With the ever-increasing trend in the number of social interactions getting intermediated by technology (the world wide web) as the backdrop, this thesis focuses on the design of mechanisms for online communities (crowds) which strive to come together, albeit in ad-hoc fashion, to achieve a social objective. Two examples of such web-based social communities which are of central concern in this thesis are crowdsourcing markets and crowdfunding platforms. For these settings which involve strategic human agents, we design mechanisms that incentivize contributions (effort, funds, or information) from the crowd and aggregate these contributions to achieve the specified objective. Our work is thus concerned with the challenge of designing mechanisms which encourage social coordination and cooperation among large groups of (of-ten) anonymous users to achieve group efficiency (social welfare). We address the following four related challenges: • Can we design mechanisms to solve the free-rider problem in public goods settings? Can large anonymous groups of individuals be incentivized to contribute to create public goods? • Can we design mechanisms that harness social networks to achieve coordination of contributions towards a public good to ensure that publicly desirable goods are successfully funded via private contributions? How do we make such mechanisms fair • Can we design mechanisms that improve the efficiency of markets by expanding the set of individuals who participate in the market? Can these individuals be incentivized to increase the group efficiency and, if so, at what cost? • Can we design mechanisms that make crowdsourcing markets more equitable by offering participation opportunities to novices and higher incentives to agents with high reliability? What is the price of reliability? Using mechanism design as the principal design tool, the thesis attempts to offer rigorous solutions to the above challenges

Submitted by Renata Lopes (renatasil82@gmail.com) on 2016-09-05T12:38:58Z No. of bitstreams: 1 flaviamedeiroscocate.pdf: 4507363 bytes, checksum: 6ceb5383e74e3a33f59a6b250d89140d (MD5) / Approved for entry into archive by Adriana Oliveira (adriana.oliveira@ufjf.edu.br) on 2016-09-06T14:20:52Z (GMT) No. of bitstreams: 1 flaviamedeiroscocate.pdf: 4507363 bytes, checksum: 6ceb5383e74e3a33f59a6b250d89140d (MD5) / Approved for entry into archive by Adriana Oliveira (adriana.oliveira@ufjf.edu.br) on 2016-09-06T14:21:11Z (GMT) No. of bitstreams: 1 flaviamedeiroscocate.pdf: 4507363 bytes, checksum: 6ceb5383e74e3a33f59a6b250d89140d (MD5) / Made available in DSpace on 2016-09-06T14:21:11Z (GMT). No. of bitstreams: 1 flaviamedeiroscocate.pdf: 4507363 bytes, checksum: 6ceb5383e74e3a33f59a6b250d89140d (MD5) Previous issue date: 2013-02-28 / CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / A dissertação faz uma análise sobre as formas como os indivíduos, em conjunto, vêm se mobilizando para a realização de ideias e projetos, por meio das possibilidades proporcionadas pela Internet. Como exemplo, estuda as atitudes de pessoas que, na Web, promovem financiamentos coletivos que corroboram com os processos de crowdfunding. Analisa as estratégias que as motivam a auxiliarem na realização de projetos variados e a possível formação de fãs com os processos de financiamento coletivo. Considerações sobre os sistemas desse fenômeno virtual brasileiro são feitas no estudo, usando a metodologia “netnografia”, aplicada ao projeto “Jovens jornalistas”, publicado no site de crowdfunding, Catarse, em 2011. A descrição técnica do Catarse e o projeto publicado neste mesmo site, promovido pelo grupo musical “A banda mais bonita da cidade”, são utilizados para compreender o tema. E a metodologia “entrevista em profundidade” é empregada no estudo com o apoio de dez entrevistas, no total, para compreender as motivações que os levaram a participar dos processos de financiamento coletivo no site Catarse. / This paper analyses the ways in which individuals as a group have been mobilizing in order to accomplish ideas and projects through the possibilities available on the Internet. As an example, it studies web users’ attitudes to promote collective funding which corroborate the crowdfunding processes. It also analyses the strategies that motivate people help in the achievement of a range of projects and the possible formation of fans of the collective funding processes. Considerations of the systems of this virtual phenomenon in Brazil are made in this study by using a methodology called netnography applied to a project entitled “Jovens Jornalistas”, published on the crowdfunding site, Catarse, in 2011. Catarse’s technical description and the project – launched on the same website – are promoted by the musical group: “A banda mais bonita da cidade” to understand the theme. Yet in-depth interview methodology is used in the study with the support of ten interviews in total to comprehend the motivations that prompted people to participate in the processes of collective funding on Catarse website.

O objetivo principal desta pesquisa é estudar o crowdfunding de recompensas como uma alternativa de financiamento às Empresas de Base Tecnologica (EBTs) no Brasil. Na primeira parte, realiza-se uma pesquisa descritiva-exploratória por meio de dados secundários que buscam desenhar o panorama atual da utilização do crowdfunding como opção de capital empreendedor. Na segunda parte, é conduzido um estudo de múltiplos casos com cinco EBTs para identificar as razões que levaram seus empreendedores a optarem pelo crowdfunding de recompensas como modelo de financiamento e as condições por eles consideradas determinantes para o sucesso de campanha. Os resultados da revelam um cenário com poucas campanhas vitoriosas no País e uma distribuição bastante heterogênia no que tange meta financeira, capital levantado e quantidade de apoiadores. São encontrados também indícios de que as EBTs escolhem o crowdfunding de recompensas como modelo de financiamento porque são empresas em estágio inicial de desenvolvimento, porque buscam recursos para financiar projetos específicos e por motivações que não envolvem diretamente a obtenção dos recursos. Sobre as condições consideradas determinantes para o sucesso das campanhas, houve relativo concenso em torno de determinadas características, como a importância de uma boa divulgação / The main goal of this research is to study reward-based crowdfunding as a financing alternative for Technology-based companies (TBC) in Brazil. In the first part, a descriptive exploratory research through secondary data is made, which tends to outline the actual panorama of crowdfunding use as an option of venture capital. In the second part, a multiple case study with five TBCs is performed to identify the reasons that led their entrepreneurs to choose reward-based crowdfunding as a financing model and the conditions considered essential for the success of the campaign. The results show a scenario with few successful campaigns in the country and a mostly heterogeneous distribution in which concerns financial goal, raised capital and amount of supporters. Evidences are found that the TBCs choose reward-based crowdfunding as a financing model because they are companies in the starting stage of development, because they look for resources to finance specific projects and for motivations which don\'t directly concern the obtaining of resources. About the determinant considered conditions for the success of the campaigns, there was relative agreement on certain characteristics, such as the importance of a good publicity

Due to the low interest rates and uncertainty in the economic outlook investors seek alternative investments to achieve a satisficing return. Real estate is the third largest asset class and represent a large amount of physical capital with a unique risk. For an investor's utility-maximizing real estate should be a natural part of a portfolio. The thresholds for investing in real estate has generally been very high but thanks to digitisation, the emergence of Internet-based platforms facilitated and enabled capital seekers to exploit small private investors. The intermediate method is called crowdfunding. Through observations, interviews, questionnaires to potential investors in crowdfunding for real estate and literature studies, a triangulation from an investor perspective has allowed an investigation of crowdfunding of real estate. Within the crowdfunding market, real estate crowdfunding is the area with largest growth in recent years. The first crowdfunding platform within real estate on the Swedish market was introduced in 2014. So far, projects presented on the platform have been successful and generated returns. For an investor, the phenomenon also implies risks. Today there is no legal definition of crowdfunding and the market is only partially regulated. In many respects, the consumer protection is not equivalent to the ones available for regulated investment vehicles. The new phenomenon also implies limited liquidity and lack of a secondary market. Crowdfunding is facing both challenges and opportunities in the future. / På grund av det låga ränteläget och den osäkra konjunkturutsikten söker investerare alternativa investeringar för att nå en tillfredställande avkastning. Fastigheter utgör den tredje största tillgångsklassen och representerar en stor mängd av fysiskt kapital med unik risk. För en investerare som är utility-maximerande borde fastigheter vara ett självklart inslag i en portfölj. Trösklarna till att investera i fastigheter har vanligtvis varit mycket höga men tack vare digitaliseringen har uppkomsten av internetbaserade plattformar underlättat och möjliggjort kapitalsökare att exploatera små privata investerare. Den intermediära metoden kallas crowdfunding, eller gräsrotsfinansiering som det också benämns. Genom observationer, intervjuer, en enkätundersökning med potentiella investerare i fastighetscrowdfunding samt litteraturstudier har en triangulering ur en investerares perspektiv möjliggjort en kartläggning och utredning av crowdfunding av fastigheter. Inom crowdfunding är fastighetsbranschen det område som har haft störst tillväxt de senaste åren. Sveriges första digitala crowdfundingtjänst för fastigheter infördes på kapitalmarknaden under 2014. Hittills har projekten för fastighetscrowdfunding i Sverige varit framgångsrika och generat avkastning men för en investerare innebär crowdfunding också en hel del risker. Idag finns ingen legal definition av crowdfunding och marknaden är bara delvis reglerad. I flera avseenden saknas ett konsumentskydd motsvarande det som finns för reglerade investeringsformer. Det nya fenomenet innebär också en begränsad likviditet och avsaknad av andrahandsmarknad. Crowdfunding står inför både utmaningar och möjligheter i framtiden.

Den här uppsatsen syftar till att undersöka och jämföra de olika sätt att finansiera och investera i fastigheter på kapitalmarknaden. Målet är att fastställa och kvantifiera vilka fördelar respektive nackdelar som finns med de olika investeringskanalerna och hur det kan påverka såväl investerare som förvaltningen av tillgångarna. Undersökningen kommer bestå av en kvalitativ metodansats där intervjuer med professionella förvaltare, aktiemäklare, företagsledare och investerare såväl som egen research utgör grunden för resultatet. Resultatet av den här uppsatsen har implikationer på finansbranschen i form av en kartläggning och övergripande förståelse av investeringsmarknaden i fastigheter Uppsatsen visar att varje investeringskanal har sina egna särdrag, så som kontroll, insyn, diversifiering, investeringshorisont med mera. Därför attraherar kanalerna olika investerartyper. / This bachelor thesis aims to investigate and compare the different ways of financing and investing in real estate as an asset in the capital market. The goal is to determine and quantify the advantages and disadvantages of the various investment channels and how it can affect both financing and the management of the assets. The thesis will consist of a qualitative method approach where interviews with professional managers, stockbrokers, company executives and investors as well as in-house research form the grounds for the result. The result of this thesis has some implications on the financial industry in the form of a thorough and comprehensive depiction of the real estate investment market. The report shows that the different investment channels have their specific characteristics and therefore fits specific investors accordingly.

This thesis investigates the emerging phenomenon of Initial Token Offerings, which is a tool for capital procurement for ventures being built using token ecosystems within their products. Through a series of interviews with representatives from venture capital, blockchain specialized venture capital, investors, and academia, the author connects the sentiments held by those representatives to the existing literature of behavioral economics. The sentiments expressed mainly focus on: the role of regulations; the development of investors during capital procurement; and the potential for experimentation in the field of token economies. The thesis discusses the implications of the technologies and potential future outcomes. The author also raises the question of whether this is the first non-regulated financial ecosystem that could provide an interesting perspective for behavioral economists as future research is done on the effects of regulations. / Den här uppsatsen undersöker det nya fenomenet Intial Token Offerings, ett verktyg för kapitalanskaffning för bolag som bygger produkter med en kryptografisk token ekonomi som en del av sin plattform. Genom en serie intervjuer med representanter från riskkapital, blockkedjespecialiserat riskkapital, investerare och forskare försöker författaren koppla de koncept och tendenser som tas upp i intervjuerna till fältet beteendeekonomi. The koncept som tog upps består till största del av: den roll regulatoriska aspekter kan spela; utvecklingen av investerarens roll vid kapitalanskaffning; och vikten av fortsatt experimentation gällande finansieringsmodeller inom krypografiska tillgångar och plattformar. Uppsatsen diskuterar också implikationer och möjliga framtida resultat. Författaren lyfter också frågan om kryptografiska tillgångar ger forskare en unik möjlighet att studera effekterna av individers tendenser och regulatorisk påverkan ur ett beteendeekonomiskt perspektiv.

Studien syftar till att analysera equity- och debt baserad crowdfunding i förhållande till studiens primära teori om elaboration likelihood model (ELM) och hur dess variabler påverkar potentiella investerares investeringsbedömningar. Informationsasymmetri och behavioral finance har inkluderats i studien som två kompletterande delteorier. För att undersöka detta har studien avgränsats till potentiella investerare som geografiskt är bosatta i Stockholms län. Undersökningen har genomförts med hjälp av semistrukturerade intervjuer där totalt elva potentiella investerare har intervjuats. Respondenterna har baserats på ett snöbollsurval. Intervjuerna har skett genom att respondenterna tagit del av fyra scenarion som innehåller variabler kopplade till teorin om ELM. Studiens resultat påvisar att potentiella investerare bedömer samt väljer investeringsprojekt utifrån den centrala vägen i ELM teorin, som karaktäriseras av projektets kvalitet vilken är motsatsen till den perifera vägen som istället belyser elektronisk word of mouth (WoM). / The study aims to investigate how equity- and debt based crowdfunding in relation to the study’s primary theory of elaboration likelihood model (ELM) and its variables effect on potential investors’ investment decision. Information asymmetry and behavioral finance has also been included in the study as two complementary theories. To investigate this, the study has been delimited to potential investors who are geographically resident in Stockholm County. The survey has been conducted using semi-structured interviews, where a total of eleven potential investors have been interviewed based on a chain sampling. The potential investors have been presented four scenarios that contain variables linked to the theory of ELM. The study's findings show that potential investors assess and choose investment projects based on the central path of ELM theory, characterized by the quality of the project and opposite to the peripheral road that instead illuminates the electronic word of mouth (WoM).

Crowdfunding challenges century long boundaries between the public, the industry andinnovation. In that respect the phenomenon holds the potential to decentralize and democratizethe way ventures are financed and realized. Crowdfunding has seen a lot of exitingdevelopments during the last few years, partly because of new crowdfunding platformsemerging on the internet, and partly because of new ground-breaking technology being used forfunding purposes. Meanwhile research has not quite catched up with the recent developments ofdifferent models for crowdfunding. This study’s aim is therefor to give an comprehensiveoverview of the different models of crowdfunding that are being utilized by crowdfundingplatforms on the internet today. A deductive content analysis has been made of 67 currentcrowdfunding platforms. The platforms have been analysed in order to determine what model ofcrowdfunding they utilize. The result has, apart from partly confirming prior studies, alsoproduced new exiting findings on what mechanisms constitute some of the crowdfundingmodels we see today. A new taxonomy of crowdfunding models is discussed and proposed. Theconclusion is that the need for a updated taxonomy, like the one this study provides, was wellneeded in order to understand the field. One important finding is that blockchain technology hasproduced a new form of crowdfunding through cryptocurrency: Initial coin offering. Thatparticular area will likely develop and continue to decentralize and democratise the economicalhuman interaction when it comes to financing.

This thesis has been carried out at the University of Skövde in collaboration with Casall Sports AB. The project goal was to evaluate and implement the method Crowdsourcing in Casall’s current product development process. The founder of the term Crowdsourcing, Jeff Howe, believed in engaging the public to solve different ranges of problems within a company. To explore the possible use of the method, a product development process was created for the company to work after when using Crowdsourcing.  This process was an outcome from literature studies in product development processes and in Crowdsourcing methods. With the use of this developed process, implementation of Crowdsourcing to Casall’s product development process was made. The result is presented as a guide for Casall using Crowdsourcing when developing new products or product lines. The online-platform crowdSPRING.com was chosen for applying phases including Crowdsourcing. To evaluate the guide, a mission statement for the development of training gloves was created for evaluation with a focus group of 10 people. The outcome of this project is a product development process with implementation of the method Crowdsourcing presented as a guide and accordingly a new approach for Casall when using crowdSPRING. / Detta examensarbete har genomförts på Högskolan i Skövde i samarbete med Casall Sport AB och behandlar hur metoden Crowdsourcing kan implementeras i deras nuvarande produktutvecklingsprocess. Begreppet Crowdsourcing myntades av Jeff Howe som menar att metoden ska engagera allmänheten för att lösa små till stora problem inom ett företag. För att undersöka möjligheten till användandet av metoden skapades en egen produktutvecklingsprocess för företaget att arbeta efter vid användning av Crowdsourcing. För att skapa en egen produktutvecklingsprocess utfördes litteraturstudier kring produktutvecklingsprocesser samt en fördjupning inom Crowdsourcing. Efter att ha tagit fram en egen produktutvecklingsprocess kunde en sammankoppling fastställas mellan Casalls produktutvecklingsprocess och Crowdsourcing. Detta gjordes för att anpassa metoden Crowdsourcing på bästa sätt till Casalls nuvarande produktutvecklingsprocess. Med stöd från resultatet valdes det att ta fram en guide för Casall vid användning av Crowdsourcing. Här bestämdes det att Casall bör använda sig av webbplattformen crowdSPRING.com för att applicera metoden i deras produktutvecklingsprocess. En uppdragsbeskrivning för utveckling av träningshandske skapades för att arbetstagarna ska kunna veta vad uppdraget går ut på, när de ska utveckla en träningshandske åt Casall. För att veta ifall uppdragsbeskrivningen var tillräckligt tydlig för arbetstagarna, genomfördes en utvärdering med hjälp av tio testpersoner. Efter utvärderingen av uppdragsbeskrivningen kunde guiden och den egenskapade produktutvecklingsprocessen kopplas samman och detta resulterade i ett förslag på nytt arbetssätt för Casall att arbeta vid användning av crowdSPRING.

Made available in DSpace on 2016-10-13T14:10:26Z (GMT). No. of bitstreams: 1 Eduardo Manente Batista.pdf: 4649864 bytes, checksum: c666dfe73d91b1e9578186467c15d93b (MD5) Previous issue date: 2016-03-14 / This research aims to discuss the social entrepreneurship involved the in the crowdfunding platforms, researched from its communicational aspect. The social entrepreneurship configures itself as the new spirit of capitalism (BOLTANSKI; CHIAPELLO, 2009) adjusting its projects within the commodity aesthetics (HAUG, 1997) to convince the public to consume/investment in its cause. We consider the crowdfunding platforms as a discursive market (FAIRCLOUGH, 2001), whose commodities are the projects launched for funding purposes, constituting its forms of symbolic consumption. In that way, we pursue to comprehend the meanings of discursive strategies of social entrepreneurship on these platforms. The research methodology is based on the Critical Analysis of Discourse of Fairclough (idem). / Esta pesquisa tem como tema o empreendedorismo social nas plataformas de financiamento coletivo, também conhecidas como crowdfunding, investigado sob seu aspecto comunicacional. O empreendedorismo social configura-se como o novo espírito do capitalismo (BOLTANSKI; CHIAPELLO, 2009) adequando seus projetos com a estética da mercadoria (HAUG, 1997) para convencer o público ao consumo-investimento de sua causa. Consideramos as plataformas de crowdfunding como um mercado discursivo (FAIRCLOUGH, 2001) cujas mercadorias são os projetos lançados para o financiamento, constituindo suas formas de consumo simbólico. Por isso, buscamos compreender os significados das estratégias discursivas do empreendedorismo social nestas plataformas. A metodologia de pesquisa é fundamentada na Análise Crítica do Discurso de Fairclough (idem).