discrimination strategy effect on simulating pledging, and calculate the optimal price gap which can help the price discrimination strategy work best on increasing success rate. Lastly, the optimal low price volume is solved by maximizing the project profit, and the influencing relationship between low price volume and price gap is discussed.

Key words: reward-based crowdfunding, price discrimination strategy, price gap, low price volume