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Pricing the Groove: hedonic equation estimates for rare vinyl records

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  • Samuel Cameron
  • Hendrik Sonnabend

Abstract

This contribution adds to the economic literature on the market value of rarity in markets for cultural collectible goods by studying the price of rare audio recordings (chiefly vinyl) sold on the online marketplace Discogs. Community-based variables serve as proxies for (inverse) rarity and (potential) demand. Results show that the elasticity of price with respect to our measure of inverse rarity (demand) ranges between −0.120 and −0.140 (0.150 and 0.160). In addition, effects of hedonic characteristics such as the popularity or collectibility of an artist can be identified. Finally, the study provides evidence for premia for rarity at the top end of the distribution of prices.

Suggested Citation

  • Samuel Cameron & Hendrik Sonnabend, 2020. "Pricing the Groove: hedonic equation estimates for rare vinyl records," Applied Economics, Taylor & Francis Journals, vol. 52(50), pages 5516-5530, October.
    • Handle: RePEc:taf:applec:v:52:y:2020:i:50:p:5516-5530
    DOI: 10.1080/00036846.2020.1765963
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    Cited by:

    1. Pecchioli, Bruno & Moroz, David, 2023. "Do geographical appellations provide useful quality signals? The case of Scotch single malt whiskies," Economic Modelling, Elsevier, vol. 124(C).
    2. Yeonjoon Lee, 2022. "Measuring the impact of rarity on price: evidence from NBA Top Shot," Marketing Letters, Springer, vol. 33(3), pages 485-498, September.
    3. Dobrynskaya, Victoria & Kishilova, Julia, 2022. "Lego: The Toy Of Smart Investors," Research in International Business and Finance, Elsevier, vol. 59(C).

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