The Chain Reaction of Investment Experiences in Crowdfunding - A Longitudinal Analysis of “Coolest Cooler”

DOI

10.2991/978-94-6239-801-6_11How to use a DOI?

Keywords

Investment experience; Crowdfunding; Mental accounting; Behavioral learning theory; Loss aversion

Abstract

Crowdfunding has thrived in recent years because of its effective form and rapid dissemination of information to entrepreneurs. Simultaneously, it can also bring a sense of affiliation, creative products, and potential rewards to backers. Multiple backers and campaigners have been attracted by this novel financing method. However, numerous existing studies on crowdfunding have concentrated on success factors and backers’ decision-making patterns. There is currently limited research examining backers’ internal motivations and the heterogeneity among backers in their different behavioral manifestations. By primarily using behavioral learning theory and mental accounting, this study will analyze the failed crowdfunding case “Coolest Cooler” to elucidate how investment experiences functions as a pivotal factor in differentiating behavioral patterns between novice backers and experienced backers, including: (1) novice investors may be more vulnerable by herd effect; (2) novice investors may be less vigilant about the failure signals; (3) novice investors may tend to gain emotional loss aversion when failure signals emerge. Therefore, this study may offer practical implications for potential backers in mitigating decision bias and adjusting decision-making.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Xiaohan Sun
PY  - 2026
DA  - 2026/10/23
TI  - The Chain Reaction of Investment Experiences in Crowdfunding - A Longitudinal Analysis of “Coolest Cooler”
BT  - Proceedings of the 2026 2nd International Conference on Financial Innovation and Marketing Management (FIMM 2026)
PB  - Atlantis Press
SP  - 87
EP  - 97
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-801-6_11
DO  - 10.2991/978-94-6239-801-6_11
ID  - Sun2026
ER  -