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Hedonic Pricing Models For Vehicle Registration Marks

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  • TerenceTai-Leung Chong
  • Xin Du 

Abstract

This paper attempts to link Chinese numerology to the determination of vehicle registration mark (VRM) prices in Hong Kong through the hedonic pricing analysis. The values of different patterns of the numbers and Roman alphabet letters are examined. We find that there is a very strong preference for the number '8', that visually appealing patterns add great values to a VRM and that the non-transferable VRMs are more expensive than transferable ones. We also show that their prices move in tandem with the Hang Seng Index. The findings suggest that the government can raise revenue by auctioning off intangible assets containing alphanumerical identification marks. Copyright 2008 The Authors. Journal compilation 2008 Blackwell Publishing Ltd

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Pacific Economic Review.

Volume (Year): 13 (2008)
Issue (Month): 2 (05)
Pages: 259-276

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Handle: RePEc:bla:pacecr:v:13:y:2008:i:2:p:259-276

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1361-374X

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Cited by:
  1. Ng, Travis & Chong, Terence & Du, Xin, 2010. "The value of superstitions," Journal of Economic Psychology, Elsevier, vol. 31(3), pages 293-309, June.
  2. Yang, Zili, 2011. "“Lucky” numbers, unlucky consumers," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(5), pages 692-699.
  3. Terence tai-leung Chong & Angela Fung & Wing-ting Lee & Ka-lai Man, 2009. "Hedonic pricing models for metropolitan bus services," Economics Bulletin, AccessEcon, vol. 29(2), pages 630-637.

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