Willingness to pay for a message: personalized licence plate auctions in Hong Kong

Kang Hua CAO*, Chi-Keung WOO, Ling Zhang, Yuxin Zhang

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

Abstract

We use a large sample of winning price data hand-collected from Hong Kong’s personalized licence plate auctions held from 2006 to 2018 to estimate hedonic price regressions that document the willingness to pay (WTP) for a message. A clear and concise message of emotion or humour tends to attract a high WTP. The estimated WTP effects of vanity, positive outlook and superstition are relatively small. These findings affirm that advertising messages should be clear and concise, preferably appealing to consumers’ emotion and humour.

Original languageEnglish
Pages (from-to)237-240
Number of pages4
JournalApplied Economics Letters
Volume28
Issue number3
DOIs
Publication statusPublished - 2021

Scopus Subject Areas

  • Economics and Econometrics

User-Defined Keywords

  • advertising messages
  • ascending price auctions
  • Hong Kong
  • personalized licence plates
  • Willingness to pay

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