This paper studies a reward-based crowdfunding game wherein the creator first collects money through an E-crowdfunding platform and then, if successful, invests the raised money to fund promotional activities via online retailing. We derive the creator's equilibrium decisions and the corresponding payoff and show that they are significantly influenced by the potential demand and the gap between different types of buyer valuations. In particular, with the change in potential market size from low to high, the creator will choose investing none, part or all of the crowdfunded money to improve the advertising level. Meanwhile, when the market size is small, the creator tends to set a high price; when it becomes larger, the creator prefers menu prices or a low price to guarantee the success of the crowdfunding campaign. Comparing two scenarios, one with and one without considering advertising investment, creators may never choose the low price if they cannot raise enough money for advertising; however, that situation can never arise without considering the option of advertising investment. These results provide implications for launching a successful crowdfunding campaign and product promotion/advertising in this E-commerce era.

本文研究了一种基于奖励的众筹游戏，其中创建者首先通过电子众筹平台收集资金，然后，如果成功，则将所筹集的资金用于通过在线零售进行促销活动的资金。我们得出了创造者的均衡决策和相应的收益，并表明它们受到潜在需求和不同类型的买方估值之间的差距的显着影响。特别是，随着潜在市场规模从低到高的变化，创作者将选择不投资任何，部分或全部众筹资金来提高广告水平。同时，当市场规模小时，创作者倾向于设定高价格；当它变得更大时，创建者更喜欢菜单价格或较低的价格，以保证众筹活动的成功。比较两种情况 一个拥有一项而没有考虑广告投资的创作者，如果他们无法筹集足够的广告资金，他们可能永远不会选择低价；但是，如果不考虑广告投资的选择，这种情况就永远不会发生。这些结果为在这个电子商务时代发起成功的众筹活动和产品促销/广告提供了启示。