Journal ArticleDOI
Using a hedonic price model to test prospect theory assertions: The asymmetrical and nonlinear effect of reliability on used car prices
TLDR
In this article, a hedonic price model is proposed to explain used car prices after controlling for observed product differentiation, showing that consumers are risk seeking when used car reliability is below the expected reference value and risk averse when used cars reliability is above the expected value.About:
This article is published in Journal of Retailing and Consumer Services.The article was published on 2015-01-01. It has received 27 citations till now. The article focuses on the topics: Hedonic index & Prospect theory.read more
Citations
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Journal ArticleDOI
State of the art review of quality, reliability and maintenance issues in closed-loop supply chains with remanufacturing
TL;DR: This paper reviews recent and relevant literature on issues in closed-loop supply chains, with a focus on remanufactured or second-hand products, and identifies the main research gaps.
Journal ArticleDOI
How do you feel when you see a list of prices? the interplay among price dispersion, perceived risk and initial trust in Chinese C2C market
TL;DR: In this article, the authors proposed a theoretical model to explain how price dispersion interacts with other factors in C2C purchase, such as initial trust, perceived risk, perceived value and purchase intention.
Journal ArticleDOI
Inconsistent behavior in online consumer reviews: The effects of hotel attribute ratings on location
TL;DR: In this paper, the authors analyze the effect of hotel attribute ratings on location and find that the assessment of location is influenced by the evaluation of other hotel attributes, in line with the loss aversion phenomenon (the consumer punishes the hotel more harshly for dissatisfaction than praises it lavishly for satisfaction).
Journal ArticleDOI
A policy utility dislocation model based on prospect theory: A case study of promoting policies with low-carbon lifestyle
Xiu Cheng,Ruyin Long,Hong Chen +2 more
TL;DR: In this paper, a concept of policy utility dislocation was developed, and a policy utility model was constructed based on prospect theory, which showed that the dislocation can be reduced by increasing the proportion of residents' environmental benefits, government efforts and subsidies, and reducing the cost of implementing a low-carbon lifestyle for residents.
Journal Article
Are lemons really hot potatoes
TL;DR: In this paper, the hazard rate for car ownership spells is modeled by observing the type of unobserved heterogeneity across owners of the same car, and it is shown that the lemons effect is caused by the first owner rather than the manufacturer.
References
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Book ChapterDOI
Prospect theory: an analysis of decision under risk
Daniel Kahneman,Amos Tversky +1 more
TL;DR: In this paper, the authors present a critique of expected utility theory as a descriptive model of decision making under risk, and develop an alternative model, called prospect theory, in which value is assigned to gains and losses rather than to final assets and in which probabilities are replaced by decision weights.
Journal ArticleDOI
Prospect theory: analysis of decision under risk
Daniel Kahneman,Amos Tversky +1 more
Journal ArticleDOI
Specification Tests in Econometrics
TL;DR: In this article, the null hypothesis of no misspecification was used to show that an asymptotically efficient estimator must have zero covariance with its difference from a consistent but asymptonically inefficient estimator, and specification tests for a number of model specifications in econometrics.
Journal ArticleDOI
Automobile prices in market equilibrium
TL;DR: In this article, the authors developed techniques for empirically analyzing demand and supply in differentiated products markets and then applied these techniques to analyze equilibrium in the U.S. automobile industry.
Book ChapterDOI
Rational choice and the framing of decisions
Amos Tversky,Daniel Kahneman +1 more
TL;DR: In this article, the authors trace the violations of the rational theory of choice to the rules that govern the framing of decision and to the psychological principles of evaluation embodied in prospect theory, and argue that these rules are normatively essential but descriptively invalid.