Financing through crowdfunding is growing rapidly, especially for start-ups. Investment financing via crowdfunding is integrated with the real side of the firm as future consumers may potentially provide all or part of the required resources. We derive the optimal pre-sale crowdfunding contract of a financially constrained monopolist and analyze its implications for production, investment and w...

in recent years, reducing emissions has become an important issue. besides reducing the economic costs, reducing the fuel consumption decreases emissions, pollutant impact and increases society health as well. green vehicle routing problem are a major key to reduce hazardous effects of transportation such as air pollution, greenhouse gas (ghg) emissions, noise and the like. generally, the amoun...

In an attempt to protect their intellectual property and compete effectively in an increasingly dynamic marketplace, software producers have employed a number of preventive and deterrent measures to counter software piracy. Conventional wisdom suggests that reducing piracy will force consumers to legitimately acquire software, thus increasing firm profits. In this paper, we develop an analytica...

The relative constancy of nonfinancial corporate tax revenues as a share of U.S. GDP masks offsetting trends in the ratio of corporate profits to GDP (declining) and the average tax rate (increasing). The average tax rate rose steadily between 1996 and 2003, an increase largely attributable to the importance of tax losses. This rise casts some doubt on the role of tax planning activities in red...

In sponsored search advertising, advertisers choose the keywords to bid on, decide how much to bid on them, customize the ads for the chosen keywords by geographic region, time of day and season, and then measure and manage campaign effectiveness. We call the costs that arise from such activities keyword management costs. To reduce these costs and increase advertisers’ participation in keyword ...