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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

Suggested Citation

  • TerenceTai-Leung Chong & Xin Du, 2008. "Hedonic Pricing Models For Vehicle Registration Marks," Pacific Economic Review, Wiley Blackwell, vol. 13(2), pages 259-276, May.
  • Handle: RePEc:bla:pacecr:v:13:y:2008:i:2:p:259-276
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    References listed on IDEAS

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    1. Witte, Ann D & Sumka, Howard J & Erekson, Homer, 1979. "An Estimate of a Structural Hedonic Price Model of the Housing Market: An Application of Rosen's Theory of Implicit Markets," Econometrica, Econometric Society, vol. 47(5), pages 1151-1173, September.
    2. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    3. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132-132.
    4. Freeman, A Myrick, III, 1979. " Hedonic Prices, Property Values and Measuring Environmental Benefits: A Survey of the Issues," Scandinavian Journal of Economics, Wiley Blackwell, vol. 81(2), pages 154-173.
    5. Murray, Michael P., 1978. "Hedonic prices and composite commodities," Journal of Urban Economics, Elsevier, vol. 5(2), pages 188-197, April.
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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. 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.
    3. Tong V. Wang & Rogier J. D. Potter van Loon & Martijn J. van den Assem & Dennie van Dolder, 2016. "Number preferences in lotteries," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 11(3), pages 243-259, May.
    4. 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.

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