Naslov
Endowment Effect in the Used Cars Market

Autori
Torbarina, Matia ; Jelenc, Lara ; Franulović, Ana Maria ; Jukić, Ivana

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), ostalo

Izvornik
Proceedings of 27th CROMAR Congress / Leko Šimić, Mirna - Osijek : Ekonomski fakultet Sveučilišta Josipa Jurja Strossmayera u Osijeku, 2021, 326-346

ISBN
978-953-253-184-8

Skup
27th CROMAR Congress Let the masks fall: New consumer in business and research (CROMAR 2021)

Mjesto i datum
Osijek, Hrvatska, 22.09.2021. - 24.09.2021

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
endowment effect ; utilitaristic ; hedonic ; used cars market

Sažetak
Purpose: Purpose of the paper was to examine whether the endowment effect can be observed in the online used-cars market and to test whether it is dependent on the car in question being perceived as being more utilitaristic or hedonic car type. Methodology: Secondary data was scrapped from the online marketplace. Total of 100 online ads, ten per each of the most advertised car brands, were examined for car’s year of make, mileage, number of owners, engine power and size, number of photographs in the ad description and number of characters in the ad description. Results: Data showed lack of evidence for the endowment effect in the present context. Although the difference in the asking price was observed between first and second owned cars, the difference can be completely explained by the car’s mileage and year of production. Additionally, it has been observed that based on the type of the car, its characteristics differ in the size of their relationship with the car’s asking price. Conclusion: There was no evidence of endowment effect in the online used-cars market for modelling the cars’ asking price, but not the price willing to accept. Additionally, depending on the car type (utilitaristic and hedonic), advertising strategy may be different.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija, Psihologija, Interdisciplinarne društvene znanosti

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