On December 20, No.68 of 2021, we were honored to invite Professor Yong Tan from the Foster School of Business of the University of Washington to give us a presentation entitled "How to Rewarding the Reword? Demand Estimation of Crowdfunding Platforms. Yan Zhijun, professor of School of Management and Economics of Beijing Institute of Technology, introduced Tan Yong and presided over the report.

Mr. Tan Yong first introduced some basic information about crowdfunding platforms. Many crowdfunding platforms promote the financing process of small businesses based on incentives. Appropriate incentive schemes can help entrepreneurs raise enough funds to start projects. Tan introduced a structural requirements estimation to discover the role of reward design and pricing in crowdfunding projects. The model is based on Kickstarter, an investment crowdfunding platform in the United States. Tan uses natural language processing to extract project features, and uses latent common variables and finite mixture models to solve the endogeneity of prices. Finally, Mr. Tan introduced the analysis results of the model, which showed that without endogeneity, the price coefficient tended to be zero. In addition, it was found that the medium level of reward contributed the most to customer welfare, which is of great significance for the design of reward schemes of crowdfunding platforms.

Mr. Tan Yong's report fully aroused the interest and enthusiasm of the teachers and students. After the report, the teachers and students actively communicated with Mr. Tan. The report was warmly received and praised by the teachers and students.

Introduction to Teacher Tan Yong

Yong Tan is Professor of the Michael G. Foster School of Business at the University of Washington, Chair of the Department of Information Systems and Operations Management, Yangtze River Chair Scholar at the School of Economics and Management at Tsinghua University, Distinguished Fellow of the INFORMS Information Systems Society, and Founding Associate Director of the USTC-UW Institute for Global Business and Financial Innovation. He received his Ph.D. in physics from the University of Washington under Professor David J. Thouless, who won the Nobel Prize in 2016, and his Ph.D. in business Administration from the University of Washington. His research interests include e-commerce, mobile and social commerce, big data, Al, Economics of information systems, social and economic networks, sharing economy, and health IT. His work has been published in Management Science, Information Systems Research, Operations Research, Management Information Systems Quarterly, Journal of Management Information Systems,Production and Operations Management, INFORMS Journal on Computing, IEEE/ACM Transactions onNetworking, IEEE Transactions on Software Engineering, IEEE Transactions on Knowledge and Data Engineering, IEEE Transactions, European Journal on Operations Research, Decision Support Systems. He was an associate editor at Information Systems Research and Management Science and is now a senior editor at Information Systems Research. He was Co-Chair of CIST in 2010, INFORMS Chapter President in 2012, Co-Chair of ICIS in 2013 and 2021, Co-Chair of WITS in 2014, and Co-Chair of the 2019 INFORMS Data Science Workshop. He won the Best Paper in Management Science 2017, the Best Paper in AIS2012, and the second best paper in ISR 2012. He has supervised students at Carnegie Mellon University, Purdue University, Indiana University, University of Notre Dame, University of Texas at Dallas,Georgia State University, University of Florida, Arizona State University and the University of California,Irvine.