Dynamic Strategies on Firm Production and Platform Advertisement in Crowdfunding considering Investor’s Perception

Table 1

Parameters description.

Symbol	Explanation	Variable type
	The quality of product	Decision variable
	The advertisement of platform	Decision variable
	Investor’s product valuations (=H, L)	–
	Investment desire	–
	Reference price	–
	The demand of product	–
	The profit of the sponsor	–
	The profit of the platform	–
	The present value of sponsor’s profit	Decision goal
	The present value of platform’s profit	Decision goal
	The ratio of the profit-sharing	–
	The ratio of the cost-sharing	Decision variable
	The probability of success	–
	Parameters	–