The Informational Role of Product Trade-Ins for Pricing Durable Goods
This research theorizes that sellers of durable goods can utilize inferences about the buyer’s willingness to pay based not only on her decision to trade in the old good but also on its characteristics. We find empirical support for this theory using transaction data for new car purchases. The resul...
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| Published in | The Journal of industrial economics Vol. 63; no. 4; pp. 736 - 762 |
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| Main Authors | , , , |
| Format | Journal Article |
| Language | English |
| Published |
Oxford
Blackwell Publishing Ltd
01.12.2015
John Wiley & Sons Ltd |
| Subjects | |
| Online Access | Get full text |
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| Abstract | This research theorizes that sellers of durable goods can utilize inferences about the buyer’s willingness to pay based not only on her decision to trade in the old good but also on its characteristics. We find empirical support for this theory using transaction data for new car purchases. The results support the notion that dealers infer a higher willingness to pay and charge higher prices to consumers who trade in a used vehicle than to those who do not. We also find that dealers charge even higher prices to those consumers who trade in used cars that are similar to the new one. |
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| AbstractList | This research theorizes that sellers of durable goods can utilize inferences about the buyer’s willingness to pay based not only on her decision to trade in the old good but also on its characteristics. We find empirical support for this theory using transaction data for new car purchases. The results support the notion that dealers infer a higher willingness to pay and charge higher prices to consumers who trade in a used vehicle than to those who do not. We also find that dealers charge even higher prices to those consumers who trade in used cars that are similar to the new one. This research theorizes that sellers of durable goods can utilize inferences about the buyer's willingness to pay based not only on her decision to trade in the old good but also on its characteristics. We find empirical support for this theory using transaction data for new car purchases. The results support the notion that dealers infer a higher willingness to pay and charge higher prices to consumers who trade in a used vehicle than to those who do not. We also find that dealers charge even higher prices to those consumers who trade in used cars that are similar to the new one. [web URL: http://onlinelibrary.wiley.com/doi/10.1111/joie.12090/abstract] |
| Author | Dukes, Anthony J. Siddarth, S. Silva-Risso, Jorge M. Kwon, Ohjin |
| Author_xml | – sequence: 1 givenname: Ohjin surname: Kwon fullname: Kwon, Ohjin email: ohjin.kwon@concordia.ca organization: Department of Marketing, John Molson School of Business, Concordia University, Canada – sequence: 2 givenname: Anthony J. surname: Dukes fullname: Dukes, Anthony J. email: dukes@marshall.usc.edu organization: Department of Marketing, Marshall School of Business, University of Southern California, U.S.A – sequence: 3 givenname: S. surname: Siddarth fullname: Siddarth, S. email: siddarth@marshall.usc.edu organization: Department of Marketing, Marshall School of Business, University of Southern California, U.S.A – sequence: 4 givenname: Jorge M. surname: Silva-Risso fullname: Silva-Risso, Jorge M. email: jorge.silva-risso@ucr.edu organization: A. Gary Anderson Graduate School of Management, University California, Riverside, U.S.A |
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| Copyright | Copyright © 2015 The Editorial Board of The Journal of Industrial Economics and John Wiley & Sons Ltd. 2015 The Editorial Board of The Journal of Industrial Economics and John Wiley & Sons Ltd Copyright Blackwell Publishing Ltd. Dec 2015 |
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| Notes | ark:/67375/WNG-2WG0NQXG-N The authors thank Saul Lach, two anonymous reviewers, Jason Duan, Randy Bucklin, Kristin Kleinjans, Botao Yang and Robert Zeithammer for their helpful comments. istex:5E25608C1CF8032A25B70B423B7E32123B73AEBD ArticleID:JOIE12090 |
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| References_xml | – volume: 40 start-page: 193 year: 2003 end-page: 209 article-title: The Impact of the Internet on Information Search for Automobiles publication-title: Journal of Marketing Research – volume: 6 start-page: 101 year: 1995 end-page: 110 article-title: Playing the Role of Buyer and Seller: The Mental Accounting of Trade‐Ins publication-title: Marketing Letters – volume: 50 start-page: 1089 year: 1982 end-page: 1122 article-title: A Theory of Auctions and Competitive Bidding publication-title: Econometrica – volume: 7 start-page: 208 year: 2005 end-page: 228 article-title: Optimal Prices and Trade‐In Rebates for Durable, Remanufacturable Products publication-title: Manufacturing and Service Operations Management – volume: 49 start-page: 1121 year: 2003 end-page: 1138 article-title: Competitive Price Discrimination Strategies in a Vertical Channel Using Aggregate Retail Data publication-title: Management Science – volume: 54 start-page: 538 year: 2008 end-page: 549 article-title: A Simultaneous Model of Consumer Brand Choice and Negotiated Price publication-title: Management Science – volume: 28 start-page: 950 year: 2009 end-page: 967 article-title: Understanding the Role of Trade‐Ins in Durable Goods Markets: Theory and Evidence publication-title: Marketing Science – volume: 71 start-page: 67 year: 2007 end-page: 83 article-title: A Longitudinal Analysis of Customer Satisfaction and Share of Wallet: Investigating the Moderating Effect of Customer Characteristics publication-title: Journal of Marketing – volume: 49 start-page: 501 year: 2001 end-page: 519 article-title: Internet Car Retailing publication-title: The Journal of Industrial Economics – volume: 1 start-page: 65 year: 2003 end-page: 92 article-title: Consumer Information and Discrimination: Does the Internet Affect the Pricing of New Cars to Women and Minorities? publication-title: Quantitative Marketing and Economics – volume: 98 start-page: 1325 year: 1990 end-page: 1348 article-title: Experimental Tests of the Endowment Effect and the Coase Theorem publication-title: Journal of Political Economy – volume: 100 start-page: 470 year: 2010 end-page: 474 article-title: One Discriminatory Rent or Double Jeopardy: Multicomponent Negotiation for New Car Purchases publication-title: American Economic Review: Papers & Proceedings – year: 2005 article-title: Testing for Weak Instruments in Linear IV Regression – volume: 45 start-page: 159 year: 2008 end-page: 170 article-title: Can Trade‐Ins Hurt You?: Exploring the Effect of a Trade‐In on Consumer's Willingness to Pay for a New Product publication-title: Journal of Marketing Research – volume: 44 start-page: 490 year: 2007 end-page: 502 article-title: To Lease or Buy? 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| Snippet | This research theorizes that sellers of durable goods can utilize inferences about the buyer’s willingness to pay based not only on her decision to trade in... This research theorizes that sellers of durable goods can utilize inferences about the buyer's willingness to pay based not only on her decision to trade in... |
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| SubjectTerms | Automobile dealers Consumers Decision analysis Durable goods Fees & charges Prices Studies Trade Used automobiles Willingness to pay |
| Title | The Informational Role of Product Trade-Ins for Pricing Durable Goods |
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