Using a hedonic price model to test prospect theory assertions: The asymmetrical and nonlinear effect of reliability on used car prices

This paper investigates prospect theory implications in used goods markets. In particular, it develops a hedonic price model that addresses the price structure of the used car market in the light of prospect theory. The proposed hedonic price model provides empirical evidence in support of prospect theory predictions for explaining used car prices after controlling for observed product differentiation. It is demonstrated that consumers are risk seeking when used car reliability is below the expected reference value and risk averse when used car reliability is above the expected reference value. The model also illustrates how car quality affects residual values and how buyers evaluate used cars.     

影响二手车价值的因子分析

摘要:因子分析是描述原始变量之间相关关系的一种多变量统计分析方法。运用因子分析法,对影响二手车价值的因素进行分析,提取了3个公共因子,其中实体性因子对二手车价值的影响力最大。建立合理的二手车鉴定评估系统提供参考依据,对规范和完善二手车行业具有一定的指导意义。     

Using diffusion models to forecast market size in emerging markets with applications to the Chinese car market

Marketing managers have to forecast the market size and this forecast guides strategic decisions whether to continue exporting, open new factories or expand existing production operations. Forecasting sales and the market size is a challenging task; even more so in emerging markets where data is limited and the market demand is changeable. This research proposes a novel approach that applies diffusion models using car ownership data to forecast car sales. Car ownership data may be easier to access than sales data in emerging markets but marketing managers are more interested in the sales forecast. Researchers propose using diffusion models to forecast the adoption of new products or products which are new to consumers in a market. This research demonstrates that marketing managers can use diffusion models to predict car sales in China where cars are new products to most consumers in this market. Since the majority of car buyers in China are first time buyers, car manufacturers and retailers must also forecast when the market composition will change. This effectively means predicting when first time car buying will start to slow down and repeat/replacement purchase or second hand car purchase will become more important. To forecast both sales and market composition change, marketing managers must choose a robust model. Managers want insights from models that have been tested robustly especially in less stable market conditions. In this context, this study illustrates the value of using a rolling forecast instead of a fixed horizon approach when comparing and choosing which model to use to forecast both sales and market composition change for the Chinese car market.     

收入效应说与现阶段轿车市场需求的规律性——基于2004-2006年21种典型轿车月度数据的实证分析

在对国内文献进行系统评述的基础上,指出"市场周期说"和"价格决定说"对于解释当前轿车市场的局限性,进而提出了现阶段轿车市场需求规律的"收入效应说"。通过选择2004-2006年度21种典型车型的月度数据,在构建了时间横截面和时间序列都具有可比性的价格指数的基础上,构建了描述市场需求和价格与收入水平之间关系的计量经济模型,利用该模型对各档次车型的市场供求规律进行了深入系统的分析,通过对轿车价格指数和城镇居民平均可支配收入与轿车市场需求量之间关系的检验,初步验证了现阶段轿车市场需求的周期性演化规律和收入效应说,揭示出高档车型目前存在着收入效应带来的需求缺口现象。     

论车模广告的审美文化意义与商业效应

随着我国汽车市场规模的不断壮大和汽车工业的快速发展,汽车的营销手段和广告策略也越来越受到业界和学界的关注。车模作为一种独特的广告形式不仅具有较大的商业效应同时还有一定的审美文化意义。本文首先描述了我国汽车市场的现状及汽车广告的诉求策略,在此基础上分析了车模广告作为一种感性诉求策略,她的审美文化意义与商业效应,最后指出了目前车模广告存在的三大误区。     

位于供应链下游的我国私家车售后服务市场策略

位于供应链下游的我国私家车售后服务市场发展空间比较大,但竞争激烈。要在市场竞争中拥有自己的地位,就必须采取有效的市场策略。本文主要探讨了售后服务品牌化策略、售后服务人才策略、信息化的客户管理策略、连锁私家车俱乐部策略等四种策略。     

Testing the Market Integration Process in the European Car Sector: Evidence from Pricing‐to‐market Behaviour

In this study, we investigate the process of the European car market integration by analysing the evolution of cross‐country differences in the degree of pricing‐to‐market behaviour of United Kingdom exporters. We estimate these country differences by exploiting statistical information for pre‐tax retail prices and for export unit values. Conclusions from both independent data sets are, in general, quite consistent. Results support the claim that, in the period before the Block Exemption Regulation (1400/2002) came fully into force, international price discrimination was an important source of car price dispersion within the euro area. For a more recent period, we found that estimated deviations in pricing‐to‐market behaviour across destinations have become lower. This convergence suggests that car market integration was progressively improved at the end of the last decade.     

The Cost of Driving a Car Off the Dealer's Lot

This paper examines the loss of value incurred when a consumer takes retail delivery of a car. Statistical tests of percentage and absolute losses from taking retail delivery show the loss of value is not unique to new cars and is actually more pronounced for older used cars. analysis of this loss shows the effect is not as great as is commonly believed and is more due to transaction costs of the deal than to any underlying loss of asset value of the car. The implication is that consumers wishing to avoid a large percentage loss of value on a transaction cannot easily do so by avoiding the new car market.     

浅析我国轿车市场的供求变动趋势及其影响因素

我国轿车市场仍处在成长期,各大厂商的应对策略和发展战略值得关注。本文运用经济理论分别从市场需求和消费者行为、厂商战略、国家政策和国际环境这四个方面对我国轿车市场发展现状和趋势的成因以及不同类型厂商的竞争战略加以分析和解释。     

The Impact of Tax Rebate on Used Car Market: Evidence from Thailand

Tax incentives are one of the most important fiscal tools at the government's disposal that can be used to influence the economy. Often, policies are targeted to spur investment in durable goods. In this article, we focus on the impact that a primary‐market tax incentive has on the secondary market for durable goods – specifically, the automobile market. Using a first‐car tax rebate scheme implemented in Thailand in 2011 as a natural experiment, we find that the policy reduces the listing prices of used cars in the tax‐eligible category by 6.75% to 10.31%.     

消费升级背景下网约车的发展趋势与对策研究--基于经济法的立法视角

基于我国网约车市场的快速发展,2016年交通运输部门联同多部门出台《网络预约出租车经营服务管理暂行办法》。该办法对网约车平台公司、车辆和驾驶员、经营者经营行为等多方面进行了立法规范,但也存有对公司监管不力、垄断行为管制缺失和运价管制不力等立法缺陷。结合我国国情提出配套的完善措施是十分必要的,如重视网约车公司内部管理制度、加大对垄断行为的监管和加强对网约车运价机制的完善等,以更好地保护消费者合法权益,促进网约车市场健康发展。     

Penetrating Persisting and Partnering to Explore the International Market——Exclusive interview with Mr.Zhang Xiaoyu,Vice Chairman of CMIF

It can be said that the auto industry has seen a big shakeup since the breakout of the financial crisis last year, whether in China or in western countries. In order to help the auto industry keep its steady development, the Chinese government formulated the Automobile Industry Restructuring.and Revitalization Plan. Many other related institutes also took measures to assist the development of this industry. The China Auto International Exhibition Tour, organized by the China Machinery Industry Federation （CMIF） and the China Council for the Promotion of International Trade （CCPIT）, has been engaged in introducing China＇s automobiles to the world and promoting the worldwide recognition of Chinese auto brands since 1995. Now, as the 7th China Auto International Exhibition Tour is about to begin, China＇s Foreign Trade interviewed Zhang Xiaoyu, Vice Chairman of CMIF, about the current status of the auto industry in China and China＇s auto exports in 2009.     

Trademark Law and Litigation in China

This article deals with trade relations between the EC and Japan by focusing on the automobile industry. It analyzes the performance of the European and Japanese car manufacturers in the EC market. It examines quantitative import restrictions as well as non-tariff restrictions such as technical regulations, the value-added system, state aid to European car producers, exclusive distribution system, and "rule of origin" requirements. The article also discusses how the Japanese car producers are reacting to the EC-92 program by pursuing at least three strategies.     

开发我国农村汽车市场的对策

开发我国农村汽车市场具有重要意义,在分析开发农村汽车市场前提条件的基础上,探讨了开发农村汽车市场的对策：政府发挥宏观职能作用,营造适宜的外部环境;企业应多方努力,从重视市场调研、开发农村市场用车、加大营销力度、完善服务体系等方面开拓农村汽车市场。     

A Cointegration Analysis of Car Advertising and Sales Data in the Presence of Structural Change

This paper examines whether there is a long‐run stable equilibrium relationship between advertising and sales across the market segments of the UK car industry over the period 1971–2001. In order to achieve this goal, we allow for structural breaks in the series using cointegration techniques. The results show the existence of long‐run equilibrium relationships in all six market segments, although in four of them the relationship is not stable. In general, one structural change is detected in the late 1970s and another in the early 1990s, coinciding with two economic recessions. When we do not account for structural changes, the estimated long‐run elasticities of advertising on sales are seen to be substantially downwardly biased. Finally, a noticeable increase is observed in long‐run elasticities in most car market segments during the nineties with respect to previous decades.     

It's power that counts: reflections on recent consumer market-place research

The consumer protection literature relies for much of its theoretical support upon concepts such as ‘market power’ and ‘inequalities of bargaining power’. This article seeks to fill a perceived gap in the literature by providing examples of market place application of ‘power, will and skill’—concepts drawn from the literature of management strategy. These examples have arisen as side benefits from research into the workings of Fair Trading Act 1973 based codes of practice, the Consumer Credit Act 1974, and the Scottish used car market. The authors seek to demonstrate, for the benefit of those involved in the regulation of the consumer market place, how the effectiveness of regulation in a variety of forms and situations is determined, significantly, by economic muscle and by an associated will on the part of powerful enforcers to exercise meaningful sanctions on trader organizations.     

From banger to classic – a model for sustainable car consumption?

Cars are the most complex of consumer durables, yet they are not as durable as one may expect. Each year, millions of cars are scrapped, many still roadworthy or easily repairable. As with other consumer durables, consumers increasingly lose their emotional attachment with their old car in favour of a younger model. Is it possible to remedy this failure of consumer–product relationships in the interest of greater product durability and hence greater environmental sustainability? This paper explores this question in the context of the classic car market and suggests there may be some lessons there that could lead to a more sustainable new car consumption culture.     

国际碳排放贸易的市场格局及其准入条件研究

碳排放贸易作为治污减排的有效措施之一,已被多方采用并形成了多元化的国际碳市场。基于碳市场格局总结各级市场的准入条件,并运用灰色系统分析准入条件与环境效益的相关性,得出了市场的进入成本越高、环境效益越大的结论,但现有的较高准入条件则限制了包括中国在内的非附件一国家参与碳贸易的途径。     

Institutional activism in the early American automobile industry

A common proposition is that new industries gain constitutive legitimacy through claim making by institutional activists. Yet, neoinstitutional research seldom analyzes the effects of claim making on the formation of new organizations, and how the effect of claim making is moderated by other sources of constitutive legitimacy: advertising, legal recognition, and a policy regime favorable to business. I explore the relationship between claim making by activists and new organization building in a study of the early American automobile industry, when auto clubs organized reliability contests to validate the automobile. The results show that the visibility of reliability contests within the focal state increased foundings of car firms in the state, but that this effect diminished with advertising, legal recognition of the car, and the existence of a business friendly governor in the focal state. Taken together, these results demonstrate that claim making is crucial in the early phase of gaining legitimacy for new industries.     

亚市“车易拍”为二手车线购开锁

<正>一种全新的二手车交易规则正在形成:二手车交易双方互不见面,通过服务中心出具的检测报告,直接完成线上竞拍、置换交易。而北京亚运村汽车交易市场二手车交易服务中心,当仁不让地成为这场新规则的推动者,促成了一场"二手车交易规则的变革"。当2009年中国以1300万辆新车下线,成为世界第一产销大国的时候,更多的业内人士意识到:二手车交易,将成为未