Informational cues or content? Examining project funding decisions by crowdfunders

We examine how crowdfunder experience affects their reliance on information available on projects. Drawing on elaboration likelihood model and using data from Kickstarter, we apply machine learning techniques and choice modeling to examine the information provided by creators, investigating not only the descriptions, but also the pictures and the videos. We found that more experienced crowdfunders react positively to descriptions exhibiting higher analytical thinking, while less experienced crowdfunders rely more on cues that arouse attention (e.g., number of pictures and positive emotions in videos). We highlight the importance of considering how experience influences crowdfunders’ interpretation of different types of information.