This study examines the impact of emotional bias on entrepreneurial decisions in crowdfunding platforms, specifically considering the impact of mass shootings as exogenous emotional shocks. Using data from a leading crowdfunding platform, Kickstarter, paired with US mass shooting incidents, we apply a difference-in-differences approach. Our analysis shows that entrepreneurs in cities proximate to a mass shooting tend to adjust their fundraising targets downward. This adjustment subsequently increases the likelihood of campaign success, a trend that is even more pronounced for projects tied to the geographic location of the mass shooting incident. Our findings not only attest to the profound influence of emotions in crowdfunding decisions, but also unveil the nuanced, varying effects based on geographic relevance. This research underscores the importance of understanding and addressing such biases to bolster crowdfunding platform efficiency and to support the consistent success of crowdfunded enterprises.

中文翻译：

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大规模枪击事件造成的创业情感偏见：来自 Kickstarter 的证据


本研究探讨了情绪偏见对众筹平台创业决策的影响，特别考虑了大规模枪击事件作为外源情绪冲击的影响。利用领先众筹平台 Kickstarter 的数据，结合美国大规模枪击事件，我们采用了双重差分法。我们的分析显示，靠近大规模枪击事件的城市的企业家往往会下调筹款目标。这种调整随后增加了竞选成功的可能性，对于与大规模枪击事件的地理位置相关的项目来说，这一趋势更为明显。我们的研究结果不仅证明了情绪对众筹决策的深远影响，而且还揭示了基于地理相关性的细微差别的影响。这项研究强调了理解和解决此类偏见对于提高众筹平台效率并支持众筹企业持续成功的重要性。