The process of reaching an agreement in second-hand markets for consumer durables

Stroeker, Natasha E.; Antonides, Gerrit

doi:10.1016/s0167-4870(97)00012-3

Cited by 12 publications

(11 citation statements)

References 19 publications

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“…Other examples of flexible price goods include: new and used automobiles, goods sold in secondary markets, consumer durable goods, and sub-contracted services. For discussion on the motivation for flexible or ''haggle" prices, the actual negotiation process in these settings, and the factors that influence this process, we refer readers to Kassaye (1990) and Stroeker and Antonides (1997). In terms of broader implications, we conjecture that our main results on how list price strategies impact real estate negotiations are applicable, more generally, in these other markets where list prices are also negotiable.…”

Section: Introductionmentioning

confidence: 78%

The effect of listing price strategy on real estate negotiations: An experimental study

Cardella

Seiler

2016

Journal of Economic Psychology

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When selling a home, an important decision facing the homeowner is choosing an optimal listing price. This decision will depend in large part on how the chosen list price impacts the post negotiation final sale price of the home. In this study, we design an experiment that enables us to identify how different types of common list price strategies affect housing negotiations. Specifically, we examine how rounded, just below, and precise list prices impact the negotiation behavior of the buyer and seller and, ultimately, the final sale price of the home. Our results indicate that the initial list price strategy does play an important role in the negotiation process. Most notably, a high precise price generates the highest final sale price, smallest percentage discount off the list price, and the largest fraction of the surplus to the seller, while just below pricing leads to the lowest final price, largest percentage discount, and smallest fraction of the surplus to the seller. This pattern seems to be largely driven by sellers making persistently higher and more precise counter-offers throughout the negotiation process when the initial list price is high precise. Interestingly, these effects generally attenuate with negotiating experience. Importantly, our experimental results are generally consistent, both in direction and magnitude, with the limited transactions-based empirical studies relating to real estate listing prices.

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Section: Introductionmentioning

confidence: 78%

The effect of listing price strategy on real estate negotiations: An experimental study

Cardella

Seiler

2016

Journal of Economic Psychology

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“…The secondhand products' market is proliferating (Guiot & Roux, 2010). Although used items are often not packed and warranty does not exist (Guiot & Roux, 2010), providing more productive information (i.e., quality of the product) may still encourage the buyers to purchase such SHPs (Stroeker & Antonides, 1997).…”

Section: Shpsmentioning

confidence: 99%

Customers’ Expectation, Satisfaction, and Repurchase Intention of Used Products Online: Empirical Evidence From China

et al. 2019

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The trend to shop secondhand products (SHPs) is accelerating owing to a substantial interest of customers particularly toward online shopping of SHPs. Drawing on the expectation-confirmation model (ECM), this study aims to examine the relationships among customer expectation, perceived enjoyment, perceived ease of use (PEOU), satisfaction, and repurchase intention of online shopping of used products. Data were collected using a convenience sampling technique from 400 Chinese shoppers often acquire used products online. The results revealed that expectation significantly affects perceived enjoyment, PEOU, and satisfaction. The findings further reported that perceived enjoyment has a positive influence on satisfaction and repurchase intention. Likewise, satisfaction has a positive direct effect on repurchase intention. Our results affirmed that satisfaction partially mediates the relationships among expectation, perceived enjoyment, and repurchase intention, whereas no mediation established among PEOU, satisfaction, and repurchase intention. Finally, an insignificant effect of PEOU on satisfaction and repurchase intention was observed. The study empirically furnishes insightful information for the organizations to offer SHPs online to enhance organizational profit. Theoretical and managerial implications along with research opportunities are reported.

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“…Earlier studies investigated the used car market and concluded that consumers might use different product cues, such as price, brand name or country of origin, to help reduce the risks involved when purchasing used cars (Gabbott, 1991). Focusing on second-hand consumer durables, Stroeker and Antonides (1997) examined the bargaining process and predicted prices by understanding the power of the seller and the dynamics between the seller and the buyer. Conducting an experiment with 163 college students, Lee and Lee (2006) found that college students were more willing to purchase used products from unknown retailers in the online electronic market when they had more trust toward the product and the seller.…”

Section: Second-hand Shopping Behaviourmentioning

confidence: 99%

Second-hand clothing shopping among college students: the role of psychographic characteristics

2015

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Purpose – The study aims to examine whether and how second-hand clothing shoppers differ from non-shoppers on various psychographic variables, including environmentalism, perception of contamination, price sensitivity and perception of vintage clothing. Additionally, this study hopes to uncover whether and how the aforementioned psychographic variables help predict second-hand clothing shopping behaviour, specifically shopping frequency at second-hand clothing stores. Design/methodology/approach – Data were collected through a survey method from 152 college students. Findings – Results showed that college students who shopped at second-hand clothing stores were more likely to be environmentally conscious, more sensitive to higher prices and more likely to wear used clothing to express a vintage look and to be “green”, and to perceive used clothing to be less contaminated, as compared to those who did not shop at second-hand clothing stores. This study concluded that, among college students, second-hand clothing shoppers may do so not only for economic reasons but also for creation of style and feeling special about themselves. Research limitations/implications – This study suggests that college students who shop at second-hand clothing stores are different from those who do not shop at second-hand stores in terms of their environmental attitudes, perceptions of contamination from used clothing, sensitivity to prices and how they feel about vintage clothing. Further, financial concern (i.e. price sensitivity) is no longer the only reason for second-hand clothing shopping. Originality/value – Little research has been conducted to understand second-hand clothing shopping behaviour among college students. This study examined multiple psychographic variables and provided insights into college students’ second-hand shopping behaviour.

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The process of reaching an agreement in second-hand markets for consumer durables

Cited by 12 publications

References 19 publications

The effect of listing price strategy on real estate negotiations: An experimental study

The effect of listing price strategy on real estate negotiations: An experimental study

Customers’ Expectation, Satisfaction, and Repurchase Intention of Used Products Online: Empirical Evidence From China

Second-hand clothing shopping among college students: the role of psychographic characteristics

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