Phishing for Phools: The Economics of Manipulation and Deception

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It's never too late: Funding dynamics and self pledges in reward-based crowdfunding (2018, background): “But is the crowd actually phooled by the self funding [Akerlof and Shiller, 2015, Shiller, 2015]? We have established that self pledges do not seem to have a positive impact on subsequent funding, yet persistent self funding (6% of all projects self pledge more than a quarter of their campaign targe”
Equity crowdfunding: First resort or last resort? (2017, background): “The limited attention by prior research on the factors that drive entrepreneurial firms to search for equity crowdfunding is unfortunate considering that adverse selection issues may be prevalent (e.g., Akerlof and Shiller, 2015).”