Pricing and duration decisions of pre-sale crowdfunding

Considering the impact of time on consumer decision-making, this paper constructs a two-stage pre-sale crowdfunding model in the crowdfunding stage and the general sales stage considering the degree of consumer patience and the conversion rate of potential consumers, studies the pricing strategy in the case of long-term crowdfunding and short-term crowdfunding, and analyzes the impact of patience and conversion rate on the time decision-making of crowdfunding from the perspective of starting capital and profit. The results show that with the improvement of the conversion rate of potential consumers, the optimal pricing in the two stages increases first and then decreases. With the increase in consumers' patience, the optimal pricing in the crowdfunding stage should be appropriately improved. In addition, from the perspective of start-up capital, in order to meet the minimum start-up capital requirements, initiators should choose short (long) time crowdfunding when consumers' patience is low (high). From the perspective of profit, when consumers' patience is low (high), they should choose short (long) time crowdfunding. When their patience is moderate, they should choose long (short) time crowdfunding when the conversion rate of potential consumers is small (large).