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 journalJournal articlepeer-review

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    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
    Early online date5 Apr 2020
    DOIs
    Publication statusPublished - 6 Feb 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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