TY - JOUR
T1 - Willingness to pay for a message
T2 - personalized licence plate auctions in Hong Kong
AU - Cao, Kang Hua
AU - Woo, Chi Keung
AU - Zhang, Ling
AU - Zhang, Yuxin
N1 - Publisher Copyright:
© 2020 Informa UK Limited, trading as Taylor & Francis Group.
Copyright:
Copyright 2021 Elsevier B.V., All rights reserved.
PY - 2021/2/6
Y1 - 2021/2/6
N2 - 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.
AB - 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.
KW - advertising messages
KW - ascending price auctions
KW - Hong Kong
KW - personalized licence plates
KW - Willingness to pay
UR - http://www.scopus.com/inward/record.url?scp=85082927231&partnerID=8YFLogxK
U2 - 10.1080/13504851.2020.1749757
DO - 10.1080/13504851.2020.1749757
M3 - Journal article
AN - SCOPUS:85082927231
SN - 1350-4851
VL - 28
SP - 237
EP - 240
JO - Applied Economics Letters
JF - Applied Economics Letters
IS - 3
ER -