A Bandwagon Effect in Personalized License Plates?
AbstractThe bandwagon effect is a consumption externality that exists when an individual's demand for a good is increased by his observation of other consumers using that good. This paper models a product demand curve with a bandwagon effect and, using data on sales of personalized license plates, estimates such a demand curve. Certain more conventional models of product demand, including information diffusion and habit formation models, are observationally similar to the bandwagon model, despite being conceptually different from it. The author attempts to use the license plate data to discriminate between the bandwagon model and these other models. Copyright 1991 by Oxford University Press.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Economic Inquiry.
Volume (Year): 29 (1991)
Issue (Month): 2 (April)
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- Woo, Chi-Keung & Horowitz, Ira & Luk, Stephen & Lai, Aaron, 2008. "Willingness to pay and nuanced cultural cues: Evidence from Hong Kong's license-plate auction market," Journal of Economic Psychology, Elsevier, vol. 29(1), pages 35-53, February.
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